The global gastrointestinal stent market was valued at USD 467 million in 2021 and it is anticipated to reach up to USD 796.8 billion by 2031, at a CAGR of 5.5% during the forecast period.
Gastrointestinal (GI) stents are made to provide palliative care for a variety of illnesses that clog the GI tract. The recanalization of gastrointestinal (GI) malignancies and postoperative leak sealing are two important functions of GI stents. Drug-eluting devices, tissue modeling for benign disorders, and GI tract drainage/anastomosis are among more possible uses for GI stents. The rise in gastrointestinal malignancies and other digestive illnesses, changing lifestyles, rising healthcare spending on gastrointestinal treatments, and growing desire for less invasive surgery are all factors contributing to the growth of the global market for gastrointestinal stents.
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Market Trends and Drivers:
The increase in the incidence of gastrointestinal cancers, IBD, and other digestive diseases is propelling the growth of the market. One of the biggest causes of death in the globe is gastrointestinal cancer. Morbidity and mortality from chronic diseases like esophageal cancer, colorectal cancer, and serious gastrointestinal disorders have sharply increased in recent years. According to the International Agency for Research on Cancer (IARC), gastrointestinal malignancies accounted for 35 percent of all cancer-related fatalities and 26 percent of the global burden of cancer incidence in 2018. The WHO estimates that stomach cancer caused 769,000 deaths worldwide in 2020, whereas gastrointestinal malignancies like colorectal cancer cause 935,000 deaths. 1.93 million new instances of colorectal cancer were detected worldwide in 2020, making it the third most frequent cancer overall.
Market Restraints and Challenges:
The high cost of the procedure and limited reimbursement in developing countries is anticipated to hinder the growth of the market. Globally, the cost of healthcare has dramatically climbed in recent years, as have the costs of medical devices like GI stent. Approximately USD 43,798.06 is the average cost of an endoscopic stenting treatment, according to a study published by PubMed.gov in May 2021. In developing nations like India and Brazil, healthcare providers and payers have limited financial means to spend in such an expensive surgery. One of the main reasons why patients and doctors are reluctant to choose gastrointestinal stents is the fact that endoscopic stenting operations are seldom or never reimbursed by governments in most Asian nations. It is anticipated that the high price and lack of reimbursement in developing nations like India may restrict the use of gastrointestinal stent-related treatments by patients.
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Global Gastrointestinal Stent Market Segmentation:
- Biliary Stents
- Duodenal Stents
- Colonics Stents
- Pancreatic Stents
- Esophageal Stents
- Self-expanding Metal Stents
- Plastic Stents
- Biliary Diseases
- Irritable Bowel Syndrome
- Gastrointestinal Cancers
By End User
- Hospitals & Clinics
- Ambulatory Surgical Centers
Major Players in the Global Gastrointestinal Stent Market:
The key players studied in the global gastrointestinal stent market are 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) among others.
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