Endoscopic stone retrieval basket is a medical device used for removing stones from bile ducts, pancreatic ducts, and other parts during endoscopic surgery. According to different designs and functions, endoscopic stone retrieval baskets can be divided into various types, such as single wire baskets, multi wire baskets, adjustable baskets, etc. These baskets are entered into the human body through an endoscope, and using the basket's expansion and contraction functions, stones are captured and removed from the body.
With the advancement of medical technology and the improvement of people's health awareness, the application of endoscopic stone retrieval baskets in the Chinese market is becoming increasingly widespread. In 2020, the market size of endoscopic stone retrieval baskets in China reached about 1.5 billion yuan, a year-on-year increase of 12%. It is expected that by 2025, the market size will further expand to RMB 2 billion, with a compound annual growth rate of about 14%.
The endoscopic stone retrieval basket is mainly used for the treatment of bile duct stones and urinary system stones. The treatment of bile duct stones occupies the largest market share, accounting for about 60% in 2020, while the treatment of urinary system stones accounts for about 40%. With the aging of the population and the change of lifestyle, the incidence rate of bile duct stones and urinary stones has increased year by year, which has promoted the growth of the market demand for endoscopic stone basket.
The main participants in the Chinese endoscopic stone retrieval basket market include domestic and foreign-funded enterprises. Domestic enterprises such as Shanghai Minimally Invasive Medical and Shenzhen Mindray Medical have occupied a large market share with their price advantages and localized services. Foreign companies such as Boston Scientific and Cook Medical, although priced higher, have also gained a foothold in the market with their advanced technology and brand influence. In 2020, Shanghai Minimally Invasive Medical had a market share of approximately 30%, while Boston Scientific had a market share of approximately 25%.
With the continuous advancement of medical technology and the increasing demand for minimally invasive surgery among patients, the Chinese endoscopic stone retrieval basket market is showing a rapid growth trend. In 2020, the market size of endoscopic stone retrieval baskets in China reached approximately 1.85 billion yuan, a year-on-year increase of 15.2%. It is expected that by 2025, the market size will further expand to 2.47 billion yuan, with a compound annual growth rate (CAGR) of about 12.3%.
However, the market for endoscopic stone retrieval baskets also faces some potential challenges. Firstly, the intensification of market competition has led to increasingly severe product homogenization, and enterprises need to continuously improve their competitiveness in product quality, technological innovation, and service quality. Secondly, with the continuous development of medical technology, the emergence of new stone retrieval instruments and technologies may have a certain impact on the market of endoscopic stone retrieval baskets. In addition, changes in policies and regulations, as well as reforms in the healthcare industry, may also have an impact on the competitive landscape and development trends of the market.
To address these challenges, companies need to closely monitor market trends and technological developments, constantly adjust and optimize their product structure and market strategies. Firstly, enterprises can increase the technological content and added value of their products by strengthening research and development investment and technological innovation, in order to meet the constantly changing market and diverse needs of patients. Secondly, enterprises can improve the quality and stability of their products and enhance their market competitiveness by optimizing their production processes and quality control systems. In addition, enterprises can also enhance brand awareness and customer satisfaction by strengthening marketing and service system construction, and win more market share.
The size of China's stone basket market has achieved significant growth in the past few years, and this trend is expected to continue into the coming years. According to market research data, the size of the Chinese market was approximately 1 billion yuan in 2018, and is expected to grow to 3 billion yuan by 2024, with a compound annual growth rate of over 20%. This growth rate is higher than the global average, indicating strong demand for this medical device in the Chinese market.
The market for stone baskets has enormous development potential. Between 2016 and 2020, the size of the Chinese market increased from 1 billion yuan to 3 billion yuan, with a compound annual growth rate of over 20%. This growth rate exceeds the global average, mainly due to China's large patient population and growing medical demand.The study also found that top companies have significant advantages in market competition. These enterprises occupy a leading position in market share, brand influence, and product competitiveness through strategies such as technological innovation, product research and development, and market expansion.
It is expected that the market share of the global stone basket market will continue to grow in the coming years. According to market research institutions' predictions, the global market size will reach $12 billion by 2024, with a compound annual growth rate of approximately 8%. This growth is mainly due to the worsening trend of global population aging and the popularization of minimally invasive surgical techniques. Taking an international medical device company as an example, it is expected that its market share will grow to 20% of the global market in the next five years.