Gastrointestinal Stent Market is expected to reach USD 600 million by 2026 from USD 457 million in 2021, at a CAGR of 5.6% during the forecast period of 2021 to 2026. Gastrointestinal (GI) stents are designed for palliative therapy for various diseases causing obstruction in the GI tract. GI stents have a major role in the recanalization of gastrointestinal (GI) tumors and postoperative leak sealing. Other potential applications of GI stents are drug-eluting devices, tissue modeling for benign conditions, and GI tract drainage/anastomosis. Gastrointestinal stent market growth can be attributed to the rising prevalence of GI cancers and other digestive diseases, and changing lifestyles, increasing healthcare expenditure on gastrointestinal procedures, and increasing preference for minimally invasive surgeries.
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Key Player
The prominent players operating in this market include Boston Scientific Corporation (US), Cook Group (US), Medtronic plc. (Ireland), ELLA-CS, s.r.o. (Czech Republic), Becton, Dickinson and Company (US), Merit Medical Systems (US), CONMED Corporation (US), Cantel Medical (US), Olympus Corporation (Japan), Taewoong Medical (South Korea), Micro-Tech (Nanjing) Co., Ltd. (China), Endo-Flex GmbH (Germany), MI-Tech (South Korea), Hobbs Medical Inc. (US), QualiMed (Germany), UK Medical (UK), CITEC (China), Medorah Meditek Pvt. Ltd. (India), Leufen Medical GmbH (Germany), and BCM Corporation (South Korea). These players adopted the strategies of new product launches, partnerships, agreements, and acquisitions to expand their presence in the global gastrointestinal stent market.
Drivers: Rise in the incidence of gastrointestinal cancers, IBD, and other digestive diseases
Gastrointestinal cancer is one of the leading causes of death worldwide. In the past few years, there has been a steep rise in morbidity and mortality from chronic diseases such as esophageal cancer, colorectal cancer, and gastrointestinal-related critical disorders. According to the International Agency for Research on Cancer (IARC), in 2018, gastrointestinal cancers accounted for 26% of the global burden of cancer incidence and 35% of all cancer-related deaths.
According to the WHO, gastrointestinal cancers, such as colorectal cancer, were responsible for 935,000 deaths globally in 2020, and stomach cancer accounted for 769,000 deaths. Colorectal cancer was the third most common cancer worldwide with 1.93 million new cases diagnosed
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Restraints: High cost of the procedure and limited reimbursement in developing countries
In recent years, the cost of healthcare has increased significantly across the globe, and the prices of medical devices, including GI stent, has also increased. According to a study reported by PubMed.gov in May 2021, the average price of an endoscopic stenting procedure is about USD 43,798.06. Healthcare providers and payers in developing countries, such as India and Brazil, have low financial resources to invest in such a costly procedure.
North America was the largest regional market for Gastrointestinal Stent market in 2020
The Gastrointestinal Stent market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latina America, and the Middle East and Africa. In 2020, North America accounted for the largest share. The large share of North America in the global market is attributed to the rising geriatric population, high incidence of gastrointestinal diseases, favourable reimbursement scenario, and presence of key market players. Some of the major players in this market are Boston Scientific Corporation (US), C.R. Bard (US), Becton, Dickinson and Company (US), Merit Medical Systems (US), CONMED Corporation (US), Cook Medical (US), Cantel Medical (US), and Hobbs Medical (US).
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Recent Developments:
- In November 2020, Boston Scientific Corporation (US) has received 510(k) approval from the U.S. Food and Drug Administration (FDA) and CE Mark approval to market its WallFlex Fully Covered Esophageal Stent for the treatment of malignant esophageal strictures caused by esophageal cancer.
- In October 2020, Olympus Corporation (Japan) launched HANAROSTENT Esophagus TTS Self-expanding Metal Stents (SEMS) made by MI-Tech and distributed exclusively through Olympus in the US.
- In June 2019, Merit Medical System Inc. (US) acquired Brightwater Medical inc. (US) with an upfront payment of USD 35 million. Brightwater Medical Inc. has received the FDA clearance for the ConvertX biliary stent device.
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