The global gastrointestinal (GI) stents market is anticipated to grow at a CAGR of 5% over the forecast period. The factors such as rising geriatric population who suffer from stomach or digestive cancer and eventually subsidizing prices of the medical devices in emerging countries of Asia and Latin America are accelerating the growth of the market.
Increasing inclination for minimally invasive methods and technological progressions in the area of stenting are the significant factors which are expected to drive the market for gastrointestinal stents.
Minimally invasive surgeries offer brisk recovery period, less blood loss, lesser extent of risk for infection and overall diminishment in healthcare costs. Due to these benefits, minimally invasive procedures are popular for treating gastrointestinal ailments.
Non-vascular stents worldwide market is anticipated to be driven by the rapid technological advancement in the global healthcare industry, rising incidence of cancer & urolithiasis, preference for minimally-invasive solutions, and increased life expectancy.
However, burden of rising regulation, demonstrating long-term efficacy, pricing pressures, restorative devices, and excise taxes are some major hindrances for this market. The complications of biliary stenting and delays in diagnosis of the same also limit the market growth.
Based on the product type, the fragments of the global gastrointestinal stents market are divided into esophageal, colonic, duodenal, and biliary/pancreatic stents. The segment of biliary/pancreatic stents presently acts as the leading segment in terms of revenue.
In 2016, the biliary stents held a prominent share in the overall market. This segment has been anticipated to experience rapid growth due to its application in treating tumours that hinder the common bile duct.
On the other hand, esophageal stents is the second-leading revenue contributing segment in the gastrointestinal stents market worldwide. This segment contributed to approximately 20% of the global market in 2016.
The segment is set to show great development throughout the years because of the rising interest for innovative products that permit smooth and hassle-free systems for both physicians and patients.
Among the key elements catalysing development of the worldwide gastrointestinal stents market are the increasing occurrences of gastrointestinal diseases and increasing inclination of patients for minimally intrusive surgeries.
Stent Type Insights
Stents can be used for both vascular and non-vascular organs. They are used to treat chronic hindrances of natural circulatory pathways that enable the transfer of air, body fluids, and different substances. This is important for systemic metabolic and energy exchange.
Non-vascular stents are mostly used to make a pathway in vessels of the body especially the arteries and veins that convey blood and lymph. The main types of stents taken into consideration are esophageal, duodenal, biliary & pancreatic, and colonic stents. Out of which, biliary and pancreatic stents segment recorded the largest share in 2016.
These stents are widely used in treating biliary infection cholangitis and decompression during benign & malignant conditions that essentially contribute to the dominance of this segment.
In spite of the financial & economic challenges, new technique modalities & devices are being considered and presented in the worldwide market with the goal of enhancing treatment results and containing overall healthcare costs.
Organizations, manufacturers and research institutes are increasing their efforts to build up practice guidelines, streamline registries, advocate for new advancements in technologies and increase reimbursement bands.
The key components catalysing growth of the worldwide gastrointestinal stents market are expanding rate of gastrointestinal diseases and inclinations of patients for minimally invasive surgeries.
End Use Insights
The hospital segment recorded for the largest revenue in the market during 2016 and is anticipated to dominate over the next few years. The demand for hospitals or demonstrative research centres is developing as they provide a proper lab setting, where information obtained from patient samples is used for investigation and development of personalized medications.
North America and Europe dominated the market on the basis of the market share. The North America demand is primarily fuelled by the U.S., which accounted for approximately 95% of the market in 2016.
The main reason behind this dominance is a large population diagnosed with gastrointestinal diseases, technological progressions, extensive R&D practices, and increasing knowledge about the treatment & management of gastrointestinal diseases.
Europe is anticipated to display declined growth in the coming years whereas Asia Pacific is projected to observe the highest CAGR over the forecast period. India, Japan, and China are the key nations adding to the development of this provincial market. Favourable regulations, introduction of the new products, adoption of advanced technology, and rising awareness are assumed to underpin robust growth in the region in the near future.
End Use Landscape
The end-use landscape includes a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase gastrointestinal stents. The major consumers of the product are Mayo Clinic, UCLA Medical Centre, and Memorial Sloan Kettering Cancer Centre.
Few of the existing players in the market include Boston Scientific Corporation, Merit Medical Systems Inc., ELLA-CS, S.R.O, CONMED Corporation, Olympus Corporation, and S&G Biotech Inc.
Boston Scientific Corporation, with more than 65% of the revenue dominated the worldwide gastrointestinal stents market in 2016. The organization holds the biggest portfolio in this space with metal & plastic stents, totalbiliary, colonic, duodenal, and esophageal stents. Territorial expansion and mergers & acquisitions of local players are few of the major strategies adopted by international players to remain competent in the market.
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