Global Gastrointestinal Stent Market is a rapidly growing market with a projected CAGR of 8.1% from 2018 to 2023. This market is expected to reach USD 1,845.5 million by 2023. Gastrointestinal stents are medical devices used to treat various digestive tract disorders such as pancreatic and biliary duct strictures, esophageal strictures, and colonic obstruction. They are used to relieve pain, improve symptoms, and reduce the likelihood of complications.
Gastrointestinal stents are made from different materials, including metal, plastic, and silicone. They come in various shapes and sizes, and can be placed temporarily or permanently. The increasing prevalence of gastrointestinal diseases, such as cancer, inflammatory bowel diseases, and obesity, is driving the growth of the market. Additionally, the rising demand for minimally invasive procedures and technological advancements in stent design are further boosting the market.
However, the high cost of these stents is restraining the growth of the market. Furthermore, the risk of stent migration and the potential of stent-related complications are expected to hinder the growth of the market. On the other hand, the development of novel stents, the increasing adoption of personalized medicine, and the rising demand for home-based care are expected to offer lucrative opportunities for the market in the coming years.
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The Gastrointestinal Cancers segment to register the fastest growth in the gastrointestinal stent market, by application
Based on application, the gastrointestinal stent market is segmented into biliary diseases, irritable bowel syndrome, and gastrointestinal cancers. The gastrointestinal cancers segment is further categorized into colorectal cancer, stomach cancer, esophageal cancer, and pancreatic cancer. The biliary diseases segment accounted for the largest share in 2020. The gastrointestinal cancers segment is projected to have the highest CAGR during the forecast period. The growth of this segment is attributed to the increased prevalence and incidences of gastrointestinal cancers. For instance, According to a report by the American Cancer Society, Colorectal Cancer Facts Figures 2020-2022, in 2020, there were an estimated 104,610 new cases of colon cancer and 43,340 cases of rectal cancer diagnosed in the US
The major players in the Asia Pacific In situ Hybridization Market are Boston Scientific Corporation (US), Cook Group (US), Medtronic plc. (Ireland), ELLA-CS, s.r.o. (Czech Republic), Becton, Dickinson and Company (US), Merit Medical Systems (US), CONMED Corporation (US), Cantel Medical (US), Olympus Corporation (Japan), Taewoong Medical (South Korea), Micro-Tech (Nanjing) Co., Ltd. (China), Endo-Flex GmbH (Germany), MI-Tech (South Korea), Hobbs Medical Inc. (US), QualiMed (Germany), UK Medical (UK), CITEC (China), Medorah Meditek Pvt. Ltd. (India), Leufen Medical GmbH (Germany), and BCM Corporation (South Korea). These players adopted the strategies of new product launches, partnerships, agreements, and acquisitions to expand their presence in the global gastrointestinal stent market.
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Recent Developments
- In November 2020, Boston Scientific Corporation (US) has received 510(k) approval 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 caused by esophageal cancer.
- In October 2020, Olympus Corporation (Japan) launched HANAROSTENT Esophagus TTS Self-expanding Metal Stents (SEMS) made by MI-Tech and distributed exclusively through Olympus in the US.
- In June 2019, Merit Medical System Inc. (US) acquired Brightwater Medical inc. (US) with an upfront payment of USD 35 million. Brightwater Medical Inc. has received the FDA clearance for the ConvertX biliary stent device.
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