By the end of 2022, the market for gastrointestinal stents will be worth US$ 455.44 million. The market is anticipated to grow at a CAGR of 5.5% from 2023 to 2033 and is projected to reach a market value of about US$ 815.34 Million in that year.
As per the gastrointestinal stent market survey by Future 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) surgical procedures is having a significant impact on the gastrointestinal stent market growth as in comparison to traditional open surgery procedures; stenting has a lower risk of gastrointestinal infection, less blood loss, and a shorter recovery period.
As per gastrointestinal stents market study, gastrointestinal stents market future trends are likely to be swayed by various technological advancements, such as the development of gastrointestinal biodegradable stents and nitinol material-based stents with a high degree of flexibility and kink-resistance can be considered as some of the major emerging trends in gastrointestinal stent market.
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Ongoing research and development activities in the business sector are also expected to sway the gastrointestinal stents adoption trends during the forecast period. 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 gastrointestinal systems and other tubular organs.
Sales of gastrointestinal stents are likely to surge owing to significant growth in healthcare infrastructure, favorable government policies, and extensive research and development (R&D) activities.
In most Asian countries, government reimbursement for endoscopic stenting procedures is limited or non-existent, one of the major reasons for patient and physician reluctance to use gastrointestinal stents, narrowing down the gastrointestinal stents market outlook.
Such a high cost and a lack of reimbursement in developing countries such as India are expected to limit patient adoption of gastrointestinal stent-related procedures.
Taking into account the factors mentioned above, the gastrointestinal market size is projected 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.
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“In terms of market 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 in the GI, stents market are Merit Medical Systems (US), Cantel Medical (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 gastrointestinal stent market is moderately competitive, with numerous gastrointestinal stents market opportunities. In addition, the increasing prevalence of diseases associated with gastrointestinal tract stent placement is driving up demand for gastrointestinal stents.
As a result, several global corporations are implementing various strategies to reach out to emerging economies such as product launches, mergers, acquisitions, partnerships, collaborations, etc.
Some of the recent developments 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.
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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
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