The global Gastrointestinal Stent market size was USD 467 million in 2022 and is anticipated to reach USD 796.8 million in 2032, growing at a rate of 5.5% from 2022 to 2032.
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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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.
Global Gastrointestinal Stent Market Segmentation
By Product
- Biliary Stents
- Duodenal Stents
- Colonics Stents
- Pancreatic Stents
- Esophageal Stents
By Material
- Self-expanding Metal Stents
- Plastic Stents
By Application
- Biliary Diseases
- Irritable Bowel Syndrome
- Gastrointestinal Cancers
By End User
- Hospitals & Clinics
- Ambulatory Surgical Centers
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COVID-19 Impact
Over 4.4 million people have been afflicted by the coronavirus, which has spread to 215 nations and territories and caused close to 300,000 deaths. The global COVID-19 outbreak has put medical practices of all sizes under a great deal of stress. A worldwide emergency has been caused by the COVID-19 pandemic. The risk of COVID-19 infection is higher for surgeons and patients who visit hospitals for various procedures. All elective procedures in Germany were either canceled or postponed because hospitals there are overflowing with COVID-19 cases. Major hospitals in Germany had to postpone between 40 and 50 percent of their endoscopic treatments.
Major limitations on in-person consultations were enacted by numerous nations during the COVID-19 pandemic. As a result, stenting procedures were reduced in hospitals and outpatient clinics, and consultations were conducted via phone consultations, which was the most practical mode of delivery. This has had an impact on how frequently gastrointestinal stents are used in most healthcare settings. For instance, a survey by the Chinese Society of Digestive Endoscopy (CSDE) found that from 3,2 million treatments in 2019 to 1.5 million in 2020, China’s GI endoscopic procedures had a considerable decline. Nearly all medical device markets had fully recovered by early 2021 from the pandemic’s severe decline in device sales. However, the introduction of the Omicron model could endanger the expansion of sales of medical devices and lead to more cancellations of elective surgeries. The administration of booster doses and the current worldwide vaccination race will, however, lead to a market rebound in the years to come.
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