According to the new market research report “Gastrointestinal / GI Stent Market by Type (Biliary, Esophageal, Colonic, Pancreatic Stent) Material (Nitinol, Stainless Steel, Plastic) Disease (Biliary Disease, GI Cancer, IBD), End User (Hospital, Ambulatory Surgery Center) – Global Forecast to 2022″, published by MarketsandMarkets™, The global gastrointestinal stent market is projected to reach USD 452.6 Million by 2022 from USD 353.4 Million in 2017, at a CAGR of 5.1% during the forecast period.
The increasing preference for minimally invasive surgeries and rising prevalence of GI cancers and other digestive diseases are the major factors driving the growth of the gastrointestinal stent market. The base year considered for the study is 2016, while, the forecast period is 2017 to 2022.
Based on product, the biliary stent segment accounted for the largest share of the global gastrointestinal stent market. This can be attributed to the high prevalence of pancreatic cancer and biliary diseases as well as growth in the number of surgical procedures for the treatment of these diseases.
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Based on disease type, the biliary diseases segment accounted for the largest share of the gastrointestinal stent market. The large share of this segment is attributed to the high prevalence of gastrointestinal diseases in the elderly population.
Based on end user, the ambulatory surgery centers segment is expected to register the highest CAGR during the forecast period. Scheduling delays for operation, slow operating room turnover times, and the need for increasing the number of operating rooms in hospitals are the major factors supporting the growth of ASCs.
North America accounted for the largest share of the gastrointestinal stent market in 2016, followed by Europe and Asia Pacific. The developed healthcare system, rising geriatric population, and high prevalence of gastrointestinal cancers are the major factors responsible for the large share of North America in the gastrointestinal stent market.
The major complications associated with the implementation of gastrointestinal stents include stent misplacement or displacement, bleeding, obstruction, perforation, stent fracture or collapse, and infection. Bacterial colonization is a major factor leading to plastic stent occlusion, which results in sludge formation and luminal obstruction. Covered gastrointestinal stents generally prevent obstruction from tumor ingrowth with a covering membrane but have a higher migration rate. These complications associated with gastrointestinal stenting are limiting their adoption.
Geographically, the global gastrointestinal stent market has been segmented into five major regional segments North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2016, North America accounted for the largest share of the global market in 2016, followed by Europe and Asia Pacific. The highly developed healthcare system, rising geriatric population, growing adoption of technologically advanced stents, and the presence of key players are the major factors responsible for the large share of North America in the global market.
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Market Players
Prominent players in the global gastrointestinal stent market are Boston Scientific (US), Cook Group (US), C.R. Bard (US), ELLA-CS (Czech Republic), Becton, Dickinson and Company (US), Merit Medical Systems (US), CONMED (US), Cantel Medical (US), Olympus (Japan), Taewoong Medical (South Korea), Micro-Tech (Nanjing) (China), Endo-Flex (Germany), and M.I. Tech (South Korea).
