The biliary tumor market comprises cystic lesions and neoplasms that arise from the biliary tract which includes the gallbladder, bile ducts, and cystic duct. It involves the use of therapeutic devices and drugs for the treatment of symptoms caused by the benign or malignant growth of cells in the biliary tract. Advancements in endoscopic retrograde cholangiopancreatography (ERCP) have enabled surgeons to perform minimally invasive surgeries for diagnosing and treating biliary diseases.
The Global Biliary Tumor Market is estimated to be valued at USD 4.5 Bn in 2024 and is expected to reach USD 9.1 Bn by 2031, growing at a compound annual growth rate (CAGR) of 8.4% from 2024 to 2031.
Key Takeaways
Key players: Key players operating in the biliary tumor market are Johnson & Johnson Services Inc., Intuitive Surgical Inc., Olympus Corporation, Stryker Corporation, and Boston Scientific Corporation.
Growing demand: Rising prevalence of gallbladder cancer and rising geriatric population which is more prone to develop biliary diseases is fueling the demand for therapeutic procedures and Biliary Tumor Market.
Global expansion: Major players are focusing on expanding their geographic presence in emerging nations of Asia Pacific and Latin America to tap the growth opportunities offered by these developing healthcare markets.
Market key trends
The growing adoption of minimally invasive techniques such as laparoscopic surgery and ERCP is a major trend witnessed in the biliary tumor market. These advanced procedures are associated with lesser post-operative complications, shorter hospital stays, and quicker recovery times compared to open surgeries. They also enable real-time visualization of intricate biliary structures that aids surgeons in accurately diagnosing and removing biliary tumors. Owing to these clinical advantages, minimally invasive procedures are rapidly replacing conventional open surgeries as the preferred treatment option. This is expected to drive the demand for enabling technologies such as visualization systems, electrosurgical devices, laparoscopy instruments during the forecast period.
Porter's Analysis
Threat of new entrants: Low requirement for production facility and technology lowers the entry barriers. However, established players have strong brand image and distribution network.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative treatment options. However, customized drugs gain buyer loyalty.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute components and focus on R&D. Established suppliers offer quality products to boost market share.
Threat of new substitutes: Substitutes like traditional Chinese medicines, allopathic medicines pose moderate threat. However, minimal side effects and availability of personalized therapies support market growth.
Competitive rivalry: Established players compete on basis of product quality, wide distribution channels and service offerings. However, niche manufacturers focus on specific disorders.
Geographical Regions
North America accounts for the largest value share primarily attributed to established healthcare infrastructure, availability of advanced diagnostic modalities and supportive reimbursement policies.
Asia Pacific exhibits fastest growth led by rapidly developing economies of India and China, healthcare reforms, and rising medical tourism. Increasing awareness, improving access andExpanding private healthcare sector boosts regional market.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
