Sphincterotomes Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2032
Page: 215 | Report Code: LS24042201 | Research Suite: Report (PDF) & Market Data (Excel)
Sphincterotomes are the specialized medical devices that are
used in endoscopic procedures to facilitate and access to the treatment of the
bile and pancreatic ducts where these devices are utilized to perform
sphincterotomy, it is a procedure in which the muscular ring or sphincter the
opening of the ducts is cut or dilated, which allows for improved drainage of
pile or pancreatic fluids. It is consisting of
flexible or semi flexible catheter with a cutting or dilating mechanism at its
end and along with channels for irrigation and injection which is why they are
commonly used in endoscopy and ERCP procedures for the management of conditions
like gallstones, bile duct strictures or pancreatic duct obstruction.
MARKET
OVERVIEW
The global market valuation of Sphincterotomes market was
valued at approximately USD 2.8 Billion in 2023 and is projected to reach USD
4.5 Billion in 2032 exhibiting a CAGR of 4.1% during the forecast period of
2024-2032, it plays a critical role in
ensuring minimal invasive interventions to treat disorders of the pancreatic
system which reduces the need for more invasive or surgical procedures, which
is aligned with the healthcare sector growth and it will continue to grow with
healthcare sector.
GROWTH
DRIVERS
The increasing awareness of the advantages that are linked
to early medical interventions coupled with rising healthcare investments
worldwide which facilitates the broader accessibility to sophisticated
procedures like sphincterotomy increases the adoption of advanced medical
techniques which contributes significantly to the market expansion and as well
as the individuals become more informed about the benefits of timely medical
interventions and healthcare spending continues to rise globally the demand for
sphincterotomes and the utilization of sphincterotomes is significantly
contributing to the market growth. The ongoing advancements in the endoscopic
techniques and technologies, which includes the development of more
sophisticated sphincterotomy that is with improved precision and functions
drives the market by expanding the capabilities of endoscopists and enhanced
patient outcomes. The aging populations is more likely diagnosed with biliary
and pancreatic disorders which leads to higher demand for the diagnostic and
therapeutic interventions like ERCP and coupled with the growing burden of
chronic diseases globally contributes to the need for sphincterotomes which is
one of the significant drivers of the market.
MARKET
SEGMENTATION:
·
By Type- Single use and
reusable
·
By Application-
Hospitals, Clinics and others
·
By Region - North America,
Europe, Asia Pacific, the Middle East and Africa, and South America
Sphincterotomes
Market by Type Segment Review:
The single use sphincterotomes are designed for the one-time
usage during the endoscopic procedures like ERCP and these are disposable
devices which offers convenience and most important sterility which offers
reduced risk of cross contamination between patients. They eliminate the need
for reprocessing and sterilization and that streamlines the workflow by
reducing the procedural time and they are particularly suitable for settings
where infection control is one of the top priorities. The reusable
sphincterotomes are designed to use it in multiple cycles after sterilization
which makes very cost effective and alternatives to single use devices where
these devices are constructed from durable materials like stainless steel or
titanium and are equipped with features like easy cleaning and sterilization.
They offer advantages like long term use, which reduces overall cost and waste
generation, and are preferred in settings where sustainability during and
durability in terms of economic considerations are important factors.
Sphincterotomes
Market by Application Segment Review:
Hospitals are the primary and significant segment in the
market of sphincterotomes accounting for a substantial portion of device uses
where it is commonly used in hospital settings, particularly in departments
like gastroenterology, endoscopy and interventional radiology, as hospitals
offer comprehensive medical services and advanced facilities for diagnosing and
treating various intestinal and biliary disorders makes them the primary user
of sphincterotomes. Clinics including outpatient clinics, ambulatory surgery
centers or any specialty clinics represents another significant segment in the
market of sphincterotomes where the healthcare facilities provides diagnostic and therapeutic services for
patients with intestinal and pancreatic disorders in an outpatient settings.
The sphincterotomes are also utilised by academic and research
institutions diagnostic centres for research training or specialized procedures
related to biliary and pancreatic disorders which contributes to the
advancement in the techniques and the device innovations.
Sphincterotomes
Market by Regional Analysis:
North America the significant markets for sphincterotomes
driven by the presence of well stablished healthcare infrastructure and
advanced medical technologies with the high healthcare investments. Europe is a
prominent region for sphincterotomes market due to the presence of robust
healthcare systems. Asia Pacific is a growing market driven by rapid
urbanization, changing dietary patterns and lifestyle factors, which
contributes to the increase in biliary and pancreatic disorders and improving
healthcare infrastructures with the rising healthcare investments coupled with
growing awareness about the gastrointestinal health. The Middle East and Africa
is an emerging market for sphincterotomes supported by the factors like
increasing investments in infrastructure, which includes healthcare infrastructure.
South America is expected to grow driven by the factors like increasing
healthcare infrastructure, access to medical services and urbanization.
Key
Challenges:
The procedure carries risk like bleeding, tissue damage,
infection which necessitates the intervention of skilled professionals and
stringent safety protocols, and the perceived risk may impact patients acceptance and procedure or adoption which is
a significant key challenge for the market. The significant cost associated
with the medical services and devices in those which are equipped with advanced
features and technologies which may pose of barrier to the budget limited
healthcare facilities or budget limited individuals.
Competitive
Landscape:
The key players differentiating their product based on
features like device design, safety profile functionality and compatibility
with endoscopic platforms which offers unique product attributes and that
allows companies to cater diverse customer needs and preferences which gives
them a competitive advantage in the market. we are investing significantly in
research and development activities to develop advanced devices with improved
performance and patient outcomes, and they are performing strategic
partnerships or collaborations with healthcare providers research institutions
academic centers or the organization that are working in the same direction in order to gain insights and leverage technology and
gain market share, they are also trying to expand their market presence into
new geographic locations and untapped markets so that they can cater a big and
wide customer base and increase their market reach.
Global
Key Players:
·
Boston Scientific
·
Medi-Globe
·
Conmed Corporation
·
Meditek Systems
·
Olyumpus America
·
Shaili Endoscopy
·
Bio Serve NZ
·
Advin Healthcare
·
Micro-Tech
· Cook Group
Attributes |
Details |
Base Year |
2023 |
Trend Period |
2024 – 2032 |
Forecast Period |
2024 – 2032 |
Pages |
215 |
By Type |
Single use and reusable |
By Application |
Hospitals, Clinics and others |
By region |
North America, Europe,
Asia Pacific, the Middle East and Africa, and South America |
Company Profiles |
Abbott Laboratories, Abcam
Plc, Thermo Fisher, Roche Diagnostics, DiaSorin, MercK, Quidel Corporation, Bio-Rad,
Norgen Biotek, Hologic |
Edition |
1st edition |
Publication |
April 2024 |