The global market for gastrointestinal stents is witnessing an unprecedented surge, with projections indicating remarkable growth in the coming years. According to recent industry analysis, the market is poised to reach a staggering value of USD 476.72 million by the end of 2023, with a projected Compound Annual Growth Rate (CAGR) of 5.51% over the next decade, ultimately reaching an impressive USD 815.34 million by 2033.
This remarkable growth trajectory is fueled by several key factors. Advancements in medical technology are driving innovation in gastrointestinal stents, leading to the development of more efficient and effective devices. These innovations are not only improving patient outcomes but also expanding the scope of treatment options available to healthcare providers.
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Furthermore, the aging global population is contributing to the increased prevalence of gastrointestinal disorders. Conditions such as obstructions, strictures, and cancers are becoming more common, necessitating the use of gastrointestinal stents for effective treatment. As a result, these medical devices are playing an increasingly crucial role in addressing a wide range of gastrointestinal conditions.
The growing demand for gastrointestinal stents underscores their significance in modern healthcare. These devices provide minimally invasive solutions for complex gastrointestinal issues, offering patients a better quality of life and improved treatment outcomes. As the prevalence of gastrointestinal disorders continues to rise, the importance of gastrointestinal stents in medical practice is expected to further escalate.
Industry experts anticipate that the global gastrointestinal stent market will continue on its upward trajectory, driven by ongoing technological advancements and demographic trends. With an increasing focus on patient-centric care and the adoption of minimally invasive procedures, gastrointestinal stents are poised to remain indispensable tools in the arsenal of healthcare providers 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.
“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.
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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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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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