According to the latest report published by Credence Research, Inc. “Gastrointestinal Stents Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global gastrointestinal stents market was valued at US$ 348.9 Mn in 2016, and is expected to reach US$ 510.0 Mn by 2025, expanding at a CAGR of 4.2% from 2017 to 2025.
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Gastrointestinal diseases are highly prevalent in high risk geriatric population. Drastic change in lifestyle and dietary habits has resulted in rise in prevalence of chronic diseases, obesity, high blood pressure, and also has resulted in escalated morbidity and mortality from conditions such as GI cancers, bowel diseases, and others. Gastrointestinal stents are used for correcting obstructions in the GI tract and in cases of strictures, tumors, and nephrolithiasis.
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Increasing preference for minimally invasive procedures and technological advancement in the area of stenting are the key drivers of gastrointestinal stents market. Minimally invasive surgeries offer quick recuperation period, less blood loss, lesser risk of infection and overall reduction in healthcare costs. Due to these merits, minimally invasive procedures are in high demand for treating gastrointestinal diseases. Conditions such as stenosis are usually treated by stenting through minimally invasive surgery. Furthermore, technological innovation in terms of introduction of image guidance has paved way for advancement in this market. Advances in design, material, and stent technology has led to introduction of novel stents specific to certain conditions. Use of biodegradable materials bear benefits such as biocompatibility and need for follow-up procedure.
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Esophageal stents, duodenal stents, biliary and pancreatic stents, and colonic stents are the types of gastrointestinal stents studied in this report. Among these, biliary and pancreatic stents segment occupies the largest share in the global gastrointestinal stents market. Wide use of this stent type in treating biliary infection cholangitis, and decompression during benign and malignant conditions chiefly contribute to the dominance of this segment.
Despite economic challenges, new procedure modalities and devices are being studied and introduced in the global market with intention of improving treatment outcomes and containing overall healthcare costs. Organizations, manufacturers and research institutes are augmenting their efforts to establish practice guidelines, streamline registries advocate for new technologies and increase reimbursement bands.
Considering the overall competitive scenario, Boston Scientific Corporation, with over 65% revenue share dominated the global gastrointestinal stents market in 2016. The company sports the largest portfolio in this space with metal and plastic stents, total biliary, colonic, duodenal and esophageal stents. BD and Company, ELLA-CS, Cook Medical, Medtronic, are some other prominent players in the global gastrointestinal stents market.
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