Gastrointestinal Stent Market To Generate Revenue Worth $781.9 Million by 2030
- Published: January 2024
The global gastrointestinal stent market is projected to generate USD 781.9 million revenue by 2030, advancing at a CAGR of 6.0% during 2024–2030. This can be attributed to the rising incidence of gastrointestinal cancer, the growing elderly population susceptible to GI diseases and other digestive problems, and the increasing incidence of IBD and Crohn’s disease.
Furthermore, the improving healthcare infrastructure across developed and developing economies, the rising expenditure on gastrointestinal procedures, advancements in healthcare technologies, and the development of biodegradable and drug-eluting stents are other factors driving the growth of the market.
Rising Preference Toward Minimally Invasive Surgeries
The surging acceptance of minimally invasive surgeries among people and doctors is boosting the market growth. This is because these are the favorite choice for the treatment of several GI diseases, owing to their benefits over conventional methods such as reduced blood loss during surgical procedures, shorter hospital stays, lesser chance of infection, rapid recovery of patients, and involve small incisions and few stitches.
Biliary Diseases Category Holds the Largest Share
On the basis of application, the biliary diseases category accounted for the largest market share, of 25%, in 2023, and it is also expected to maintain its dominance in the future. This is ascribed to the rising incidence of biliary diseases across the globe, and most industry organizations have biliary stents as one of their main devices, which are mostly used by hospitals and clinics for the palliative management of biliary illnesses.
On the other hand, the esophageal cancer category is expected to show the fastest growth in the coming years. This can be due to the rising incidence of Crohn’s disease and esophageal malignancies and the surging acceptance of biodegradable stents for the treatment of esophageal cancer, as they provide good results for patients in their remaining lifetime, without causing any grave complications and risks.
Moreover, the colorectal cancer category is projected to show significant growth in the market over the forecast period. This can be attributed to the surging cases of colorectal malignancies across the world. According to a report published by the American Cancer Society, in 2023, the overall lifetime risk of developing colorectal cancer is around 1 in 23, and approximately 10 million new cases are found in the U.S., with 50% of the death rate. The report also stated that about 53% of colorectal carcinoma cases occurred in developed countries.
Geographically, the APAC market will advance at the highest CAGR over the forecast period. This can be due to an increase in the number of stomach malignancies, growth in the elderly population susceptible to gastrointestinal cancer and other related diseases, government encouragement for research to improve healthcare facilities, and the expansion of healthcare infrastructure in the region.
China leads the APAC market, owing to the presence of advanced healthcare infrastructure, a surge in the adoption of minimally invasive surgeries, the development of drug-eluting stents, a rise in expenditure on GI procedures, and an increase in cases of IBD and other digestive problems in the country. In addition, the market in India is growing significantly, mainly due to government support for advancing healthcare infrastructure, the presence of a large patient pool, and the rising incidence of stomach cancer, in the country.
Some of the major players operating in the gastrointestinal stent market are Robert Bosch GmbH, Continental AG, Valeo, ZF Friedrichshafen AG, DENSO CORPORATION, Aptiv plc, Magna International Inc., Veoneer HoldCo LLC, and Ficosa Internacional SA.