by Stingray devices are minimally invasive medical devices used for pancreas surgery and treatment of diabetes. These devices help perform various procedures like pancreatic drainage, pancreatic necrosectomy and pancreatic debridement with minimal incisions. Stingray devices have grasping capabilities that enables surgeons to safely remove solid and semi-solid pancreatic fluid collections through a single small incision. Compared to traditional open surgery, stingray procedures reduce postoperative complications, hospital stay and recovery time for patients. The use of stingray devices in pancreatic surgery has transformed diabetes treatment by making complex procedures less invasive.
The global Stingray Device Market is estimated to be valued at US$ 157 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing incidence of diabetes: Diabetes prevalence is increasing globally due to sedentary lifestyles and obesity rates. According to the International Diabetes Federation, around 463 million adults were living with diabetes in 2019 and this is projected to rise to 700 million by 2045. Rise in diabetes patient pool is expected to propel demand for stingray devices used in minimally invasive pancreatic surgeries and treatments.
Technological advancements: Major players are focusing on developing advanced stingray devices with improved grasper capabilities, disposable designs and smaller diameters to make procedures less complex. Addition of advanced features like suturing and cautery functions in newer generation devices is also expected to drive their adoption. Further, integration of robotics and 3D visualization techniques can make procedures more accurate, thereby supporting market growth over the forecast period.
Growing preference for minimally invasive surgeries: Compared to open surgeries, minimally invasive techniques using stingray devices offer advantages like minimal incisions, reduced complications, shorter hospital stay and quicker recovery. This has increased their acceptance among patients and healthcare providers for diabetes treatment. Growing preference for minimally invasive specialties like bariatric, vascular and pancreas surgeries is projected to augment the demand for stingray devices.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. Although the market is growing, requirements for large capital and established distribution channels pose barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate to high. Buyers have several product alternatives and can negotiate on price. However, brand loyalty and medical necessity limit switching.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Suppliers of raw materials have differentiation in processes however established relationships and downstream integration balance their influence.
Threat of new substitutes: The threat of new substitutes is low as stingray devices have irreplaceable features for certain advanced medical procedures.
Competitive rivalry: Competition is high as major players compete on product innovation, quality and expansion to global markets.
Key Takeaways
The Global Stingray Device Market Size is expected to witness high growth over the forecast period. The global Stingray Device Market is estimated to be valued at US$ 157 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.
Regional analysis: North America is expected to dominate the market. Factors such as growing prevalence of cardiac diseases, rising healthcare spending, and technological advancements will boost the regional market. Asia Pacific is anticipated to be the fastest growing market supported by increasing healthcare reforms, growing medical tourism, and rising disease incidence.
Key players: Key players operating in the stingray device market are Eli Lilly and Company, Novo Nordisk, Sanofi, Merck & Co., Bristol Myers Squibb, AstraZeneca, Boehringer Ingelheim, Johnson & Johnson, and Takeda Pharmaceutical. Players compete on the basis of product differentiation, portfolio expansion and global presence.
