Gastrointestinal Stent Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Gastrointestinal Stent Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The gastrointestinal Stent Market is poised to grow at a CAGR of 4.9% over the forecast period.

The COVID-19 pandemic has significantly affected the market studied as a result of restrictions on non-emergency procedures during the pandemic. According to a study published by Matthew D Rutter in July 2020, a weekly average of 35,478 endoscopy procedures were performed in the pre-COVID period. Activity in the COVID-impacted period reduced to 12% of pre-COVID levels, and at its lowest point, activity was only 5%. However, at the end of the study period, the procedures were recovering up to 20%. Similarly, according to the article published by author Amrita Sethi in August 2020, in New York, by the third week of the pandemic, the large hospital systems were 40-80% filled with COVID patients, with up to 25% requiring intensive care unit (ICU) care in some locations. On average, GI services in these hospitals decreased their procedural volume by 80 to 90%, and the consultative volume by 50%. Hence, due to the decreased number of gastrointestinal procedures during the pandemic, the growth of the market studied was hampered. However, with the pandemic in control, it is believed that the market will be gaining its pace shortly.

Furthermore, the increasing prevalence of gastrointestinal diseases coupled with aging population is contributing largely to the market growth. For instance, the Crohn’s & Colitis Foundation, in 2020, estimated that two-thirds to three-quarters of those with Crohn’s disease would have one or more operations in the course of their lifetime. About 30% of surgical patients would have a flare-up within 3 years, and 80% would have one within 20 years. This data indicates that in case of Crohn's disease, surgery is essential which requires GI stents. Hence, with the increasing prevalence of crohn's disease, the market studied will witness a strong growth. Additionally, according to Celiac Disease Foundation, in 2020, the prevalence of celiac disease was 0.4% in South America, 0.5% in Africa and North America, 0.6% in Asia, and 0.8% in Europe and Oceania. The prevalence was higher in female than male individuals and was significantly greater in children than in adults. In conclusion, the prevalence of celiac disease varies with sex, age, and location. Therefore, with the increasing prevalence of gastrointestinal diseases such as Celiac disease, the market studied is expected to witness strong growth over the forecast period.

Key Market TrendsColorectal Cancer is Expected to Show Rapid Growth Over the Forecast Period

The growth of the colorectal cancer segment is majorly associated with high incidence rates of colorectal cancers across the world. The rising geriatric population is also one of the prominent drivers, as old age is the most critical risk factor for the disease.

According to the American Cancer Society 2020, the overall lifetime risk of developing colorectal cancer is about 1 in 22, or 4.49% for men, and 1 in 24, or 4.15% for women. The same report as above has stated that about 53% of colorectal cancer cases occurred in developed countries (countries having HDI above 0.8). These countries, while home to less than a quarter of the global population, have a disproportionately large number of people suffering from colorectal cancer. Similarly, as per the report published by the Indian Council of Medical Research in 2021, the incidence of colorectal cancer in 2021 was around 3.9 per 100,000 women and 4.4 per 100,00 men across the country. The same report has stated that the number of people suffering from colorectal cancer in India is on the rise. Hence, with increasing colorectal cancer cases, the market studied is expected to witness healthy growth over the forecast period.

Additionally, as per the data published in June 2021 by Digestive Medicine Research (DMR) Journal, stenting is gaining attention worldwide for the treatment of colorectal cancer. As minimally invasive surgery allow the patients to recover faster, it is widely being used in several hospitals. Hence, owing to the significance of GI stents and the presence of global companies in the stenting business, the segment is expected to witness growth over the forecast period.

North America is Expected to Dominate the Gastrointestinal Stent Market Over the Forecast Period

North America is one of the most developed medical device industries and is expected to dominate the market studied. The increasing prevalence of obstructive gastrointestinal diseases, favorable reimbursement policies, the aging population, the presence of major market players, etc., are the primary factors behind the large market size. According to the Centers for Disease Control and Prevention, in 2020, the number of adults diagnosed with ulcers was recorded to be 14.8 million and the number of visits to emergency departments for diseases of the digestive system being the primary diagnosis was 7.9 million in the United States.

Moreover, the COVID-19 infection is noted to be more severe in patients with co-morbid conditions, such as immunosuppressed, malnourished, and immunocompromised. Inflammatory bowel disease (IBD), generally includes Crohn’s disease and ulcerative colitis. According to a research study by MalihaNaseer published in the World Journal of Meta-Analysis in October 2020, in the United States, the management of inflammatory bowel disease (IBD) patients was often complex and posed unique challenges for gastroenterologists during the COVID-19 pandemic. The study results found that, during the COVID-19 pandemic 2020, IBD patients continued their medications and followed universal precautions. As a result of COVID-19, the market was affected in the short term.

However, with the increasing prevalence of GI diseases across the North American region, the market for GI stents is believed to grow rapidly over the forecast period.

Competitive Landscape

The market for gastrointestinal stents is moderately competitive and consists of various global as well as local players. Some of the major companies operating in the market studied include Boston Scientific Corporation, CONMED Corporation, Olympus Corporation, and Cook Group Inc., among others.

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