Gastrointestinal Stent Market Analysis and Forecast to 2032: By Product (Biliary Stents, Duodenal Stents, Colonic Stents, Pancreatic Stents, Esophageal Stents), Material (Self-Expanding Metal Stents, Plastic Stents), Application (Biliary Diseases, Irritab

Gastrointestinal Stent Market Analysis and Forecast to 2032: By Product (Biliary Stents, Duodenal Stents, Colonic Stents, Pancreatic Stents, Esophageal Stents), Material (Self-Expanding Metal Stents, Plastic Stents), Application (Biliary Diseases, Irritable Bowel Syndrome, Gastrointestinal Cancers), End User (Hospitals & Clinics, Ambulatory Surgical Centers), and Region

The global Gastrointestinal Stent market size was USD 467 million in 2022 and is anticipated to reach USD 796.8 million in 2032, growing at a rate of 5.5% from 2022 to 2032.

Gastrointestinal (GI) stents are made to provide palliative care for a variety of illnesses that clog the GI tract. The recanalization of gastrointestinal (GI) malignancies and postoperative leak sealing are two important functions of GI stents. Drug-eluting devices, tissue modeling for benign disorders, and GI tract drainage/anastomosis are among more possible uses for GI stents. The rise in gastrointestinal malignancies and other digestive illnesses, changing lifestyles, rising healthcare spending on gastrointestinal treatments, and growing desire for less invasive surgery are all factors contributing to the growth of the global market for gastrointestinal stents.

Global Gastrointestinal Stent Market Scope and Report Structure

Market Trends and Drivers

The increase in the incidence of gastrointestinal cancers, IBD, and other digestive diseases is propelling the growth of the market. One of the biggest causes of death in the globe is gastrointestinal cancer. Morbidity and mortality from chronic diseases like esophageal cancer, colorectal cancer, and serious gastrointestinal disorders have sharply increased in recent years. According to the International Agency for Research on Cancer (IARC), gastrointestinal malignancies accounted for 35 percent of all cancer-related fatalities and 26 percent of the global burden of cancer incidence in 2018. The WHO estimates that stomach cancer caused 769,000 deaths worldwide in 2020, whereas gastrointestinal malignancies like colorectal cancer cause 935,000 deaths. 1.93 million new instances of colorectal cancer were detected worldwide in 2020, making it the third most frequent cancer overall.

Market Restraints and Challenges

The high cost of the procedure and limited reimbursement in developing countries is anticipated to hinder the growth of the market. Globally, the cost of healthcare has dramatically climbed in recent years, as have the costs of medical devices like GI stent. Approximately USD 43,798.06 is the average cost of an endoscopic stenting treatment, according to a study published by PubMed.gov in May 2021. In developing nations like India and Brazil, healthcare providers and payers have limited financial means to spend in such an expensive surgery. One of the main reasons why patients and doctors are reluctant to choose gastrointestinal stents is the fact that endoscopic stenting operations are seldom or never reimbursed by governments in most Asian nations. It is anticipated that the high price and lack of reimbursement in developing nations like India may restrict the use of gastrointestinal stent-related treatments by patients.

Global Gastrointestinal Stent Market Segmental Overview

The report analyses the global gastrointestinal stent market based on product, material, application, end user, and region.

Global Gastrointestinal Stent Market by Product

Based on product, it is segmented into biliary stents, duodenal stents, colonic stents, pancreatic stents, and esophageal stents. The biliary stents segment accounted for the largest share in 2021. The biliary stent segment is anticipated to grow at the highest CAGR during the forecast period. One of the key drivers behind the expansion of the biliary stents market is the rising incidence of bile duct cancer and chronic liver disease. Additional important factors that are anticipated to promote the growth of this market segment during the projected period include the rising incidence of biliary disorders and the rise in the number of surgical procedures for the treatment of biliary diseases.

Global Gastrointestinal Stent Market by Material

Based on material, it is segmented into self-expanding metal stents and plastic stents. The Self-expanding metal stents are further sub-segmented into nitinol, stainless steel, and other metal stents. The self expanding metal segment is anticipated to dominate the market during the forecast period. Factors like the rising demand for self-expanding metal stents because of its benefits, including ease of insertion, a reduced risk of dislodgment or migration, and extended patency. Stainless steel, nitinol, cobalt-chromium, and platinum-chromium with or without coating are the typical materials used to make metal stents. Benign gastrointestinal leaks and perforations are treated with self-expanding metal stents. These stents serve as a support to maintain the digestive tract open and allow for simple, unhindered outflow of food and liquids.

Global Gastrointestinal Stent Market by Application

Based on application, it is segmented into biliary diseases, irritable bowel syndrome, and gastrointestinal cancers. The biliary diseases segment accounted for the majority of market share during the forecast period. The gastrointestinal cancers segment is anticipated to have the highest share during the projection period. The rise in prevalence and incidence of gastrointestinal malignancies is thought to be the cause of this market segment's expansion. For instance, the American Cancer Society's Colorectal Cancer Facts & Figures 2020-2022 report estimates that in the US in 2020, 43,340 new cases of rectal cancer and 104,610 new instances of colon cancer would be detected.

Global Gastrointestinal Stent Market by End User

Based on end user, it is segmented into hospitals & clinics, and ambulatory surgical centers. The hospital end user segment is anticipated to dominate the market during the forecast period. Due to the high volume of endoscopic retrograde cholangio-pancreatography (ERCP) and percutaneous transhepatic cholangiography (PTC) procedures carried out in hospitals for a variety of disease indications, favorable reimbursement scenarios, and increased government initiatives to provide high-quality treatment for digestive disorders, this segment has a sizable market share.

Geographical Analysis of the Global Gastrointestinal Stent Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. In 2021, North America had the biggest market share for gastrointestinal stents, followed by Europe and the Asia-Pacific region. The market in the Asia Pacific is anticipated to expand at the greatest CAGR over the forecast period. The APAC region's market is growing primarily as a result of factors such as an aging population, an increase in gastrointestinal illnesses, a rise in per capita income and life expectancy, as well as increased investments by major market participants in the area.

Major Players in the Global Gastrointestinal Stent Market

The key players studied in the global gastrointestinal stent 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) among others.

COVID-19 Impact

Over 4.4 million people have been afflicted by the coronavirus, which has spread to 215 nations and territories and caused close to 300,000 deaths. The global COVID-19 outbreak has put medical practices of all sizes under a great deal of stress. A worldwide emergency has been caused by the COVID-19 pandemic. The risk of COVID-19 infection is higher for surgeons and patients who visit hospitals for various procedures. All elective procedures in Germany were either canceled or postponed because hospitals there are overflowing with COVID-19 cases. Major hospitals in Germany had to postpone between 40 and 50 percent of their endoscopic treatments.

Major limitations on in-person consultations were enacted by numerous nations during the COVID-19 pandemic. As a result, stenting procedures were reduced in hospitals and outpatient clinics, and consultations were conducted via phone consultations, which was the most practical mode of delivery. This has had an impact on how frequently gastrointestinal stents are used in most healthcare settings. For instance, a survey by the Chinese Society of Digestive Endoscopy (CSDE) found that from 3,2 million treatments in 2019 to 1.5 million in 2020, China's GI endoscopic procedures had a considerable decline. Nearly all medical device markets had fully recovered by early 2021 from the pandemic's severe decline in device sales. However, the introduction of the Omicron model could endanger the expansion of sales of medical devices and lead to more cancellations of elective surgeries. The administration of booster doses and the current worldwide vaccination race will, however, lead to a market rebound in the years to come.

Recent Developments

• November 2020, Boston Scientific Corporation has received 510(k) approval from the U.S. Food and Drug Administration and CE Mark approval to market its Wall Flex fully covered esophageal stent for the treatment of malignant esophageal strictures caused by esophageal cancer.
• October 2020, Olympus Corporation launched Hanaro Stent Espophagus TTS self-expanding metal stents made by MI-Tech and distributed exclusively through Olympus in the US.
• June 2019, Merit Medical System Inc. acquired Brightwater Medical Inc. has received the FDA clearance for the ConvertX biliary stent device.
• June 2018, Cook Medical entered into the US. The new deal comprises the Niti-S Esophageal Stent, the flagship product of Taewoong Medical’s Self-expandable line of metal GI stents.

Gastrointestinal Stent Market Report Coverage:

•  The report offers a comprehensive quantitative as well as qualitative analysis of the current Gastrointestinal Stent Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
•  The report also covers qualitative as well as quantitative analysis of Gastrointestinal Stent Market in terms of revenue ($Million).
•  Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the Gastrointestinal Stent industry.
•  A thorough analysis of market trends and restraints is provided.
• By region as well as country market analysis is also presented in this report.
•  Analytical depiction of the Gastrointestinal Stent Market along with the current trends and future estimations to depict imminent investment pockets. The overall Gastrointestinal Stent industry opportunity is examined by understanding profitable trends to gain a stronger foothold.
•  Porter’s five forces analysis, SWOT analysis, Pricing Analysis, Case Studies, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Gastrointestinal Stent Market are also analyzed

Frequently Asked Questions

Q1. How big is the Gastrointestinal Stent market?

Ans. The global Gastrointestinal Stent market size was USD 467 million in 2022 and is anticipated to reach USD 796.8 million in 2032, growing at a rate of 5.5% from 2022 to 2032.

Q2. What is the Gastrointestinal Stent market growth rate?

Ans. The growth rate of the Gastrointestinal Stent market is 5.5%.

Q3. Which region holds a major market share for the Gastrointestinal Stent market?

Ans. North America holds a major market share of the Gastrointestinal Stent market in 2021.

Q4. Which segment accounted for the largest Gastrointestinal Stent market share?

Ans. By end user, hospital segment accounted for the largest Gastrointestinal Stent market share.

Q5. Who are the key players in the Gastrointestinal Stent market?

Ans. The global Gastrointestinal Stent market report includes players such as 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) among others.

Q6. What are the factors driving the Gastrointestinal Stent market growth?

Ans. The major factors driving the growth of the market are the growing healthcare market in emerging countries.

Q7. What are the key growth strategies of Gastrointestinal Stent market players?

Ans. The key growth strategies of Gastrointestinal Stent market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the Gastrointestinal Stent market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the Gastrointestinal Stent market during the forecast period.

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