The global gastrointestinal stents market stood at US$356.7 million in 2016 and is projected to expand at a moderate CAGR of 4.4% during the forecast period of 2017–2025. By the end of this period, the opportunities in the market is anticipated to touch a valuation of US$522.8 million by the end of 2025.
The global Gastrointestinal (GI) Stents Market features a highly consolidated landscape as it is dominated by a handful of global players, notes Transparency Market Research (TMR). Among the top players, Boston Scientific Corporation accounted for the leading share amounting to 66.2% in the global market in 2016. TMR observes that notwithstanding the prominence of only a few players, the competitive landscape is largely characterized by substantial forces of fragmentation. This is on the account of small and large-size players operating in the market at regional as well as global levels. They are constantly vying for gaining a foothold, which has intensified the degree of competition over the past few years.
Some of the other prominent players operating in the gastrointestinal stents market are Merit Medical Systems Inc., CONMED Corporation, ELLA-CS, s.r.o, Becton, Dickinson and Company, W.L. Gore & Associates Inc., Cook Medical, C.R.Bard Inc., and S&G Biotech Inc. Leading players retain their stronghold by engaging in strategic mergers and acquisitions in a bid to bolster their technical expertise. Several prominent players are also resorting to harping on product differentiation to stay ahead of their competitors.
The various product types comprise colonic stents, esophageal stents, duodenal stents, and biliary and pancreatic stents. Of these, the biliary/pancreatic stents segment held the major share in 2016. The segment is expected to retain its dominance over the assessment period, driven by its burgeoning demand in treating bile duct cancer.
Regionally, Asia Pacific is projected to rise at the leading CAGR during 2017–2025. Major part of the growth will come from emerging economies. The growth is fueled by the rapid adoption of advanced stent technologies and the rising level of awareness among the patient population.
Request to View Sample of Report –
The rising demand for endoscopic stenting as an alternative to surgeries and repetitive endoscopic procedures for the treatment of GI diseases and disorders is a key factor propelling the growth of the market. The increasing incidences of gastrointestinal diseases, especially in emerging economies, is fueling the demand for gastrointestinal stents. The rising demand for minimally invasive therapies is underpinning the expansion of the market. The substantially rising uptake of GI stents for treating a range digestive tract diseases is boosting the market. These stents are increasingly being preferred in populations as a palliative therapeutic modality in cases where curative surgery is not feasible.
The low cost and higher efficacy of gastrointestinal stenting procedures compared to general palliative surgeries, especially in patients with poor outcomes, underpins the rising popularity of these devices. The extensively rising demand for gastrointestinal stents in benign strictures is a notable factor accentuating the market.
Over the past few years, the market has seen rapid advances in the design and performance of the gastrointestinal stents used. Considerable improvements made in the stenting procedures and the efficacy of stents have lowered the morbidity and mortality rates in worldwide patient populations. The advent of new products with advanced technologies is creating exciting, lucrative avenues for market players.