Gastrointestinal Stents Market Size, Share, Industry Trends and Forecast to 2030

1. What is the Market Size & CAGR of Gastrointestinal Stents Market in 2021?

The global gastrointestinal stents market is projected to have a Compound Annual Growth Rate (CAGR) of 5.2% from 2021 to 2028. This growth is expected to result in the market reaching a value of USD 604.5 million by 2028.

Gastrointestinal stents are medical devices used to open up blocked passageways in the gastrointestinal tract. The increasing prevalence of gastrointestinal disorders and the growing aging population are key factors driving the market growth. Additionally, advancements in stent technology and minimally invasive surgical procedures have contributed to the market's expansion.

2. COVID-19 Impact on the Gastrointestinal Stents Market

The COVID-19 pandemic had a significant impact on the gastrointestinal stents market. Due to the focus on COVID-19 treatment and prevention, there was a temporary decline in the number of gastrointestinal procedures performed. This led to a decrease in the demand for gastrointestinal stents during the initial phases of the pandemic.

However, as healthcare systems adapted to the new normal and elective procedures resumed, the demand for gastrointestinal stents started to recover. The market saw a gradual rebound as healthcare facilities implemented safety measures and patients felt more comfortable seeking medical care.

3. Gastrointestinal Stents Dynamics

The gastrointestinal stents market is driven by factors such as the increasing incidence of gastrointestinal diseases, technological advancements in stent design, and the rising preference for minimally invasive procedures. Gastrointestinal stents play a crucial role in the management of conditions such as colorectal cancer, esophageal strictures, and pancreatic disorders.

Furthermore, the aging population, which is more susceptible to gastrointestinal disorders, is contributing to the market's growth. Patients are increasingly opting for stent placement procedures due to their benefits, including reduced hospital stays, quicker recovery times, and improved quality of life.

4. Segments and Related Analysis

The gastrointestinal stents market can be segmented based on product type, material, application, end-user, and region. The key product types include self-expandable metal stents (SEMS), plastic stents, and bioabsorbable stents. Material options include nitinol, stainless steel, and others.

Applications of gastrointestinal stents cover conditions such as colorectal cancer, biliary diseases, esophageal cancer, and others. End-users include hospitals, ambulatory surgical centers, and specialty clinics. Regional analysis provides insights into market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

5. By Region Analysis

- North America: The North American gastrointestinal stents market is driven by high healthcare expenditure, technological advancements, and the presence of key market players. The region's aging population contributes to the prevalence of gastrointestinal disorders.

- Europe: Europe holds a significant share of the gastrointestinal stents market due to the growing incidence of colorectal cancer and esophageal disorders. The region's well-established healthcare infrastructure supports the adoption of advanced stenting procedures.

- Asia Pacific: The Asia Pacific market is witnessing rapid growth attributed to increasing healthcare investments, rising awareness about gastrointestinal diseases, and improving access to medical facilities in countries like China and India.

- Latin America: The Latin American market is expected to show steady growth driven by the rising prevalence of biliary diseases and colorectal cancer. Improving healthcare facilities and growing disposable income contribute to market expansion.

- Middle East and Africa: The MEA region is experiencing growth in the gastrointestinal stents market due to improving healthcare infrastructure, increasing awareness about gastrointestinal disorders, and the launch of advanced stenting technologies.

6. Key Market Players and Competitive Landscape

The gastrointestinal stents market is characterized by intense competition, with key players focusing on product innovation, strategic partnerships, and mergers and acquisitions to maintain their market position. Some of the prominent players in the market include Boston Scientific Corporation, Cook Medical, Taewoong Medical, and M.I. Tech.

These companies are investing in research and development to introduce technologically advanced stents and expand their product portfolios. They are also emphasizing geographic expansion to cater to the growing demand for gastrointestinal stents in emerging markets.

7. Recent Happenings in the Gastrointestinal Stents Market

- In January 2023, Boston Scientific Corporation launched a new line of gastrointestinal stents with enhanced biocompatibility and longer patency rates for the treatment of obstructive digestive disorders.

- Cook Medical announced the development of a next-generation plastic stent with improved flexibility and durability, addressing the evolving needs of patients with biliary strictures.

- Taewoong Medical introduced a novel self-expandable metal stent with a specialized anti-migration design to prevent stent dislocation and ensure optimal patient outcomes.

- M.I. Tech collaborated with leading healthcare institutions to conduct clinical trials for bioabsorbable gastrointestinal stents, aiming to revolutionize stent placement procedures with biodegradable materials.