Endoscopic Stricture Management Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Endoscopic Stricture Management Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The endoscopic stricture management market studied was anticipated to grow with a CAGR of nearly 6.0%, during the forecast period. The major factors attributing to the growth of the market are rise in the global prevalence of gastrointestinal (GI) and esophageal disorders such as inflammatory bowel disease, gastroesophageal reflux disease (GERD), cardiac vessel bleedings, and gastrointestinal hemorrhages and other chronic diseases like obesity and diabetes with increasing geriatric population. For instance, according to the International Foundation for Gastrointestinal Disorders Report published in 2019, GERD affects about one-third of the total population necessitating effective treatment driving the growth of the global market.

• Stents are expected to dominate the market throughout the forecast period owing to the huge rise in the adoption of these devices due to their enhanced safety with technological advancements and increased convenience. Also, due to the rise in preference by the healthcare providers due to their self-expandable and bio-degradable nature which directly fuels the growth of global endoscopic stricture management market revenue.
• Based on the end-user, hospitals account for the highest market share which can be attributed to factors such as increased volume of hospital-associated diseases such as buried penis, IBS, GERD, etc., resultant rising demand for hospitals stays, steep upsurge in preference for minimally invasive surgical procedures, and favorable reimbursement policies along with enhanced patient care in these settings are expected to drive the demand for the segment and propel the global endoscopic stricture management during the forecast period.

North America is expected to dominate the overall endoscopic stricture management market throughout the forecast period. The dominance is due to the rise in chronic diseases such as diabetes and obesity, other GI disorders necessitating effective management of these strictures to decrease the rising burden. Also, several factors such as well-established direct reimbursement policies and the availability of advanced healthcare infrastructure may favor the market in this region contributing to its outstanding global market revenue share during the forecast period.

The endoscopic stricture management market is moderately competitive and consists of several major players. Few of the major players currently dominating the market are making acquisitions with the other companies to consolidate their market positions across the globe and while others are launching new products with advanced technologies to facilitate fast and accurate placement. For instance, in September 2018, Zavation Medical Products acquired Pan Medical U.S. Corp through the acquisition, the company offers a full suite of minimally invasive systems which is expected to have a positive impact on the overall market growth. Some of the companies which are currently dominating the market are Boston Scientific Corporation, CONMED Corporation, Hobbs Medical Inc, Cook Medical Inc, and Merit Medical Systems

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