(Health-NewsWire.Net, March 24, 2020 ) Market Overview
The Global Biliary Stents Market is expected to grow at a CAGR of 4.4% during the forecasting period (2019-2026).
Biliary stents are small mesh-like tubes, and do not have any coating or covering. Biliary stents are used to treat obstruction present in the bile duct. Stents are usually inserted into the liver to treat hepatic blockage and obstructive hepatic diseases, like cholecystitis, jaundice, hepato-biliary diseases, and cholangitis.
The major driving forces are the increasing prevalence of biliary diseases, increase in demand for minimally invasive techniques, technological advancements, and the rise in geriatric populations, an increase in awareness among the population and rising demand for bioresorbable stents.
Increasing prevalence of biliary diseases is expected to drive the biliary stents market. Biliary tract disease is one of the most common causes of biliary obstruction. As per the British Society of Gastroenterology, more than 15,000 individuals in the UK live with consequences of chronic biliary inflammation. The American Cancer Society has estimated that about 8,000 people in the US are diagnosed with it each year. This includes both intrahepatic (inside the liver) and extrahepatic (outside the liver) bile duct cancers. Thus, the growing number of biliary diseases will impel the biliary stents market growth in the coming years.
The presence of research and development activities is expected to boost market growth over the forecast period. For instance, Peking University Third Hospital has commenced a clinical trial in December 2017, named prevention of duodenobiliary reflux via suspended overlength biliary stents in patients with a biliary stricture. The estimated study completion date is in October 2020.
Technological advancements in the biliary stents will provide new ways to revolutionize the treatment of biliary diseases. Plastic stents were developed for the ease of placement of stents in the system. For instance, Boston Scientific Corporation produces Advanix biliary plastic stents for the treatment of biliary strictures, including biliary stone disease, benign biliary strictures, and suspected and confirmed malignancies in the biliary system. Thus, the developments in biliary stenting procedures will further increase the efficiency of the stent placement. The presence of such novel approaches in the treatment of biliary diseases will offer lucrative opportunities to the global biliary stents market over the forecast period.
However, postoperative complications and stringent government regulations for approval are expected to restrain market growth.
The postoperative complications related to biliary stents are likely to hamper the market. For instance, according to the European Society of Gastrointestinal endoscopy, some of the complications include biliary infection, pancreatitis, bleeding, perforation, early stent migration, and renal failure.
The global biliary stents market is segmented by type into metal stents and plastic stents.
Metal biliary stents market is expected to have significant growth over the forecast period, owing to the increasing use of metal stents for the treatment of biliary diseases. Metal stent gives longer stent patency as compared to the plastic stents. Metal stents are available based on its expansion capacity, which may further lead to better customer adoption due to better benefits. The growing innovations in metal biliary stents, will drive the metal biliary stents market growth in the forecast period. For instance, according to the results of a randomized controlled trial reported in the March 22, 2016 issue of the Journal of the American Medical Association, the placement of a single covered, self-expanding metallic stent (cSEMS) via endoscopic retrograde cholangiopancreatography (ERCP) resolved benign obstructions of the pancreatic and biliary ducts. Also, in July 2018, The US (FDA) revised the 1998 guidance on metal expandable biliary stents to provide up-to-date recommendations.
The global biliary stents market is segmented by application into gallstones, biliary leaks, tumor, and others.
Gallstones segment of the biliary stents market is expected to boost the market growth. Among all the biliary diseases, gallstones are the most common condition. Biliary stents are used to remove the bile duct blockages. According to the World Gastroenterology Organization, around 20 million Americans suffer from gallstones. Thus, the growing incidence of gallstone diseases among the population will boost the segmental growth.
The global biliary stents market is segmented by end-user into hospitals, ambulatory surgical centers, and others.
Demand for the biliary stents in hospitals is expected to grow at a high rate over the forecast period. Rising adoption and preference for minimally invasive procedures will lead to high demand for the biliary stents. Presence of multiple specialties, sophisticated infrastructure, and skilled professionals for doing advanced procedures will boost the segmental growth.
Geographically, the global biliary stents market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America is dominating the global biliary stents market in 2018 and is estimated to hold significant market size over the forecast period (2019-2026) owing to the prevalence of the biliary disease, the growing geriatric population that has a higher susceptibility for biliary disorders.
Increasing prevalence of the biliary disease is expected to boost the market. For instance, the National Pancreas Foundation in 2019, suggested that the prevalence of chronic pancreatitis is 50 in 100,000 people. Further, the surge in awareness for different biliary diseases also promotes the growth of the market. As per the World Gastroenterology Organization, about 15% of the US population suffer from gallstones. Thus, a high incidence of gallstones is driving the biliary stents market.
The major players operating in the global biliary stents market are Boston Scientific Corporation, Brainlab, Q3 Medical Devices Limited, Medtronic, Abbott, Allium Medical Solutions, Aohua Endoscopy Co., Ltd, Changzhou Health Microport Medical Devices, W. L. Gore & Associates, Inc., and Cook Medical.
The key players are adopting various strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, which are contributing to the growth of the biliary stents market globally. For instance,
On June 18, 2019, Merit Medical planned to acquire Brightwater Medical in a deal valued at $50 million. The company recently won FDA clearance for its ConvertX biliary stent system, designed to treat severe obstructions of the ureter, according to Merit Medical.
On May 15, 2019, Q3 Medical Devices Limited announced that it has entered into an agreement with Medtronic plc for ARCHIMEDES, the first to market biodegradable biliary and pancreatic stents.
On October 4, 2017, W. L. Gore & Associates, Inc. announced the launch of the Anti-Migration Assurance Program for the Gore Viabil Short Wire Biliary Endoprosthesis. Under the program, Gore provided a replacement device of identical dimensions for use with a patient whose device moves out of place within 1-year post-implantation. This helps to reduce the overall costs of treating patients with pancreatic cancer.
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