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Cholangiocarcinoma, also known as bile duct cancer, is a rare type of cancer that forms in the bile duct. The bile duct carries bile from the liver to the small intestine. Bile duct cancer most commonly occurs in the part of the bile duct inside the liver or the part closest to the liver. The increasing cases of cholangiocarcinoma across the world have boosted the demand for efficient diagnostic procedures. Cholangiocarcinoma diagnosis requires imaging tests like MRI, CT, and other blood tests to detect tumors or blockages in the bile ducts. These diagnostic procedures play a crucial role in early detection and better patient management.
The global cholangiocarcinoma market is estimated to be valued at US$ 7,275.7 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends in the cholangiocarcinoma market is the increasing adoption of minimally invasive surgeries. Minimally invasive surgeries like laparoscopic surgery leave very small scars and cause less pain than traditional “open” surgeries. They also allow for shorter hospital stays and recovery time. Factors like fewer complications, smaller incisions, quicker recovery, and shorter hospitalization have boosted the popularity of minimally invasive surgeries for cholangiocarcinoma. Another notable trend is the development of advanced targeted therapies. Researchers are developing drugs that specifically target cancer cells while sparing normal cells. These targeted therapies hold promise to improve treatment outcomes with reduced adverse effects for cholangiocarcinoma patients.
Porter’s Analysis
Threat of new entrants: The cholangiocarcinoma market has moderate threat of new entrants due to the presence of established key players and availability of large capital investments required to develop new therapies.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of limited treatment options for cholangiocarcinoma.
Bargaining power of suppliers: Suppliers have moderate bargaining power owing to the availability of alternative suppliers and raw material providers.
Threat of new substitutes: There is low threat of new substitutes considering the limited treatment alternatives available for cholangiocarcinoma.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of large pharmaceutical companies focusing on new drug development and technology advancements.
Key Takeaways
The global cholangiocarcinoma market is expected to witness high growth over the forecast period owing to the increasing incidence of cholangiocarcinoma worldwide. The global cholangiocarcinoma market is estimated to be valued at US$ 7,275.7 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030.
Regional analysis
North America is expected to dominate the global cholangiocarcinoma market during the forecast period owing to the rising incidence of cholangiocarcinoma and presence of major key players in the region. Asia Pacific is anticipated to witness fastest growth due to growing awareness about disease diagnosis and treatment in the developing countries.
Key players
Key players operating in the cholangiocarcinoma market are Johnson & Johnson Services, Inc., Cooper Companies Inc., Lifecell Corporation (Allergan Plc), W. L. Gore & Associates, Inc., Maquet Holding B.V. & Co. KG, Becton, Dickinson and Company, Medtronic Plc, Cook Medical Inc., Baxter International Inc., and B. Braun Melsungen AG.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, a 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, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
