The growth of endoscopic retrograde cholangiopancreatography market is majorly attributed to factors such as the rising incidence of cancer, increasing investments by governments and healthcare organizations to improve endoscopy research, growing focus on investments by hospitals for advanced endoscopy instruments, and the increasing preference for minimally invasive surgeries. On the other hand, the high costs of endoscopic retrograde cholangiopancreatography devices, the development of other procedures like EUS and MRCP, and the shortage of trained physicians and endoscopists are factors expected to restrain the market growth to a certain extent.
The global endoscopic retrograde cholangiopancreatography market is projected to reach USD 2.0 billion by 2026 from USD 1.3 billion in 2021, at a CAGR of 9.6% during the forecast period.
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Market Segmentation :-
The endoscopic retrograde cholangiopancreatography market has been segmented on the basis of product, procedure, end user, and region. Based on products, the endoscopic retrograde cholangiopancreatography market has been segmented into endoscopes, endotherapy devices, visualization systems, energy devices, and others. The factors attributing to the large revenue of the endotherapy devices segment include the growing preference for minimally invasive surgeries and the increasing prevalence of gastrointestinal conditions.
North America accounted for the largest share of the Endoscopic retrograde cholangiopancreatography market in 2020. The increasing prevalence of cancer, high investments by hospitals to purchase new ERCP equipment, and a strong focus on research activities to improve endoscopy techniques are the major factor contributing to this.
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Regional Analysis:-
The Asia Pacific and Latin American markets are projected to grow at the highest CAGR during the forecast period. The high growth in these regional markets can be attributed to the growing number of hospitals, improving healthcare infrastructure, rising healthcare expenditure, the growing patient population, surging demand for minimally invasive surgeries, and favorable government policies single-use endoscopy devices. Additionally, governments in several Latin American countries focus on improving their respective healthcare systems. The healthcare sector in Brazil has undergone significant changes, making the country one of the world's most promising and attractive markets.
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