Gastrointestinal Stents Market to Grow with a CAGR of 5.38% through 2028
Technological innovations and growing awareness are
expected to drive the Global Gastrointestinal Stents Market growth in the
forecast period, 2024-2028.
According to TechSci Research report, “Gastrointestinal
Stents Market – Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Gastrointestinal Stents Market stood
at USD 462.75 million in 2022 and is anticipated to grow with a CAGR of 5.38%
in the forecast period, 2024-2028. This can be attributed to an evolving
regulatory landscape. Regulatory bodies in various countries have played a role
in facilitating market growth. By providing clear guidelines and standards for
the approval and use of gastrointestinal stents, regulators have boosted
confidence in these devices among healthcare providers and patients, making
them more readily available and widely adopted.
Moreover, 3D printing technology is revolutionizing
medical device manufacturing, including the production of gastrointestinal
stents. This technology allows for the creation of patient-specific stents,
which can provide a more precise fit and improved efficacy. Customized stents
are expected to become increasingly prevalent in the market.
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The market studied was significantly impacted by the
COVID-19 pandemic, primarily due to restrictions placed on non-emergency
procedures during this period. As reported in a study by Matthew D. Rutter in
July 2020, endoscopy procedures saw a substantial decline, with activity
dropping to as low as 5% at one point and only gradually recovering to 20% by
the study's conclusion. Likewise, in the early stages of the pandemic, New
York's major hospital systems were overwhelmed with COVID patients, causing a dramatic
reduction in GI services, with procedural volumes plummeting by 80 to 90%.
Consequently, the pandemic-induced reduction in gastrointestinal procedures had
a dampening effect on the market's growth. However, with the pandemic now under
control, a rebound in market activity is anticipated in the near future.
Furthermore, the market's growth is bolstered by the
increasing prevalence of gastrointestinal diseases and an aging population. For
example, the Crohn's & Colitis Foundation estimated in 2020 that a
significant proportion of individuals with Crohn's disease would require
surgical interventions during their lifetime, indicating a crucial need for GI
stents. The rising incidence of Crohn's disease underscores the potential for
substantial market growth in this segment. Additionally, the prevalence of
celiac disease, as reported by the Celiac Disease Foundation in 2020, exhibited
variation by region and demographics. With celiac disease being more prevalent
in specific populations, particularly among females and children, the growing
incidence of gastrointestinal diseases like celiac disease is expected to drive
robust market growth over the forecast period.
The Global Gastrointestinal Stents Market is segmented
into product type, application, regional distribution, and company.
Based on its product type, Biliary stents are poised
to dominate the Global Gastrointestinal Stents Market for several compelling
reasons. Firstly, a growing incidence of biliary disorders, such as obstructive
jaundice and cholangitis, has heightened the demand for biliary stenting
procedures. This is further accentuated by an ageing population, which is more
susceptible to such conditions. Secondly, biliary stents have demonstrated
their effectiveness in providing relief and facilitating better patient outcomes,
driving increased adoption among healthcare practitioners. Furthermore,
technological advancements have led to the development of more sophisticated
and durable biliary stents, enhancing their efficacy and safety. The
competitive landscape also favors biliary stents, as key market players have
been investing heavily in research and development to improve these devices.
Given these factors, biliary stents are well-positioned to dominate the Global
Gastrointestinal Stents Market, capitalizing on their efficacy, growing demand,
and technological advancements.
Based on application, Colorectal Cancer is anticipated
to show a lucrative growth in the forthcoming period. This escalation in
colorectal cancer cases can be primarily attributed to the substantial global
incidence rates. Moreover, the burgeoning elderly population is a prominent
contributing factor, given that advanced age represents the most critical risk
factor for this disease.
To illustrate the scope of this issue,
data from the American Cancer Society in 2020 revealed that the lifetime risk
of developing colorectal cancer stands at approximately 1 in 22, equating to
4.49% for men and 1 in 24, or 4.15% for women. Furthermore, the same report
indicated that approximately 53% of colorectal cancer cases are concentrated in
developed countries with a Human Development Index (HDI) above 0.8. These
nations, though home to less than a quarter of the global population,
disproportionately harbor a substantial number of individuals afflicted by
colorectal cancer. Similarly, as per the 2021 report from the Indian Council of
Medical Research, the incidence of colorectal cancer in 2021 was roughly 3.9
per 100,000 women and 4.4 per 100,000 men throughout the country. This report
also emphasized the escalating trend in colorectal cancer cases in India.
Consequently, given the mounting instances of colorectal cancer, the market
under consideration is poised for robust growth in the upcoming forecast
period.
Major companies operating in Global Gastrointestinal
Stents Market are:
- Boston Scientific Corporation
- Cook Group Inc
- Becton Dickinson & Co Ltd
- CONMED Corporation
- Cantel Medical LLC
- ELLA-CS, s.r.o.
- Hobbs Medical Inc.
- Merit Medical Systems, Inc.
- Olympus Corp
- Diagmed Healthcare Ltd
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“The global gastrointestinal stents market is on the
cusp of transformation, driven by innovative technologies, personalized
medicine, and a shift toward minimally invasive procedures. The emergence of
biodegradable stents, drug-eluting capabilities, 3D printing, and AI, coupled
with the expansion of telemedicine and global market reach, all point to a
dynamic and promising future for the gastrointestinal stents market. These
trends are set to enhance patient care, reduce complications, and improve the quality
of life for individuals with gastrointestinal disorders, marking an exciting
era in medical device development and healthcare delivery,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Gastrointestinal Stents Market By
Product Type (Biliary Stent, Colonic Stent,
Duodenal Stent, Esophageal Stent, Pancreatic Stent), By Application (Biliary
Disease, Colorectal Cancer, Stomach Cancer, Inflammatory Bowel Disease,
Others), By
Region, By Competition Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth potential of Global
Gastrointestinal Stents Market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Gastrointestinal
Stents Market.
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