South Korea, Seoul, Sept. 14, 2022 (GLOBE NEWSWIRE) -- As per industry analysis by Fact.MR, a market research and competitive intelligence provider, the global gastrointestinal stents market is currently valued at US$ 516 million and is expected to expand at a CAGR of 5.5% from 2022 to 2027.
The market is expanding due to factors such as a rise in the ageing population with stomach or digestive cancer and the gradual stabilization of the prices of gastrointestinal stents in developing nations of Asia and Latin America.
A medical device called a gastrointestinal stent, which has the shape of a tube, is used to perform endoscopic procedures safely and effectively. This can also be used as a substitute in different medical procedures.
The implementation of advantageous respective government policies, considerable expansion of healthcare infrastructure, and extensive research and development (R&D) efforts are among other factors anticipated to fuel gastrointestinal stents market growth.
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Rising Cases of Colorectal Cancer & Preference for Minimally-invasive Surgeries Paving Way for Gastrointestinal Stents
Rising cases of colorectal cancer globally are one of the main factors propelling gastrointestinal stent sales. Furthermore, the geriatric population with digestive disorders such as bowel problems, diverticulosis, and gastrointestinal cancers are fuelling gastrointestinal stents market share.
Furthermore, the sector is being greatly influenced by rising knowledge of minimally-invasive surgical procedures and rising public health consciousness. Gastrointestinal stents help to minimize blood loss, a faster healing period, and a lower chance of infection than standard open surgical operations.
Several technological innovations, including the development of bio-absorbable stents and stents made of nitinol materials with high flexibility and kink resistance, are boosting gastrointestinal stents industry growth.
GI stents market share is expanding as a result of the growing popularity of minimally-invasive surgeries. Due to some advantages over conventional products, such as decreased blood loss, decreased infection risk, shorter hospital stays, and quick recovery, these gastrointestinal treatment devices are increasingly being used for the therapy of a variety of gastrointestinal illnesses.
Key Takeaways from Market Study
- Market for gastrointestinal stents is expected to attain a valuation of US$ 674.3 million by 2027.
- Sales of biliary stents are expected to increase at a CAGR of 6% from 2022 to 2027.
- Sales of gastrointestinal stents in China are expected to surge at a CAGR of 9% from 2022 to 2027.
- Top firms are focusing on creating advanced gastrointestinal stents to provide effective results and increase their revenue share.
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Winning Strategy
Boston Scientific Corporation, Becton, Dickinson and Company, C.R. Bard Inc., Cook Medical, Taewoong Medical Co. Ltd., and Olympus Corporation are some of key manufacturers of gastrointestinal stents.
Some of the important tactics used by top companies to maintain their competitiveness in the market include regional expansion, product launches, and mergers & acquisitions.
- In October 2020, HANAROSTENT Esophagus TTS Self-expanding Metal Stents (SEMS), produced by MI-Tech and distributed solely by Olympus in the United States, were made available by Olympus Corporation.
Key Segments of Gastrointestinal Stents Industry Research
- By Product :
- Biliary Stents
- Duodenal Stents
- Colonic Stents
- Pancreatic Stents
- Esophageal Stents
- By Stent Type :
- Metal Stents
- Plastic Stents
- By End User :
- Hospitals
- Clinics
- Ambulatory Surgery Centers
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the gastrointestinal stents market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2027.
The study divulges essential insights on the market on the basis of product (biliary stents, duodenal stents, colonic stents, pancreatic stents, esophageal stents), stent type (metal stents, plastic stents), and end user (hospitals, clinics, ambulatory surgery centers, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Competitive Landscape
With the presence of several international and local businesses, the gastrointestinal stents market is moderately competitive. As disorders affecting the gastrointestinal system become more common, the need for stents for gastrointestinal endoscopy becomes more necessary. As a result, a majority of large firms are implementing expansion strategies to penetrate new markets.
Recent Development in Gastrointestinal Stents Market
- In June 2019, Merit Medical Systems Inc purchased Brightwater Medical Inc for US$ 35 million. The FDA has approved Brightwater Medical Inc.'s ConvertX biliary stent product.
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Gastrointestinal Bleeding Treatment Market: Projections for global gastrointestinal bleeding treatment market indicate a moderate growth rate of 5.1% during the forecast period (2020-2026). The market is set to surpass a value of US$ 849.79 by the end of 2026.New product launches with technological enhancements have further augmented the market in the past. For instance, Cook Medical’s Hemospray, an endoscopic hemostat, received FDA approval in 2018 in line with gastrointestinal bleeding treatment guidelines.
Peptide Based Gastrointestinal Disorders Therapeutics Market: According to the latest report published by Fact.MR, the global peptide based gastrointestinal disorders therapeutics market is set to reflect a double-digit CAGR between 2017 and 2022, to surpass a valuation of US$ 600 Mn. Rising prevalence of metabolic diseases and gastrointestinal disorders pertaining to the digestive system is prompting medical practitioners to utilize new therapeutics including peptides. In the near future, application of peptides is also expected to increase in other therapeutic areas as well.
Iliac Artery Stents Market: The rise in incidences of cardiovascular disease throughout the globe is the primary factor driving the growth of iliac artery stents market. Rapid technological advancement and wide acceptance of stenting procedure among the patent also fuelling the growth of iliac artery stents market over the forecast period.
Lower Limb Arterial Stents Market: The rising in incidence rate of peripheral artery disease is the primary factor driving the growth of the lower limb arterial stents market. Rapid technological advancement and the wide acceptance of this treatment among patients are also expected to fuel the growth of the lower limb arterial stents market over the forecast period.The global lower limb arterial stents market is expected to show significant growth over the forecast period due to the increasing incidences of peripheral artery disease, due to lifestyle changes and rise in geriatric population.
Arterial Stents Market: According to the latest analysis and report published by Fact.MR, the demand for arterial stents market is likely to grow at a steady pace between 2021 and 2031.According to the American Heart Association, coronary heart disease is a leading cause of death in North America annually. Naturally, the need to seek timely treatment has gained traction in recent years.
Coronary Stents Market: Global sales of coronary stents were valued at around US$ 10.1 Bn in 2020. The global coronary stents market is projected to register 12.9% CAGR and reach a valuation of US$ 25.7 Bn by the end of 2028. Increasing consumption of drug eluting stents, which contribute around 80% share to the overall market size, is significantly driving market expansion.
Bioabsorbable Stents Market: The bioabsorbable stents market is predicted to grow at a moderate CAGR of 9.6% through 2032. The bioabsorbable stents market share is estimated to reach a value of nearly US$ 1 Billion by 2032 from US$ 372 Million in 2021.The benefit of such stents is their disintegrating within the body within a definite time period that has effected it as the most preferred mode of treatment, propelling the bioabsorbable stents market opportunities in the healthcare sector.
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