New York, United States , Nov. 30, 2023 (GLOBE NEWSWIRE) -- The Global Gastrointestinal Stent Market Size is to grow from USD 0.47 Billion in 2022 to USD 0.75 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period.
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A gastrointestinal stent is a medical device designed to alleviate obstructions or strictures in the digestive tract, providing relief and restoring proper functioning. Typically constructed from metal, plastic, or a combination of materials, these tubular structures are inserted into the affected area through minimally invasive procedures such as endoscopy. Gastrointestinal stents serve a vital role in managing conditions like colorectal cancer, esophageal strictures, and pancreatic disorders by expanding the narrowed passage and maintaining it open. Their deployment reduces symptoms like pain, vomiting, and difficulty swallowing, enhancing the patient's overall quality of life.
Browse key industry insights spread across 200 pages with 160 market data tables and figures & charts from the report on "Global Gastrointestinal Stent Market Size, Share, and COVID-19 Impact Analysis, By Product (Biliary stent, Esophageal stent, Colonic stent, Pancreatic stent, and Duodenal stent), By Application (Gastrointestinal Cancer, Biliary Disease, Colorectal Cancer, Stomach Cancer, and Others), By Material (Self-expanding metal stents, Plastic Stents, and Others), By End-Use (Hospitals, Ambulatory Surgical Centers, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032
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In 2022, the biliary stent segment accounted for around 36.5% market share
On the basis of the product, the global gastrointestinal stent market is segmented into biliary stent, esophageal stent, colonic stent, pancreatic stent, and duodenal stent. The biliary stent segment has emerged as the largest market within the gastrointestinal stent sector due to its critical role in managing obstructive biliary conditions. Biliary stents are commonly used to treat disorders like bile duct obstruction, gallstones, and pancreatic cancers. Their effective relief of obstructions, coupled with advancements in stent design and deployment techniques, has propelled their adoption.
The biliary disease segment held the largest market with more than 35.2% revenue share in 2022
Based on the application, the global gastrointestinal stent market is segmented into gastrointestinal cancer, biliary disease, colorectal cancer, stomach cancer, and others. The dominance of the biliary disease segment in the gastrointestinal stent market can be attributed to its vital therapeutic role in addressing obstructive biliary conditions. Biliary stents effectively alleviate obstructions arising from diseases like bile duct obstruction, gallstones, and pancreatic malignancies. The segment's prominence is driven by the urgent need to restore proper bile flow, reduce symptoms, and improve patient quality of life.
The self-expanding metal stents segment held the largest market with more than 42.5% revenue share in 2022
Based on the material, the global gastrointestinal stent market is segmented into self-expanding metal stents, plastic stents, and others. The self-expanding metal stents (SEMS) segment's prominence in the gastrointestinal stent market can be attributed to their unique design and efficacy. These stents are constructed to expand on their own once deployed, ensuring accurate placement and effective relief of obstructions. SEMS are particularly well-suited for complex anatomical locations, enhancing their utility in treating various gastrointestinal conditions. Their durability, ease of deployment, and reduced risk of migration contribute to their popularity, making the self-expanding metal stents segment the largest and preferred choice in the gastrointestinal stent market.
The hospitals segment held the largest market with more than 52.5% revenue share in 2022
Based on the end-use, the global gastrointestinal stent market is segmented into hospitals, ambulatory surgical centers, and others. The dominance of the hospitals segment in the gastrointestinal stent market is rooted in the specialized care and facilities they offer. Hospitals possess the necessary infrastructure, skilled medical personnel, and advanced equipment required for accurate stent placement and patient management. Gastrointestinal stent procedures often demand controlled environments and immediate access to medical intervention in case of complications
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Asia-Pacific is predicted to grow at a higher CAGR of around 5.1% over the projected period
Based on region, the Asia-Pacific region is expected for significant growth in the gastrointestinal stent market during the forecast period. This projection is driven by factors such as a rapidly expanding population, increasing healthcare expenditures, and improving healthcare infrastructure. Rising awareness about minimally invasive procedures and advancements in medical technology are expected to drive demand for gastrointestinal stents in the region.
North America dominates the gastrointestinal stent market due to advanced healthcare infrastructure, a high prevalence of gastrointestinal disorders, and a strong focus on innovative medical technologies. Favorable reimbursement policies, robust research and development activities, and the presence of key market players contribute to the market's growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the, Some of the major players in the global gastrointestinal stent market include Becton Dickinson and Company, Boston Scientific Corporation, Cantel Medical, Conmed Corporation, Cook Medical, Gore Medical, Hobbs Medical, Inc., Medtronic plc, Micro-Tech Co., Ltd., and Olympus America, Inc.
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Recent Market Developments
- In February 2023, Taewoong Medical Co., Ltd, a maker of medical equipment such as gastrointestinal (GI) metallic stents, was acquired by Olympus Corporation. This purchase aided the company in expanding its GI EndoTherapy product line, improving R&D capabilities, and increasing commercial revenue.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global gastrointestinal stent market based on the below-mentioned segments:
Gastrointestinal Stent Market, By Product
- Biliary stent
- Esophageal stent
- Colonic stent
- Pancreatic stent
- Duodenal stent
Gastrointestinal Stent Market, By Application
- Gastrointestinal Cancer
- Biliary Disease
- Colorectal Cancer
- Stomach Cancer
- Others
Gastrointestinal Stent Market, By Material
- Self-expanding metal stents
- Plastic Stents
- Others
Gastrointestinal Stent Market, By End-Use
- Hospitals
- Ambulatory Surgical Centers
- Others
Gastrointestinal Stent Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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