As per recent market projections, the global gastrointestinal stent industry demand is on an upward trajectory, poised to achieve a significant valuation of US$ 476.72 Million by the close of 2023. The market’s growth momentum is projected to continue through the forecast period, with a Compound Annual Growth Rate (CAGR) of 5.5%, positioning it to surpass expectations and reach a substantial market value of approximately US$ 815.34 Million by 2033.
This robust growth is attributed to several factors, including advancements in medical technology, an aging population, and an increased prevalence of gastrointestinal disorders globally. Gastrointestinal stents have emerged as crucial medical devices, playing a pivotal role in addressing various conditions affecting the digestive system, such as obstructions, strictures, and cancers.
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The forecasted growth underscores the expanding demand for innovative and minimally invasive medical interventions. Gastrointestinal stents offer patients a less invasive alternative to traditional surgical procedures, leading to reduced recovery times and improved overall outcomes.
This anticipated market surge is expected to drive further research and development initiatives within the gastrointestinal medical device sector, fostering innovation and introducing advanced stent technologies. Industry leaders and stakeholders are gearing up to capitalize on this burgeoning market by investing in research, product development, and strategic collaborations.
As the industry evolves, stakeholders, including healthcare providers, medical device manufacturers, and investors, are closely monitoring these trends and opportunities within the gastrointestinal stent market.
The projected market growth not only signifies substantial opportunities for industry players but also highlights the potential to enhance patient care through advanced medical interventions. The evolution of gastrointestinal stents reflects the ongoing commitment to improving healthcare outcomes and quality of life for patients worldwide.
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
- Boston Scientific Corporation
- Hobbs Medical Inc.
- Taewoong Medical
- Micro–Tech (Nanjing) Co., Ltd.
- Olympus Corporation
- Merit Medical Systems
- Qualimed
- Medtronic
- Conmed Corporation
- Terumo Corporation
- Johnson & Johnson Services, Inc.,
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 Market Segments Covered in Gastrointestinal Stent Industry Research:
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
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa (MEA)
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