As per the gastrointestinal stentmarket survey byFuture Market Insights (FMI), the market is poised to attain a CAGR of 6%
during the forecast period, i.e., 2022-2032.
The rising preference for minimally invasive (MI) surgicalprocedures is having a significant impact on the gastrointestinal stent market growth as in comparison totraditional open surgery procedures; stenting has a lower risk of gastrointestinal infection, less bloodloss, and a shorter recovery period.
As per gastrointestinal stents market study, gastrointestinal stents market future trends arelikely to be swayed by various technological advancements, such as the
development of gastrointestinalbiodegradable stents and nitinol material-based stents with a highdegree of flexibility and kink-resistance can be considered as some of the
major emerging trends ingastrointestinal stent market.
Ongoing research and development activities in the businesssector are also expected to sway the gastrointestinal stents adoption trends during the forecastperiod. For example, Brigham and Women’s Hospital and MIT researchers announced
the development of a stretchable stent with pop-out needles for use in drug
delivery in gastrointestinalsystems and other tubular organs.
Sales ofgastrointestinal stents are likely to surge owing to significantgrowth in healthcare infrastructure, favorable government policies, and
extensive research and development (R&D) activities.
In most Asian countries, government reimbursement forendoscopic stenting procedures is limited or non-existent, one of the major
reasons for patient and physician reluctance to use gastrointestinal stents, narrowingdown the gastrointestinal stentsmarket outlook.
Such a high cost and a lack of reimbursement in developingcountries such as India are expected to limit patient adoption of gastrointestinal stent-relatedprocedures.
Taking into account the factors mentioned above, the gastrointestinal market size isprojected to reach US$ 600 Mn by 2026.
- Key Takeaways:
- Due to the increasing prevalence of chronic liver disease and the increase in
the number of surgical procedures for the treatment of biliary diseases,
the biliary stents segment is likely to account for the largest gastrointestinal stents market share as per the product type. - Based on material, self-expanding metal stents are expected to lead the market.
The same can be credited to benefits such as ease of insertion, a lower
possibility of dislodgment or migration, and longer patency. - During the forecast period, the gastrointestinal cancers segment is anticipated
to have the highest CAGR attributed to the increased prevalence and
incidence, thereby positively impacting the gastrointestinal stents market trends. - The hospitals and clinics segment will be at the forefront of the market,
owing to many endoscopic retrograde cholangiopancreatographies (ERCP) and
percutaneous transhepatic cholangiography (PTC) procedures performed in
hospitals for various disease indications.
“In terms ofmarket share and revenue, North America is predicted to dominate the
gastrointestinal/GI stent market and will maintain its dominance throughout the
forecast period on account of a sophisticated level of healthcare facilities, a
rising geriatric population, high incidence of gastrointestinal diseases,
favorable reimbursement scenario, and presence of key market players such as
C.R. Bard (US), and Becton, Boston Scientific Corporation (US), Dickinson and
Company.” opines an FMI researcher.
Competitive Landscape:Among the prominent players inthe GI, stents market are Merit Medical Systems (US), CantelMedical (US), Olympus Corporation (Japan), CONMED Corporation (US), Taewoong
Medical (South Korea), Endo-Flex GmbH (Germany), Micro-Tech (Nanjing) Co., Ltd.
(China), MI-Tech (South Korea), QualiMed (Germany), UK Medical (UK), Hobbs
Medical Inc. (US), CITEC (China), BCM Corporation (South Korea), Leufen Medical
GmbH (Germany) and Medorah Meditek Pvt. Ltd. (India).
The gastrointestinalstent market is moderately competitive, with numerous gastrointestinal stents market opportunities.In addition, the increasing prevalence of diseases associated with gastrointestinal tract stent placement isdriving up demand forgastrointestinal stents.
As a result, several global corporations are implementingvarious strategies to reach out to emerging economies such as product launches,
mergers, acquisitions, partnerships, collaborations, etc.
Some of the recentdevelopments in the gastrointestinal stents market are:
- Cook Medical worked with Taewoong Medical to expand patient treatment options
by distributing a variety of Taewoong’s stents in the United States. The
Niti-STM Through the Scope (TTS) Esophageal Stent, the flagship product of
the South Korean company’s Niti-S Self-Expandable line of the metal gastrointestinal stent, is included in this distribution collaboration. - Olympus has proposed a couple of self-expanding metal stents (SEMS) to be used as
palliative measures in patients with a short life expectancy or who have
malignant colonic or duodenal obstruction.
Key Segments
- By Product:
- Biliary Stents
- Duodenal Stents
- Colonic Stents
- Pancreatic Stents
- Esophageal Stents
- By Material:
- Self-Expanding Metal Stents
- Plastic Stents
- By Application:
- Biliary Diseases
- Irritable Bowel Syndrome
- Gastrointestinal Cancers
- Colorectal Cancer
- Stomach Cancer
- Esophageal Cancer
- Pancreatic Cancer
- By End User:
- Hospitals And Clinics
- Ambulatory Surgical Centers
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Information Source:
