Endoscopic Retrograde Cholangiopancreatography Market Trends

Growth Drivers

• Increasing Incidence and Prevalence of Pancreatic and Biliary diseases: Pancreatic and biliary diseases such as gallstones, pancreatitis, and biliary obstruction are becoming increasingly prevalent worldwide, and the incidence is expected to rise in the coming years. For instance, according to a study, the incidence of acute pancreatitis in the United States increased from 32 cases per 100,000 population in 2001 to 57 cases per 100,000 population in the year 2019.
• Growing Geriatric Population: The aging population is more prone to developing chronic wounds, driving demand for wound care products. According to the United Nations, the number of people aged 65 years and older is projected to more than double by the year 2050, reaching 1.5 billion globally.
• Spike in Research Spending – Growth in the global ERCP Market during the forecast period can be further attributed to increased investment in research and development activities to continuously find more viable solutions for endoscopic retrograde cholangiopancreatography. Research reports show that global R&D spending has more than tripled in real terms since 2000, rising from about USD 680 billion to more than USD 2.5 trillion in the year 2019.
• Spiking Healthcare Spending – According to the latest spending data, global healthcare spending has increased over the past two decades, effectively doubling from 8.5% in 2000 to USD 8.5 trillion in the year 2019, increasing GDP reached 9.8%. The boom is estimated to continue during the forecast period.
• Strategic Collaborations and Partnerships: Key players in the market are entering into strategic collaborations and partnerships to strengthen their market position and expand their product portfolio. For instance, in August 2020, Boston Scientific Corporation announced a strategic partnership with Antheia to develop and commercialize next-generation endoscopy products. Such partnerships are expected to drive innovation and growth in the market.

Challenges

• High cost of ERCP procedures: ERCP procedures can be expensive, and this can limit access to care, especially in developing countries where healthcare expenditure is limited.
• Risk of complications
• Lack of skilled healthcare professional