Sphincterotomes Market size is expected to reach USD 4.5 Billion by the end of 2036, growing at a CAGR of 4% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of sphincterotomes was over USD 2.84 Billion. The market for sphincterotomes, a procedure used to treat conditions such as gallstones and bile duct disorders, is expected to grow due to the increasing incidence of these conditions. Gallbladder disease is a common condition in the United States, with an estimated 20.5 million cases and 14.2 million of them occurring in women. The most common reason for cholecystectomies, a surgical procedure to remove the gallbladder, is symptomatic gallstone disease. More than 600,000 cholecystectomies are performed each year in the United States due to the prevalence of this condition.
Further, the shift towards minimally invasive procedures fuels the demand for tools like sphincterotomes, as they are integral in endoscopic retrograde cholangiopancreatography (ERCP) procedures, which are increasingly preferred due to reduced invasiveness and quicker recovery times.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~ 4% |
|
Base Year Market Size (2023) |
~ USD 2.84 Billion |
|
Forecast Year Market Size (2036) |
~ USD 4.5 Billion |
|
Regional Scope |
|
Product (pull-type, push-type, needle type, shark’s fin type)
The pull-type sphincterotomes market are anticipated to grab the largest share by 2036 amounting to 46% on account of higher positive results owing to the increasing focus and initiatives of regulatory bodies across the globe. These regulatory bodies are working towards ensuring that medical tourism is conducted safely and ethically, thereby boosting the trust and confidence of medical tourists. This, in turn, is expected to attract more medical tourists, leading to the growth of the segment. Additionally, the rise in healthcare costs in developed countries and the availability of affordable medical treatments in emerging economies are also expected to contribute to the growth of the medical tourism segment in the coming years. Further, Pull-type sphincterotomes can be used to accomplish endoscopic sphincterotomy, which is technically possible in 50–86% of patients.
End- User (Hospitals, Speciality clinics, Ambulatory Surgical Centers)
The hospital segment in the sphincterotomes market is anticipated to be the largest revenue-generating segment due to the vast number of sphincterotome-related treatments that are carried out annually throughout the world, including anorectal surgeries such as Crohn's disease repair procedures and surgeries to correct hypopadias. Over the course of the projection period, this market segment is expected to be the top revenue generator in the industry due to the anticipated increase in demand for sphincterotome devices brought about by increased knowledge of the benefits of their use in operations.
Our in-depth analysis of the global market includes the following segments:
|
Product |
|
|
End- User |
|
|
Type |
|
North American Market Forecast
North America sphincterotomes market is expected to hold 43% of the revenue share during the forecast period. In North America, the market is primarily driven by factors such as a higher incidence of biliary diseases due to lifestyle factors, an aging population contributing to increased cases of biliary disorders, and robust healthcare infrastructure encouraging the adoption of advanced medical procedures. Additionally, technological advancements and a strong focus on R&D foster innovation in sphincterotome devices. The region’s healthcare expenditure and favorable reimbursement policies further support market growth.
APAC Market Statistics
Asia Pacific sphincterotomes market is estimated to grow at the highest CAGR during the forecast period. Chronic illnesses like diabetes, cancer, heart disease, neurological problems, and others are becoming more common. According to statistical; data analysed by research analysts, 55% of deaths in the Asia Pacific region occur due to chronic diseases. The main market participants in the area are expected to become more competitive, which will further propel the industry's expansion. Rapid economic development in countries like China and India leads to increased healthcare expenditure, thereby boosting the market for sphincterotomes.
Author Credits: Radhika Pawar
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?