Global Gastrointestinal Stents Market to Grow at 3.5% During 2023-2028, Stimulated by Increasing Prevalence of Colorectal Cancer

According to the latest report by IMARC Group, titled “Gastrointestinal Stents Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global gastrointestinal stents market reached a value of US$ 409.0 Million in 2022. Gastrointestinal (GI) stents are expandable metal or plastic tubes inserted into the body. These medical devices assist in preventing blockages in the stomach, gullet, and small intestine. They also aid in removing the obstruction, reducing the pressure caused by inflammation, and maintaining longer patency. Moreover, as they improve the quality of patients’ lives with digestive tract obstruction, their utilization is increasing around the world.

Global Gastrointestinal Stents Market Trends:

The rapidly growing geriatric population represents one of the primary factors driving the market. Apart from this, the increasing prevalence of colorectal cancer and GI diseases, such as diverticulosis, bowel ailments and GI malignancies, are also contributing to the market growth. Furthermore, leading players are focusing on the development of bio-absorbable and nitinol material-based stents that offer flexibility and kink resistance. This, along with the rising preference for minimally invasive (MI) surgical procedures, is strengthening the growth of the market. Other major factors, such as significant investments in the healthcare infrastructure and extensive research and development (R&D) activities, are creating a favorable market outlook. Looking forward, IMARC Group expects the market to grow at a CAGR of 3.5% during 2023-2028.

Market Summary:

• Based on the product type, the market has been divided into biliary, duodenal, colonic, pancreatic, and esophageal stents. At present, biliary stents account for the majority of the market share.
• On the basis of the technology type, the market has been classified into anti-migratory, drug-eluting, radioactive, anti-reflux, shape-modified, and other stents.
• Based on the material, the market has been segmented into plastic, self-expanding metal (stainless steel, nitinol, and others), covered self-expandable metallic, and biodegradable or drug eluting stents. Presently, self-expanding metal stents exhibit a clear dominance in the market.
• On the basis of the end user, the market has been categorized into hospitals, specialty clinics, ambulatory surgical centres, and others. At present, hospitals hold the largest market share.
• Region-wise, the market has been segregated into North America (the United States and Canada); Asia Pacific (China, Japan, India, Australia, South Korea, Indonesia, and others); Europe (the United Kingdom, Germany, France, Spain, Italy, Russia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
• The competitive landscape of the market has been examined, with some of the key players being Becton, Dickinson, and Company, Boston Scientific Corporation, Cantel Medical Corporation, Conmed Corporation, Cook Group Incorporated, ELLA-CS, s.r.o., Hobbs Medical, Inc., Merit Medical Systems, Inc., Olympus Corporation, and TaeWoong Medical Co., Ltd.

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