The global gastrointestinal stents market displays competition despite strong foothold of a few dominant players. To outdo the competition, mergers and acquisitions to enhance technical expertise is what players are vying for in this market.
Global Gastrointestinal Stents Market: Snapshot
Development of differentiator products is also what players are looking upon to stay ahead in the game.
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Among the key factors catalyzing growth of the global gastrointestinal stents market are increasing incidence of gastrointestinal diseases and increasing preference of patients for minimally invasive surgeries.According to statistics of the American Cancer Society, approximately 93,000 new colon cancer cases and almost 40,000 new rectal cancer cases are diagnosed in the U.S.
Acting as a hindrance to the growth of this market is late complications of biliary stenting and delays in diagnosis of the same.
As per a report by Transparency Market Research, the global gastrointestinal stents market is poised to be worth US$522.8 mn by 2025 from a valuation of US$356.7 mn in 2016 expanding at a CAGR of 4.4% for the forecast period between 2017 and 2025.
Esophageal Stents to Display Increased Demand in Future
Depending upon product type, the segments of the global gastrointestinal stents market are esophageal stents, colonic stents, duodenal stents, and biliary/pancreatic stents. The segment of biliary/pancreatic stents currently accounts as the leading contributor revenue-wise.
The segment held a substantial 51.7% of the overall market in 2016. The segment has been rising expeditiously due to its use for treating tumors of the bile duct or pancreas that obstruct the common bile duct.
Esophageal stents, on the other hand is the second-leading revenue contributing segment in the global gastrointestinal stents market. The segment held 19.6% of the overall market in 2016.
The segment is set to display impressive growth over the years due to rising demand for innovative products that allow smooth and hassle-free procedures for both physicians and patients.
Key companies operating in the global gastrointestinal stents market include Boston Scientific Corporation, Becton, Dickinson and Company, C.R.Bard Inc., W.L. Gore & Associates Inc., Cook Medical, Taewoong Medical Co. Ltd., Merit Medical Systems Inc., ELLA-CS, s.r.o, CONMED Corporation, Olympus Corporation, and S&G Biotech Inc.
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By end-use, hospitals, specialty clinics, and ambulatory surgical centers are the segments into which the global gastrointestinal stents market is divided. At present, hospitals leads the market and in 2016 the segment accounted for more than 71.5% of the market.
Hospitals remain the most preferred choice for carrying out minimally invasive surgeries for gastrointestinal diseases. With rising demand for endoscopic procedures for different disease indications and increased need for stenting for the same, the hospital end-use segment is set to expand over the forecast period.
Specialty clinics trails hospitals in terms of market share. In 2016, the segment accounted for 16% of the overall market for gastrointestinal stents.
Rising preference for specialty clinics, especially among patients in developed countries is the key to the growth of this segment.
Acceptance of Newer Technologies underpins Growth of Asia Pacific Market
From a geographical standpoint, North America and Europe lead the market in terms of market share. The North America market is primarily powered by the U.S., which held a massive 94.0% of the market in 2016 on account of a large population diagnosed with gastrointestinal diseases, technological advancements, extensive R&D practices, and increasing awareness about the treatment and management of gastrointestinal diseases.
In the coming years, while Europe is expected to display declined growth, Asia Pacific is expected to display the leading CAGR over the forecast period. India, Japan, and China are the key countries contributing to the growth of this regional market.
Favorable regulations, new product launches, acceptance of advanced technology, and rising awareness are expected to underpin robust growth in the region over the forecast period.
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