Press Release

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.

           

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Global Gastrointestinal Stents Market.”

 

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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