Global Gastrointestinal Stent Market Insights Forecasts to 2032
- The Gastrointestinal Stent Market was valued at USD 0.47 Billion in 2022.
- The Market is growing at a CAGR of 4.8% from 2022 to 2032.
- The Global Gastrointestinal Stent Market is expected to reach USD 0.75 Billion by 2032.
- Asia-Pacific is expected to grow higher during the forecast period.
Get more details on this report -
The Global Gastrointestinal Stent Market is expected to reach USD 0.75 Billion by 2032, at a CAGR of 4.8% during the forecast period 2022 to 2032.
A gastrointestinal stent is a medical device designed to alleviate obstructions or strictures in the digestive tract, providing relief and restoring proper functioning. Typically constructed from metal, plastic, or a combination of materials, these tubular structures are inserted into the affected area through minimally invasive procedures such as endoscopy. Gastrointestinal stents serve a vital role in managing conditions like colorectal cancer, esophageal strictures, and pancreatic disorders by expanding the narrowed passage and maintaining it open. Their deployment reduces symptoms like pain, vomiting, and difficulty swallowing, enhancing the patient's overall quality of life. While effective in relieving obstructions, potential complications and careful patient selection underscore the importance of medical evaluation and consultation before considering stent placement.
This research report categorizes the market for gastrointestinal stent market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the gastrointestinal stent market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the gastrointestinal stent market.
Global Gastrointestinal Stent Market Report Coverage
|Market Size in 2022:||USD 0.47 Bn|
|Forecast Period:||2022 – 2032|
|Forecast Period 2022 – 2032 CAGR:||4.8%|
|022 – 2032 Value Projection:||USD 0.75 Bn|
|Historical Data for:||2019-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||160|
|Segments covered:||By Product, By Application, By Material, By End-Use, By Region.|
|Companies Covered:||Becton Dickinson and Company, Boston Scientific Corporation, Cantel Medical, Conmed Corporation, Cook Medical, Gore Medical, Hobbs Medical, Inc., Medtronic PLC, Micro-Tech Co., Ltd., Olympus America Inc., and Others.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
Get more details on this report -
The Gastrointestinal (GI) stent market is propelled by a confluence of factors that collectively contribute to its growth and development. Primarily, the increasing prevalence of gastrointestinal disorders, such as colorectal cancer, esophageal strictures, and inflammatory bowel diseases, drives the demand for gastrointestinal stents. These devices effectively alleviate obstructions and enhance the quality of life for patients by restoring proper digestive function. Additionally, the growing aging population worldwide is a significant driver, as older individuals are more susceptible to GI ailments that may require stent placement. Advancements in medical technology and minimally invasive procedures have revolutionized the landscape of gastrointestinal stenting. The development of novel stent materials, including biodegradable options, has improved patient outcomes and reduced complications. Moreover, the rising adoption of endoscopic techniques for stent placement has led to shorter hospital stays, faster recovery times, and reduced procedural risks, thus boosting the market's expansion. Economic factors also play a role in driving the GI stent market. Governments and healthcare organizations are recognizing the cost-effectiveness of stent procedures compared to traditional surgical interventions, prompting reimbursement support and encouraging patient access to these procedures. Additionally, the increasing healthcare expenditure in developing regions, coupled with rising awareness and better access to medical facilities, further fuels the demand for GI stents. The competitive landscape of the market, marked by the presence of several key players, drives innovation and product development. Continuous research and development efforts to enhance stent design, biocompatibility, and ease of deployment are propelling market growth. Strategic collaborations and partnerships between medical device manufacturers and healthcare providers also contribute to the expansion of the GI stent market by improving the availability and accessibility of these devices.
The gastrointestinal stent market faces several restraints that impact its growth. Complications arising from stent placement, such as migration, perforation, and tissue damage, pose significant challenges and patient safety concerns. Additionally, the intricate anatomical variations within the gastrointestinal tract can make stent insertion complex and unpredictable. Cost considerations, limited reimbursement policies, and budget constraints in healthcare systems can hinder patient access to stent procedures. Furthermore, the presence of alternative treatments, such as surgical interventions or medical therapies, can impact the adoption of stents.
- In 2022, the biliary stent segment accounted for around 36.5% market share
On the basis of the product, the global gastrointestinal stent market is segmented into biliary stent, esophageal stent, colonic stent, pancreatic stent, and duodenal stent. The biliary stent segment has emerged as the largest market within the gastrointestinal stent sector due to its critical role in managing obstructive biliary conditions. Biliary stents are commonly used to treat disorders like bile duct obstruction, gallstones, and pancreatic cancers. Their effective relief of obstructions, coupled with advancements in stent design and deployment techniques, has propelled their adoption. Additionally, the rising prevalence of biliary disorders globally has further contributed to the dominance of the biliary stent segment in the gastrointestinal stent market.
- The biliary disease segment held the largest market with more than 35.2% revenue share in 2022
Based on the application, the global gastrointestinal stent market is segmented into gastrointestinal cancer, biliary disease, colorectal cancer, stomach cancer, and others. The dominance of the biliary disease segment in the gastrointestinal stent market can be attributed to its vital therapeutic role in addressing obstructive biliary conditions. Biliary stents effectively alleviate obstructions arising from diseases like bile duct obstruction, gallstones, and pancreatic malignancies. The segment's prominence is driven by the urgent need to restore proper bile flow, reduce symptoms, and improve patient quality of life. As such conditions become increasingly prevalent, the biliary disease segment remains at the forefront of the gastrointestinal stent market's growth and impact.
- The self-expanding metal stents segment held the largest market with more than 42.5% revenue share in 2022
Based on the material, the global gastrointestinal stent market is segmented into self-expanding metal stents, plastic stents, and others. The self-expanding metal stents (SEMS) segment's prominence in the gastrointestinal stent market can be attributed to their unique design and efficacy. These stents are constructed to expand on their own once deployed, ensuring accurate placement and effective relief of obstructions. SEMS are particularly well-suited for complex anatomical locations, enhancing their utility in treating various gastrointestinal conditions. Their durability, ease of deployment, and reduced risk of migration contribute to their popularity, making the self-expanding metal stents segment the largest and preferred choice in the gastrointestinal stent market.
- The hospitals segment held the largest market with more than 52.5% revenue share in 2022
Based on the end-use, the global gastrointestinal stent market is segmented into hospitals, ambulatory surgical centers, and others. The dominance of the hospitals segment in the gastrointestinal stent market is rooted in the specialized care and facilities they offer. Hospitals possess the necessary infrastructure, skilled medical personnel, and advanced equipment required for accurate stent placement and patient management. Gastrointestinal stent procedures often demand controlled environments and immediate access to medical intervention in case of complications. As hospitals ensure comprehensive care and a range of medical services, they become the primary choice for gastrointestinal stent procedures, thus contributing to their largest market share.
Regional Segment Analysis of the Gastrointestinal Stent Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
North America dominated the market with more than 45.2% revenue share in 2022.
Get more details on this report -
Based on region, North America dominates the gastrointestinal stent market due to advanced healthcare infrastructure, a high prevalence of gastrointestinal disorders, and a strong focus on innovative medical technologies. Favorable reimbursement policies, robust research and development activities, and the presence of key market players contribute to the market's growth. Additionally, the region's rising geriatric population and increasing awareness among patients and healthcare providers about the benefits of gastrointestinal stents further bolster North America's position as the largest market for these medical devices.
Asia-Pacific region is expected for significant growth in the gastrointestinal stent market during the forecast period. This projection is driven by factors such as a rapidly expanding population, increasing healthcare expenditures, and improving healthcare infrastructure. Rising awareness about minimally invasive procedures and advancements in medical technology are expected to drive demand for gastrointestinal stents in the region. Additionally, the growing prevalence of gastrointestinal disorders, along with evolving reimbursement policies and a shift towards value-based healthcare, further contribute to the anticipated higher growth rate in the Asia-Pacific market for gastrointestinal stents.
- In February 2023, Taewoong Medical Co., Ltd, a maker of medical equipment such as gastrointestinal (GI) metallic stents, was acquired by Olympus Corporation. This purchase aided the company in expanding its GI EndoTherapy product line, improving R&D capabilities, and increasing commercial revenue.
- In June 2022, Boston Scientific Corporation announced a strategic agreement with Synergy Innovation Co., Ltd to buy the majority of M.I.Tech Co., Ltd's shares. This firm produces conformable, non-vascular, self-expanding metal stents using HANAROSTENT technology. This strategic decision enabled the company to incorporate advanced technology into its operations, expand its client base, and acquire a competitive advantage over its competitors.
The report offers the appropriate analysis of the key organizations/companies involved within the global gastrointestinal stent market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Companies:
- Becton Dickinson and Company
- Boston Scientific Corporation
- Cantel Medical
- Conmed Corporation
- Cook Medical
- Gore Medical
- Hobbs Medical, Inc.
- Medtronic PLC
- Micro-Tech Co., Ltd.
- Olympus America Inc.
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture Capitalists
- Value-Added Resellers (VARs)
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global gastrointestinal stent market based on the below-mentioned segments:
Gastrointestinal Stent Market, By Product
- Biliary stent
- Esophageal stent
- Colonic stent
- Pancreatic stent
- Duodenal stent
Gastrointestinal Stent Market, By Application
- Gastrointestinal Cancer
- Biliary Disease
- Colorectal Cancer
- Stomach Cancer
Gastrointestinal Stent Market, By Material
- Self-expanding metal stents
- Plastic Stents
Gastrointestinal Stent Market, By End-Use
- Ambulatory Surgical Centers
Gastrointestinal Stent Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Need help to buy this report?