ALBANY, New York, December 12, 2018 /PRNewswire/ --
According to Transparency Market Research the gastrointestinal stents market is prognosticated to expand at healthy CAGR rate of 4.4% during the forecast period 2017 - 2025. The market which was valued at US$356.7 Mn in 2016 is likely to be valued at US$522.8 Mn by the end of the tenure period. On the basis of end-user the market is classified into ambulatory surgical centers, specialty clinics, and hospitals. Of these hospital segment held the majority of the share which accounted for more than 71.5% of the overall market share. Hospitals are mostly preferred and are even present in the rural areas. This is the major factor driving the segment. On the basis of geography, North America dominates the gastrointestinal stents market due to surge in number of patients diagnosed with gastrointestinal diseases. Significant contribution from the U.S. will further boost the region.
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High Demand for Minimal Invasive Therapies and Increase in Gastrointestinal Disorder Cases to Boost the Market
One of the major factors that is driving the global gastrointestinal stents market is surge in cases related to gastrointestinal diseases or disorders. Improper and irregular food habits are the main reason leading to gastrointestinal diseases. Increase in the working class and rapid urbanization have compelled the population to opt for processed, junk, and fast foods. This in the long results increases the risk of gastrointestinal diseases. Apart from these, lethargic lifestyle of population is increasing in the adoption of endoscopic stenting which serves as an alternative to recurrent surgeries and endoscopic surgeries. Furthermore, high effectiveness of gastrointestinal stenting procedure is likely to attract more users, thus increasing the demand of the gastrointestinal stents market. The cost effective factor of gastrointestinal stenting is likely to become more preferable than palliative surgeries over the course of time.
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Players Focusing On Design of Gastrointestinal Stents to Favor Market Growth
The gastrointestinal stents market is riding on several drivers, however it duly noted that the market is confronted by restraints which are likely to pull down the market growth. Growth in infection can lead health professionals to opt over other option rather than gastrointestinal stents. Clinicians are failing to focus on tumor related issues which is expected to deter market growth. On the other hand, surge in demand for minimal invasive therapies is foreseen to accelerate market growth. Apart from these players are focusing on the design of the stents to increase the efficacy.
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The global market for gastrointestinal stents market is anticipated to expand at a steady rate due to presence of few well established players in the market. Transparency Market Research in their report observed that there are few dominate players the players who holds significant market share in the market, globally. These dominating players are continuously expanding their foothold in the untapped region by spending hefty amount in the research and development activities to produce an efficient market product. This is likely to create lucrative growth opportunities in the market. Players in the market are undergoing strategic partnership such as mergers and acquisitions to expand their customer base. Some of the major players in the market are Taewoong Medical Co. Ltd., Merit Medical Systems Inc., CONMED Corporation, Dickinson and Company, and Olympus Corporation.
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The review presented above is based on a TMR report, titled, "Gastrointestinal Stents Market (Product Type - Esophageal Stents, Duodenal Stents, Colonic Stents, and Biliary/Pancreatic Stents; Stent Type - Metal Stents, Plastic Stents, and Biodegradable/Drug Eluting Stents; Application - Gastrointestinal Obstructions, Colorectal Cancer, and Inflammatory Bowel Disease; End User - Hospitals, Specialty Clinics, and Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Growth, Trends, & Forecast 2017 - 2025".
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