Segmentation by Product (Pull-Type, Push-Type, Needle-Type, Shark’s Fin-Type Sphincterotomes, and Others); by Application (Standard Biliary, Pancreatic, Lateral Internal, Pre-Cut Sphincterotomy, and Other); and by End-User (Hospitals, Specialty Clinics, Ambulatory Surgical Centres, and Others) – Global Demand Analysis and Opportunity Outlook 2030
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Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific region is predicted to grow at the highest CAGR over the forecast period owing to the increasing prevalence of chronic disorders such as diabetes, cancer, cardiovascular disorders, neurological disorders, and others. Additionally, the rising competition among the major market players in the region, is further driving the market’s growth. Furthermore, by the end of 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the growing investment of governmental and non-governmental agencies for sphincterotome, accompanied by the presence of leading sphincterotome manufacturers in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the global sphincterotome market on account of its proven success in terms of therapy development and a high prevalence of chronic disorders in the region.
The global sphincterotome market is further classified on the basis of region as follows:
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Our in-depth analysis of the global Sphincterotome market includes the following segments:
By Products
By Application
By end-user
Growth Drivers
Challenges
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Rising development in treatment across developing countries and increasing incidence of anal fissure are the key factors driving market growth.
Ans: The market is anticipated to attain a high CAGR over the forecast period, i.e., 2022-2030.
Ans: Limited number of patients opting for anal fissure surgery and lack of uniformity in the reimbursement are estimated to hamper market growth.
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the increasing awareness about sphincterotome products.
Ans: The major players dominating the sphincterotome market are TeleMed Systems, Inc., Boston Scientific Corporation, Medi-Globe GmbH, CONMED Corporation, ENDO-FLEX GmbH, Olympus Corporation and others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product, applications, end-user, and region.
Ans: With respect to product, the pull-type sphincterotomes segment is anticipated to hold the largest market share owing to the growing preference and accuracy rate in the medical industry.
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