NEW YORK, May 28, 2019 /PRNewswire/ -- Pancreatic and biliary stents have gained significant popularity over the years. Constant innovations and advancement in products, increased awareness about Pancreatic and Biliary Stents for various pancreatic disease applications, and the availability of funding & support from governments for the R&D of advanced Pancreatic and Biliary Stents are among the most important factors that are estimated to fuel the growth of the Pancreatic and Biliary Stents during the forecast period.
According to the latest research by PMR, the global pancreatic and biliary stents market is estimated to account for over US$ 460 Million in terms of value by the end of 2029. The pancreatic and biliary stents market report also projects a significant growth potential with an estimated average Y-o-Y growth rate of nearly 5% during the forecast period.
Key Dynamics: Pancreatic and Biliary Stents Market
Plastic pancreatic and biliary stents, being lightweight and among the most economical in nature, are witnessing high adoption rates across hospitals and ambulatory surgical centers. Pancreatic and Biliary Stents are easy to implant and have a low rate of erosion in fully covered metallic stents. Manufacturers are increasingly focusing on improving the levels of safety and efficacy offered by pancreatic and biliary stents, primarily to rate themselves higher on the excellence scale and garner better market shares. For this purpose, they are investing heavily on research and development.
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The growing importance of better patient management as an attribute to measure the sense of wellbeing of a patient has a direct impact on the growth of healthcare sector. Moreover, the increasing requirement of intensive care in pancreatic cancer is boosting the number of orders for pancreatic and biliary stents.
The extended adoption of pancreatic and biliary stents for the prevention of pancreatic cancer at ambulatory care centers and hospitals under the guidance of licensed caregivers is also likely to boost the pancreatic and biliary stents market over the forecast period. Reduction in the wastage of pancreatic and biliary secretion when used with properly tested pancreatic and biliary stents is boosting the popularity of the latter among oncologists, physicians, and surgeons. Plastic pancreatic and biliary stents also find wide acceptance among patients owing to a significant reduction in costs of the treatment of benign biliary strictures.
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Competition Analysis: Pancreatic and Biliary Stents Market
The manufacturers of pancreatic and biliary stents are gradually focusing on bundling associated accessories and IV drugs to increase market penetration. In this regard, reliance on direct sales visits is growing in economies such as China and India. Visits by direct sales personnel result in opportunities for the training of staff for the implantation of pancreatic and biliary stents in patients. This creates higher training and efficacy protocol for caregivers. This creates the probability of repeat orders from end users, which facilitate the sales cycles for manufacturers.
Attractive pricing and effective margin bargaining strategies are also expected to boost the sales of pancreatic and biliary stents in the future. Increasing demand for stenting procedures and re-stenting procedures in chronic pancreatitis is also expected to propel the demand for fully covered pancreatic and biliary stents and fully covered self-expandable metal stents (FCSEMS) in developed markets. These pancreatic and biliary stents are primarily used for draining excessive secretions from the pancreas and liver. Moreover, these pancreatic and biliary stenting procedures are widely incorporated for the treatment of elderly individuals who suffer from a higher rate of blockages and damages to the biliary duct.
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Increasing number of manufacturers of pancreatic and biliary stents are positioning their products for an increasing number of pancreatic and biliary applications in addition to re-stenting procedures and higher complexity in pancreatic secretions. Moreover, companies are marketing pancreatic and biliary stents through sales representatives, brochures, case studies, seminars, etc., to enable increased product penetration for different application segments such as malignant obstruction, biliary stones, and pancreatic cancer.
For instance, Boston scientific has positioned its fully covered Pancreatic and Biliary Stents for benign biliary strictures that are secondary to chronic pancreatitis. In addition, Taewoong Medical has niche positioned its leading product BUMPY Biliary Stent System, which is used for the management of pancreatic strictures, and KAFFES™ Biliary Stents that are used for the management of anastomotic strictures and other protocols.
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The report tracks some of the major companies operating in the pancreatic and biliary stents market, which include Cook Medical Inc., Boston Scientific Corporation, CONMED Corporation, Olympus Corporation,Medtronic Plc., Taewoong Medical Co., Ltd., ENDO-FLEX GmbH., ELLA-CS, s.r.o,Becton, Dickinson and Company, and Abbott Laboratories.
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