The global gastrointestinal stents market has been envisaged by a recent publication by Transparency Market Research, which characterizes the market to be highly consolidated. Boston Scientific Corporation dominates the market that held 66.2% share in 2016. The market, however, features fragmentation due to the presence of several small scale and large scale players that operate regionally as well as in global markets.
“Expansion through mergers and acquisitions is the key growth strategy that companies in the market are focused on in order to bolster their positions,” says the author of the report. They are also looking to expand their share with new product development and product portfolio expansion.
A report by Transparency Market Research forecasts the global gastrointestinal stents market to expand at a CAGR of 4.4% between 2017 and 2025. At this pace, the market will display an opportunity of US$522.8 mn in 2025 in terms of revenue rising from US$356.7 mn in 2016.
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Biliary/Pancreatic Stents Stay in High Demand Globally
Depending upon product type, the global gastrointestinal stents market has been segmented into esophageal stents, colonic stents, duodenal stents, and biliary/pancreatic stents. Of these, biliary/pancreatic stents hold the leading market share. The segment held almost 51.7% of the overall market in 2016, finds the TMR report.
Based on end-use, hospitals held the dominant share amongst other key end-use segments accounting for a massive more than 71.5% share of the global gastrointestinal stents market in 2016. However, specialty clinics are expected to register rapid growth due to their increasing popularity, especially in developed countries.
Alarming Incidence of Gastrointestinal Diseases Pushes Growth
Some of the key factors driving the global gastrointestinal stents market are increasing incidence of gastrointestinal diseases and increasing preference of patients for minimally invasive procedures. Gastrointestinal diseases are rising at an alarming rate and are affecting millions of people worldwide. For example, the American Cancer Society estimates approximately 93,000 new cases of colon cancer and approximately 40,000 new instances of rectal cancer are detected every year in the U.S.
Gastrointestinal stents are increasingly becoming being preferred by patients due to the several advantages they provide over conventional surgeries in terms of reduced blood loss, reduced chances of infection, shorter hospital stay, and quick recovery. For these reasons, gastrointestinal stents are increasingly being used, especially in the field of oncology.
Other notable factors driving the gastrointestinal stents market is rising adoption of self-expandable metal stents and development of innovative products such as biodegradable stents. Last but not the least, rising awareness among patients regarding newer surgical practices is also aiding the market’s growth.
However, there are several factors restraining the growth of this market. As per the lead analyst of the report: “Gastrointestinal stents provide advantages with respect to self-expandability and are bioabsorbable, especially the newer ones.” However, late complications of biliary stenting and delays in diagnosis of the same is likely to hold back the market’s growth.
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