PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1458419
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1458419
The global ERCP market is projected to witness a CAGR of 7.41% during the forecast period 2024-2031, growing from USD 1.65 billion in 2023 to USD 2.92 billion in 2031. Various factors shape the global ERCP market. These include technological advancements, setting up of training facilities, growing use of endoscopy devices, increasing demand for advanced endoscopic visualization, and establishing gastrointestinal and liver disease centers.
For ERCP techniques and equipment to remain innovative and improve diagnostic and therapeutic capabilities, ongoing technological advancements are essential. The global ERCP market is growing because of these developments, which also improve patient care and procedural outcomes while extending therapy options. To improve the proficiency of healthcare personnel in carrying out ERCP procedures, training facilities must be established. These facilities are essential to ensure high-quality care because they provide hands-on training, foster expertise, and maintain strict guidelines for patient safety and well-being. These training centers contribute to the expansion of the global ERCP market.
The global ERCP market is expected to grow at a rapid pace due to the growing use of endoscopy instruments, including endoscopes and visualization systems, which are essential for enhancing and expanding ERCP treatments. These tools improve the precision of diagnosis and treatment, improving patient outcomes and advancing the management of liver and gastrointestinal disorders. The increasing demand for sophisticated endoscopic visualization tools improves patient diagnosis and treatment precision during ERCP procedures. This growing demand improves patient outcomes by enabling healthcare practitioners to provide more accurate diagnoses and customized treatments, which, in turn, raises the standard of patient care and drives the expansion of the global ERCP market.
The creation of specialized centers for liver and gastrointestinal disorders fosters knowledge, investigation, and comprehensive treatment of ERCP. These facilities serve as hubs for improved patient care, promote teamwork in the diagnosis and treatment of complex hepatic and gastrointestinal problems, and play a significant role in the expansion of the global ERCP market.
For example, in February 2024, a cutting-edge center for gastrointestinal and liver disorders was opened by prominent private healthcare services company Burjeel Holdings. The facility offers the most cutting-edge medical procedures available. The pancreas, liver, gallbladder, colon, esophagus, stomach, and small intestine are among the ailments that the center focuses on preventing, diagnosing, and treating.
Technological Advancements
Artificial Intelligence (AI) is one of the key technological developments driving the growth of the global ERCP market. AI systems aim to simulate and enhance human intellect to support ERCP procedures by solving problems and making decisions. AI is revolutionizing healthcare delivery by improving diagnostic precision, treatment accuracy, and overall patient outcomes. This allows healthcare practitioners to give patients more effective and personalized care. This wave of AI-powered advancements keeps changing ERCP procedures and gives medical staff better tools to treat patients as best they can, which is a big step forward for the management of gastrointestinal and liver diseases.
AnX Robotica, a trailblazer in cutting-edge gastrointestinal visualization technology, for example, announced in January 2024 that the FDA had cleared NaviCam ProScan for use. ProScan is the first AI-assisted reading tool created to support small bowel capsule endoscopy reviewers for adult patients whose capsule endoscopy images were taken for suspected small intestine hemorrhage. The FDA approved ProScan through the stringent De Novo Submission Process.
Setting Up Training Facilities
The creation of training centers by public and commercial entities has a significant impact on the growth of the global ERCP market. The goal of this partnership is to enhance the skills of medical professionals in executing ERCP procedures, ensuring that patients receive the best possible care. These initiatives enhance knowledge, research, and comprehensive patient care in the field of managing gastrointestinal and liver diseases through these specialized training spaces. The training facilities are designed to help gastroenterologists become more proficient in basic and advanced GI endoscopy, including endoscopic ultrasound. Through these endeavors, newly developed technologies become more widely available and can be employed effectively to fulfill intended purposes.
For example, Fujifilm India and the Department of Gastroenterology at Yashoda Group of Hospitals in Hyderabad formally partnered in September 2023 to develop a training and research facility. Physicians from the Asia-Pacific region are offered extensive training and observation programs in the training facility.
Growing Use of Endoscopy Devices
The global ERCP market is expanding due to the increasing use of advanced endoscopic technologies with improved performance. Patients eventually gain from these advancements because they increase the precision of diagnosis and therapy. The growing prevalence of cancer, government spending on medical research, and an emphasis on advancing endoscopic methods are all factors contributing to the market's expansion. The field of managing gastrointestinal and liver diseases has been significantly shaped by the advancement and widespread use of sophisticated endoscopic equipment.
For instance, in October 2023, Olympus, a manufacturer of medical technology, unveiled its cutting-edge EVIS X1 endoscopic equipment for gastrointestinal (GI) professionals. During the endoscopic screening, the EVIS X1 endoscopy system's Texture and Colour Enhancement Imaging technology improves image color and texture to make lesions and polyps easier to see.
Increasing Demand for Advanced Endoscopic Visualization
The global ERCP market is expanding due to the rising need for sophisticated endoscopic visualization equipment. The components of the endoscopy visualization system include video processors, displays, printers, insufflators, and a light source. Medical equipment like endoscopy devices is used to diagnose disorders by looking at interior organs. Devices that support the visualization and interpretation of endoscopic images are referred to as endoscopy visualization systems and components. The visualization devices enhance the vision during endoscopy and result in an increased efficiency and outcome of the procedure.
For example, in January 2024, OMNIVISION, a developer of semiconductor solutions, including advanced digital imaging and touch display technology, and EndoQuest Robotics, a medical device company leading the development of novel endoluminal robotic technologies, partnered to integrate OMNIVISION's OCHFA CameraCubeChip into EndoQuest's Flexible Robotic System to address the unmet needs in GI and other endoluminal surgeries.
Established European Market
Europe is a major player in the global ERCP business, with France, Germany, and the United Kingdom at the forefront. Important drivers of market expansion include the aging population in Germany and the high level of healthcare spending in France. The sophisticated healthcare infrastructure in Europe and the calculated efforts of industry participants are driving the market's expansion. The region's adoption of cutting-edge technologies and investments in healthcare professional training has further strengthened this trend, underscoring Europe's important influence on the development of ERCP treatments.
For example, in April 2023, Olympus, a Japanese company that produces items for reprography and optics, launched EndoClot Adhesive (ECA), EndoClot Polysaccharide Hemostatic Spray (PHS), and EndoClot Submucosal Injection Solution (SIS) in Europe. EndoClot Plus, Inc. (EPI) created this cutting-edge portfolio; in December 2022, it extended its distribution contract with Olympus. During endoscopic submucosal dissection or resection during gastrointestinal procedures, the EndoClot portfolio aids hemostasis and lifting.
Future Market Scenario (2024 - 2031F)
In growing economies like China, Brazil, and India, the worldwide ERCP market is expanding significantly. Several variables, such as the growth of sophisticated healthcare infrastructure, increased disposable incomes, and the increasing focus on advanced medical procedures in these areas, are responsible for this expansion.
Personalised medicine is where the ERCP market is going in the future. Personalized medicine in ERCP seeks to improve overall patient care quality and optimize results by customizing therapies for each patient.
The increasing prevalence of telemedicine and remote healthcare services is expected to drive the expansion of the global ERCP market, as the integration of ERCP procedures into these platforms is expected to increase.
The global ERCP market is likely to be impacted in the future by anticipated regulatory changes and improvements in global healthcare policies.
Key Players Landscape and Outlook
Businesses looking to expand their market position through mergers and acquisitions are actively attempting to join the global ERCP market. These calculated actions are intended to strengthen competitive positions, get access to new technology, and grow market share. Companies can pool resources, use synergies, and combine strengths through these collaborations to promote innovation and industry growth. This trend demonstrates a dynamic business climate where companies are actively looking for ways to collaborate, come together, and change to suit the ever-evolving demands of the global ERCP market.
For example, in February 2023, Olympus announced that it would purchase Taewoong Medical, a medical device manufacturer based in Korea that makes stents, for USD 370 million. Taewoong Medical produces medical equipment, such as metallic stents, for the GI. Through the acquisition, Olympus hopes to improve the capabilities of its GI endotherapy portfolio.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.