REPORT HIGHLIGHT
Gastrointestinal Stents Market size was valued at USD 490.8 Million in 2022, expanding at a CAGR of 6.2% from 2023 to 2030.
Gastrointestinal (GI) stents are medical devices that are used to open up restricted or clogged passageways in the gastrointestinal tract. They are essential in maintaining the patency of a lumen, allowing the digestive system to function normally. For instance, in gastroenterology, gastrointestinal stents have been originally used to treat obstructed cancer in the GI tract. From early modern medicine in the nineteenth century until nowadays, GI tract cancer or luminal palliation has always been a huge challenge for surgeons and physicians. The field of gastrointestinal stents is evolving, with advancements focusing on biodegradable stents, drug-eluting stents (to prevent restenosis or tumor formation), and designs to limit migration or enhance adaptability to the GI tract's particular anatomy.
Gastrointestinal Stents Market - Market Dynamics:
- The rising prevalence of colorectal cancer across the globe and the increasing geriatric population suffering from gastrointestinal diseases, such as bowel ailments, diverticulosis, and gastrointestinal malignancies are the factors expected to propel market demand
- Colorectal cancer is one of the most prevalent malignancies diagnosed worldwide. According to the World Health Organization (WHO), Colon cancer is the second leading cause of cancer-related deaths worldwide. In 2020, more than 1.9 million new cases of colorectal cancer and more than 930,000 deaths due to colorectal cancer were estimated to have occurred worldwide. Large geographical variations in incidence and mortality rates were observed. Also, the elderly population is more sensitive to gastrointestinal diseases due to physiological changes, prolonged exposure to risk factors, and age-related comorbidities. Diverticular disease is a disease of the elderly. It affects 5% of the Western adult population younger than 40 years of age but affects 50% of those who are aged 60 years and older and rises to 65% in those who are 85 years of age and older, according to the Canadian Society of intestinal research. furthermore, Innovations in stent design, biocompatible materials, and drug-eluting stents can improve patient outcomes, reduce post-operative problems, and provide longer-lasting results can provide growth opportunities for market growth. However, In certain regions, a lack of knowledge regarding modern gastrointestinal therapies could hinder market expansion.
Gastrointestinal Stents Market - Key Insights:
- As per the analysis shared by our research analyst, the global Gastrointestinal Stents market is estimated to grow annually at a CAGR of around 6.2% over the forecast period (2023-2030)
- Based on Product type segmentation, Biliary Stent was predicted to show maximum market share in the year 2022
- Based on Application segmentation, Biliary Disease was the leading type in 2022
- Based on End-User segmentation, Hospitals and Clinics was the leading type in 2022
- On the basis of region, North America was the leading revenue generator in 2022
Gastrointestinal Stents Market- Segmentation Analysis:
- The Global Gastrointestinal Stents Market is segmented on the basis of Product Type, Application, End-User, and Region.
- The market is divided into Five categories based on product type: Biliary Stent, Duodenal Stent, Colonic Stent, Pancreatic Stent, and Esophageal Stent. The Biliary Stent segment dominates the market growth. Gastrointestinal (GI) stents are medical devices used to treat obstructions in the digestive tract. Biliary stents, for example, are specifically intended to treat bile duct obstructions. They are critical in the treatment of both benign and malignant biliary disorders.
- The market is divided into three categories based on Application: Biliary Disease, Colorectal Cancer, Stomach Cancer, and Others. Biliary Disease dominates the market. Biliary disorders are a group of ailments that affect the bile ducts and gallbladder. These diseases can cause obstructions, inflammation, or infections, requiring the placement of biliary stents. Biliary stents play an important role in the gastrointestinal stents market due to the prevalence of biliary disorders.
- The market is divided into two categories based on End-User: Hospitals and Clinics, Ambulatory Surgical Centres, and Others. Hospitals and Clinics dominate the market and are likely to maintain their dominance during the forecast period. Patients with acute gastrointestinal blockages, which are frequently caused by cancer, may present to hospital emergency rooms. In such cases, rapid therapeutic measures, such as stent implantation, can be life-saving. Endoscopic ultrasound, MRI, and CT scans are among the modern diagnostic technologies available in hospitals, particularly in urban areas. Early and precise diagnosis of gastrointestinal disorders can lead to prompt therapies such as stent implantation.
Gastrointestinal Stents Market - Geographical Insights:
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the growth of the Gastrointestinal Stents Market, due to the increasing prevalence of obstructive gastrointestinal diseases, and the development of advanced diagnostic technologies. North America, with its advanced healthcare infrastructure, technology adoption, and illness prevalence patterns, has frequently been at the forefront of several medical markets, including the Gastrointestinal (GI) Stents Market. North America, particularly the United States, has a high rate of gastrointestinal cancers, notably colorectal and esophageal cancers. These disorders frequently demand the placement of GI stents to relieve obstructions or strictures. The American Cancer Society's estimates for esophageal cancer in the United States for 2023 are About 21,560 new esophageal cancer cases diagnosed (17,030 in men and 4,530 in women). About 16,120 deaths from esophageal cancer (12,920 in men and 3,200 in women). Developing countries with expanding healthcare infrastructures present new markets and growth opportunities for GI stent manufacturers in the Asia Pacific region.
Gastrointestinal Stents Market- Competitive Landscape:
The Gastrointestinal Stents Market competitive environment is dynamic, with leading competitors constantly innovating and planning to increase their market share. Multiple factors stimulate manufacturer competition, whereas the incidence of gastrointestinal illnesses and disorders requiring stent intervention drives demand. The competition for novel stent designs and materials is severe. Drug-eluting stents, biodegradable stents, and stents with improved flexibility can provide a competitive edge. Companies compete for regulatory clearances in various regions, which can have a considerable impact on their market position. Larger corporations frequently acquire or combine with smaller firms that specialize in niche products or technology, therefore expanding their product portfolio and market presence. For example, on February 24, 2023 - Olympus Corporation (Olympus), a global medtech company committed to making people's lives healthier, safer, and more fulfilling, has agreed to acquire Taewoong Medical Co., Ltd, (Taewoong Medical), a Korea-based manufacturer of medical devices such as gastrointestinal (GI) metallic stents1 to strengthen its GI EndoTherapy product portfolio capabilities, and in turn, contributing to improving patient outcome through comprehensive solutions.
Recent Developments:
Nov. 2020, Boston Scientific Corporation announced that it has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) and CE Mark approval to market its WallFlex Fully Covered Esophageal Stent for the treatment of malignant esophageal strictures (obstructions) caused by tumors in patients with resectable or non-resect able esophageal cancer.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL GASTROINTESTINAL STENTS MARKET KEY PLAYERS
- Becton
- Boston Scientific Corporation
- Cantel Medical Corporation
- Conmed Corporation
- Cook Group Incorporated
- ELLA-CS, S.R.O.
- Hobbs Medical Inc.
- Merit Medical Systems Inc.
- Olympus Corporation
- Taewoong Medical Co. Ltd.
GLOBAL GASTROINTESTINAL STENTS MARKET, BY PRODUCT TYPE
- Biliary Stent
- Duodenal Stent
- Colonic Stent
- Pancreatic Stent
- Esophageal Stent
GLOBAL GASTROINTESTINAL STENTS MARKET, BY APPLICATION
- Biliary Disease
- Colorectal Cancer
- Stomach Cancer
- Others
GLOBAL GASTROINTESTINAL STENTS MARKET, BY END-USER
- Hospitals and Clinics
- Ambulatory Surgical Centres
- Others
GLOBAL GASTROINTESTINAL STENTS MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA