Gastrointestinal Stents Market
Number of pages: 100 | Report Format: PDF | Published date: May 15, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 480.62 million |
|
Revenue Forecast in 2031 |
US$ 771.56 million |
|
CAGR |
5.40% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Product, Material, Application and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global gastrointestinal stents market was valued at US$ 480.62 million in 2022 and is expected to register a revenue CAGR of 5.40% to reach US$ 771.56 million by 2031.
Gastrointestinal Stents Market Fundamentals
Gastrointestinal stents are medical devices used to treat various gastrointestinal diseases, such as strictures, obstructions, and tumors. These stents are intended to provide a temporary or permanent solution by functioning as a scaffold to keep the gastrointestinal system open, enabling food and fluids to pass smoothly.
The gastrointestinal stents market is expected to increase rapidly in the forecast years due to technological advances in stent design and materials that improve the efficacy and safety of gastrointestinal stents, resulting in improved patient outcomes. For instance, the introduction of self-expandable metallic stents (SEMS) with increased flexibility and anti-migration qualities has greatly decreased stent installation problems. The market players are adopting various strategies to maintain their competitive edge. Strategic collaborations and partnerships with healthcare facilities enable companies to leverage the expertise of healthcare professionals and gain insights into the evolving needs of patients and healthcare providers. Moreover, manufacturers focus on geographical expansion to increase their customer base.
The global gastrointestinal stents industry analysis report comprehensively analyzes the market, with factors that either aid or impede the market growth, such as its drivers, restraints, and opportunities. The research provides insight into the companies that operate in the gastrointestinal stents market and their efforts to position themselves as key players through expansion strategies and innovations. It also highlights recent developments that contribute to the gastrointestinal stents market growth. The research also analyzes the impact of the COVID-19 pandemic.
This research is valuable for businesses seeking insights into the market, customers, and competition. The research provides special insights into the segmentation, regions, market size & projection, revenue CAGRs, and other important information that may help clients make the right decisions. The report assembles data from market players and professionals across the industrial value chain. The study also incorporates qualitative and quantitative assessments from industry professionals. Secondary research, surveys and interviews, and statistical modeling are all used in our research to estimate market size and projection. Our reports deliver the most reliable market data because of our specialized research methods.
[111]
Gastrointestinal Stents Market Dynamics
The rising prevalence of gastrointestinal disorders such as constipation and irritable bowel syndrome (IBS) is the key factor in increasing the revenue share of the gastrointestinal stents market. As stated by the American College of Gastroenterology, irritable bowel syndrome is prevalent, affecting 10% to 15% of the population in the United States. Additionally, technological advancements play a crucial role in driving the gastrointestinal stents market. Over the years, there have been significant improvements in stent design, materials, and deployment techniques. For instance, the introduction of self-expanding metal stents (SEMS) has revolutionized the treatment of gastrointestinal obstructions. These stents can be deployed through an endoscope and expanded to fit the size of the obstruction, providing immediate relief to patients. Increasing trends of minimally invasive surgeries are expected to boost the revenue growth of the global gastrointestinal stents market in the forecast years.
Gastrointestinal Stents Market Ecosystem
Gastrointestinal Stents Market, by Product
Gastrointestinal Stents Market, by Material
Gastrointestinal Stents Market, by Application
Gastrointestinal Stents Market by Product
[21452]
The biliary stents segment accounted for 40% of the global gastrointestinal stents market share. Biliary stents are most commonly used to treat biliary disorders such as strictures, gallstones, and biliary blockages. Globally, the incidence of these diseases is rising; according to the 2022 National Center for Biotechnology Information estimates, gallstones causing biliary obstruction affects around 5 in 1000 people, whereas 10% to 15% of adults in the United States will acquire gallstones over their lifetime. Moreover, technological advancements in biliary stents are also further supporting segment growth.
The market segmentation sections provide the gastrointestinal stents market outlook regarding the demarcation of different consumer groups. Market segmentation is the splitting of industry into subgroups depending on characteristics such as product, material, application and other factors. Market segmentation data helps organizations understand the preferences and distinctive demands of different customer groups and implement targeted marketing strategies. This data additionally helps in identifying potential gastrointestinal stents market demand opportunities.
Gastrointestinal Stents Market by Region
North America region accounted for 47% of the revenue share in the gastrointestinal stents market. The most prominent factor contributing to the gastrointestinal stents market is the high prevalence of gastrointestinal disorders such as colorectal cancer and gastrointestinal strictures. Moreover, the domicile of many top players in the region, such as Beckton Dickinson and Cook Medical, are expected to support the revenue growth of the gastrointestinal stents market.
The Asia Pacific region is expected to increase the revenue growth of the gastrointestinal stents market in the forecast years. This growth is attributed to the rising prevalence of gastrointestinal diseases and the increasing adoption of minimally invasive procedures in the region. Additionally, the presence of a large patient pool and improving healthcare infrastructure are also contributing to market revenue growth in Asia Pacific.
Based on the regions, the global gastrointestinal stents market is segmented into:
The industry's regional segmentation provides insights into geographic pockets in terms of Gastrointestinal Stents industry trends, market size, share, and growth rate. This information helps organizations assess potential growth opportunities in new regional markets, understand competitive threats, and develop localized sales and expansion strategies. This section also offers deeper insights into the regional and country-level Gastrointestinal Stents market overview.
Key Components of the Report
Gastrointestinal Stents Market Competitive Landscape
The market competitive landscape analysis is performed by gathering and evaluating data about the key competitors, industry trends, and market dynamics. It involves collecting and analyzing data on factors such as products, pricing, geographic reach, customer demographics, marketing tactics, and recent developments. Competitive landscape analysis can help organizations identify present or prospective opportunities and risks in the market.
Gastrointestinal Stents Market Strategic Developments
Reasons To Buy This Report
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Gastrointestinal stents are medical devices that are used to treat blockages or strictures in the digestive system. They can be placed endoscopically and provide a minimally invasive alternative to surgery.
The global gastrointestinal stents market was valued at US$ 480.62 million in 2022.
The Asia Pacific region will have the largest gastrointestinal stents market size during the forecast period from 2023 to 2031.
The global gastrointestinal stents market was valued at a revenue CAGR of 5.40% during the forecast period from 2023 to 2031.
The global gastrointestinal stents market was valued at US$ 771.56 million by 2031.
The increasing demand for minimally invasive procedures and the rising prevalence of gastrointestinal disorders are the most prominent gastrointestinal stent industry trend.
The global gastrointestinal stents market is expected to grow significantly in the coming years due to the increasing prevalence of gastrointestinal diseases and disorders. Additionally, technological advancements in stent materials and designs are also expected to drive market growth.
The major challenge the global gastrointestinal stents market faces is the high cost associated with the treatment. Another challenge is the lack of skilled professionals to perform the procedure, especially in developing countries.
Product innovation, strategic partnerships and collaborations, mergers and acquisitions, and geographical expansion are some major strategies adopted by key market players in the global gastrointestinal stents market.
*Insights on financial performance are subject to the availability of information in the public domain