Global Gastrointestinal Stents Market: Snapshot
The global gastrointestinal stents market displays competition despite strong foothold of a few dominant players. To outdo the competition, mergers and acquisitions to enhance technical expertise is what players are vying for in this market. Development of differentiator products is also what players are looking upon to stay ahead in the game.
Among the key factors catalyzing growth of the global gastrointestinal stents market are increasing incidence of gastrointestinal diseases and increasing preference of patients for minimally invasive surgeries. According to statistics of the American Cancer Society, approximately 93,000 new colon cancer cases and almost 40,000 new rectal cancer cases are diagnosed in the U.S. each year.
Acting as a hindrance to the growth of this market is late complications of biliary stenting and delays in diagnosis of the same.
As per a report by Transparency Market Research, the global gastrointestinal stents market is poised to be worth US$522.8 mn by 2025 from a valuation of US$356.7 mn in 2016 expanding at a CAGR of 4.4% for the forecast period between 2017 and 2025.
Esophageal Stents to Display Increased Demand in Future
Depending upon product type, the segments of the global gastrointestinal stents market are esophageal stents, colonic stents, duodenal stents, and biliary/pancreatic stents. The segment of biliary/pancreatic stents currently accounts as the leading contributor revenue-wise. The segment held a substantial 51.7% of the overall market in 2016. The segment has been rising expeditiously due to its use for treating tumors of the bile duct or pancreas that obstruct the common bile duct.
Esophageal stents, on the other hand is the second-leading revenue contributing segment in the global gastrointestinal stents market. The segment held 19.6% of the overall market in 2016. The segment is set to display impressive growth over the years due to rising demand for innovative products that allow smooth and hassle-free procedures for both physicians and patients.
By end-use, hospitals, specialty clinics, and ambulatory surgical centers are the segments into which the global gastrointestinal stents market is divided. At present, hospitals leads the market and in 2016 the segment accounted for more than 71.5% of the market. Hospitals remain the most preferred choice for carrying out minimally invasive surgeries for gastrointestinal diseases. With rising demand for endoscopic procedures for different disease indications and increased need for stenting for the same, the hospital end-use segment is set to expand over the forecast period.
Specialty clinics trails hospitals in terms of market share. In 2016, the segment accounted for 16% of the overall market for gastrointestinal stents. Rising preference for specialty clinics, especially among patients in developed countries is the key to the growth of this segment.
Acceptance of Newer Technologies underpins Growth of Asia Pacific Market
From a geographical standpoint, North America and Europe lead the market in terms of market share. The North America market is primarily powered by the U.S., which held a massive 94.0% of the market in 2016 on account of a large population diagnosed with gastrointestinal diseases, technological advancements, extensive R&D practices, and increasing awareness about the treatment and management of gastrointestinal diseases.
In the coming years, while Europe is expected to display declined growth, Asia Pacific is expected to display the leading CAGR over the forecast period. India, Japan, and China are the key countries contributing to the growth of this regional market. Favorable regulations, new product launches, acceptance of advanced technology, and rising awareness are expected to underpin robust growth in the region over the forecast period.
Key companies operating in the global gastrointestinal stents market include Boston Scientific Corporation, Becton, Dickinson and Company, C.R.Bard Inc., W.L. Gore & Associates Inc., Cook Medical, Taewoong Medical Co. Ltd., Merit Medical Systems Inc., ELLA-CS, s.r.o, CONMED Corporation, Olympus Corporation, and S&G Biotech Inc.
Global Gastrointestinal Stents Market: Scope of Study
This report on gastrointestinal stents market studies the current as well as future prospects of the market globally. The stakeholders of this report include companies and intermediaries engaged in the manufacture, commercialization, providing services of gastrointestinal stent products such as esophageal stents, duodenal stents, colonic stents, and biliary/pancreatic stents as well as new entrants planning to enter this market. This report comprises an elaborate executive summary along with a market snapshot providing overall information of various segments and sub-segments considered in the scope of the study. This section also provides the overall information and data analysis of the global gastrointestinal stents market with respect to the leading market segments based on major product type, stent type, end users, application, and geographies.
The market overview section of the report explores the market dynamics such as drivers, restraints, and opportunities that currently have a strong impact on the gastrointestinal stents market and could influence the market in the near future. Market attractiveness analysis has been provided in the market overview section in order to explain the intensity of competition in the market across different geographies. The competitive scenario among different market players is evaluated through market share analysis in the competitive landscape section of the report. All these factors would help market players to take strategic decisions in order to strengthen their positions and expand their shares in the global gastrointestinal stents market.
Global Gastrointestinal Stents Market: Market Segmentation
Based on the product type, the gastrointestinal stents market has been segmented into: esophageal stents, duodenal stents, colonic stents, and biliary/pancreatic stents. In terms of stent type products divided into metal stents, plastic stents, and biodegradable/drug eluting stents. Each of the market segments have been extensively analyzed based on the market related factors such as increasing rate of gastric cancer, esophageal cancer, and colorectal cancer worldwide, technological advancement, and growing use of gastrointestinal stents in various geographies. Moreover, historical year-on-year growth have been taken into consideration while estimating the market size. The market size and forecast in terms of US$ million and volume (units in thousands) for each segment has been provided for the period from 2015 to 2025. The report also provides the compound annual growth rate (CAGR %) for each market segment for the forecast period from 2017 to 2025, considering 2016 as the base year.
Geographically, gastrointestinal stents market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market size and volume forecast for each of these regions has been provided for the period from 2015 to 2025, along with their respective CAGRs for the forecast period from 2017 to 2025, considering 2016 as the base year. The report also provides with market size and forecast for major countries in the respective regions. A detailed qualitative analysis of factors responsible for driving and restraining the market growth and future opportunities has been provided in the market overview section. This section of the report also provides with market attractiveness analysis, porter’s five forces analysis, value chain analysis, incidence of gastrointestinal cancers by region and market share analysis by key players, thus presenting a thorough analysis of the overall competitive scenario in the global gastrointestinal stents market.
Global Gastrointestinal Stents Market: Competitive Landscape
The key findings section included in the report would assist existing market players in expanding their market shares, and new companies in establishing their presence in the global gastrointestinal stents market. The report also profiles key players operating in the gastrointestinal stents market which are Boston Scientific Corporation, Becton, Dickinson and Company, C. R. Bard, Inc., W. L. Gore & Associates, Inc., Cook Medical, Taewoong Medical Co., Ltd., Merit Medical Systems, Inc., ELLA-CS, s.r.o., CONMED Corporation, Olympus Corporation, and S&G Biotech Inc.
The global gastrointestinal stents market is dominated by two global vendors that accounts for more than 78% share of the global market.
The global gastrointestinal stents market is segmented as follows:
Global Gastrointestinal Stents Market, by Product Type
- Esophageal Stents
- Duodenal Stents
- Colonic Stents
- Biliary/Pancreatic Stents
Global Gastrointestinal Stents Market, by Stent Type
- Metal Stents
- Plastic Stents
- Biodegradable/Drug Eluting Stents
Global Gastrointestinal Stents Market, by Application
- Gastrointestinal Obstructions
- Colorectal Cancer
- Inflammatory Bowel Disease
- Others (GI Bleeding, Gastric Cardia Cancer,etc.)
Global Gastrointestinal Stents Market, by Geography
- North America
- Rest of the Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America (LATAM)
- Rest of LATAM
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA