Market Trends of Endoscopic Retrograde Cholangiopancreatography (ERCP) Industry
Endoscopes Segment is Projected to Grow Significantly During the Forecast Period.
An endoscope is a minimally invasive medical device. It can be inserted into natural openings of the human body to observe an internal organ or a tissue in detail. Endoscopic surgeries are performed for imaging procedures and minor surgeries. A bronchoscope is introduced through the mouth, while a sigmoidoscope is inserted through the rectum. Endoscopy plays a major role in cancer screening, surveillance, and treatment programs. The segment is expected to grow due to the rising utility of endoscopes and technological advancements in products.
Furthermore, according to the National Institute of Health (NIH), Estimates of Funding for Various Research, Condition, and Disease Categories (RCDC), May 2022 update, the spending on pancreatic cancer research in the United States was USD 242 million in 2021 and USD 255 million in 2022. The high spending on pancreatic cancer is expected to boost the utility of endoscopes for effective diagnosis which is further anticipated to augment the segments' growth during the forecast period.
Additionally, key strategies adopted by the market players, such as product launches, mergers, and acquisitions, are expected to boost the segment's growth. For instance, in January 2022, Cook Medical (US) launched an endoscopic clipping device, Instinct Plus, which is compatible with a duodenoscope and has applications for defect closure, anchoring procedures, and prophylactic clipping in the gastrointestinal (GI) tract. Similarly, in October 2022, Japan Lifeline Co., Ltd. Launched a series of in-house products for Biliary-Pancreatic Endoscopy. The medical devices will be used for diagnosis and treatment in biliary-pancreatic endoscopy to accelerate the company's new business. Such launches of technologically advanced products are expected to propel the segment growth during the forecast period.
Thus, owing to the aforementioned factors such as the high demand for endoscopy and rising launches of technologically advanced products, the endoscopy segment of the market is expected to show significant growth over the forecast period.
North America is Expected to Hold a Significant Market Share Over the Forecast Period
North America is expected to hold a significant share due to significant R&D expenditure, the presence of market players and their product availability, and the high burden of pancreatic and gallbladder diseases.
According to the American Cancer Society (ACS) 2023 report, 64,050 new pancreatic cancer cases are estimated to be diagnosed in the United States in 2023. Also, a review article published in the JAMA Network in March 2022 stated that in the United States, roughly 20 million people suffer from gallbladder disease. Each year, around 200,000 people in the United States are diagnosed with acute cholecystitis. The high burden of pancreatic cancer and gallbladder diseases in the country is expected to create opportunities for the development of advanced ERCP products for diagnosing and treating problems in the liver, gallbladder, bile ducts, and pancreas, thereby boosting the market growth in the region.
Furthermore, product launches, acquisitions, and partnerships by the market players are anticipated to drive the market in the region. For instance, in August 2021, the U.S. Centers for Medicare & Medicaid Services (CMS) approved a New Technology Add-on Payment (NTAP) for single-use duodenoscopes, which includes the EXALTTM Model D Single-Use Duodenoscope, as part of the Hospital Inpatient Prospective Payment System for Fiscal Year 2022. Similarly, in May 2021, STERIS PLC (US) acquired Cantel Medical (US), which enabled STERIS Healthcare to expand its product portfolio and cater to customers. Such developments are expected to expand the ERCP offerings and strengthen the market position, thereby augmenting the market growth in the region.
Thus, owing to the aforementioned factors such as the high burden of pancreas cancer and gall bladder diseases and rising strategic initiatives by market players, the North American region of the market is expected to show considerable growth over the forecast period.
