Gastrointestinal (GI) Stents Market size would exhibit gains through 2027, driven by the rising prevalence of GI tract ailments in the geriatric population. In 2018, there were nearly 4.8 million cases of GI cancers and 3.4 million deaths due to the ailment, worldwide. Such figures are expected to spur the demand for effective treatment methods and devices, impelling the industry growth.
Rising adoption of minimally invasive procedures is expediting the growth of the market. The devices are emerging as a preferred choice for the management of various gastrointestinal diseases due to certain advantages it offers over conventional products in terms of reduced blood loss, shorter hospital stay, quick recovery, and decreased chances of infection.
Ongoing research and development activities in the business space are also likely to boost the market expansion during the forecast timeline. For instance, in June 2021, researchers from Brigham and Women’s Hospital and MIT announced developing a stretchable stent with pop-out needles for use in drug delivery in GI systems, and other tubular organs.
Biliary stents segment is set to record considerable growth across the overall market in the coming years as these are generally used to treat obstruction in the bile ducts. Biliary stents are usually made of plastic or metal. Currently, MI endoscopic stent placement has emerged as one of the most effective treatment options available for life-threatening bile duct structures. This has eventually pressed the need for acceptance of biliary stents, thus bolstering the industry expansion.
GI stents are estimated to hold a significant prominence for colorectal cancer treatment applications, allowing the segment to gain major impetus in overall market. The growth would potentially come from the high incidence rate of the disorder across the globe. The latest reports predict that the United States would record nearly 104,270 new cases of colon cancer by 2021 end. The expanding geriatric population base is touted to add to the segment growth in the coming years.
North America and Asia Pacific regions are poised to hold notable share in the global gastrointestinal stents market. North America market would account for a valuable business share by 2027, driven by the increased usage of minimally invasive surgeries, high rate of new cases being diagnosed, and favorable reimbursement norms.
Asia Pacific market would grow at a considerable pace through 2027. This can be attributed to the growing prevalence of stomach cancer in various developing economies. Besides, the thriving medical tourism industry in the continent, owing to the availability of highly advanced medical treatment at an affordable cost, would further foster the industry progression.
Some of the prominent companies operating in the global market are Cook Group, Boston Scientific Corporation, Olympus Corporation, Becton, Dickinson, and Company, ELLA-CS, ConMed, and others. These market vendors are focusing on strategic mergers and collaborations, partnerships, product launches, facility expansion, and more to gain a prominent position in the overall business space.
The novel coronavirus pandemic outbreak in 2020 has had a significant impact on the global market, and the overall medical sector. Although the medical industry observed massive gains during the pandemic realm, the sales of GI stents remained low due to disruptions in the demand and supply of the products and decreased hospital visits for GI surgeries and treatment, due to infection spread scare.
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