Market Size of Global Gastrointestinal Stent Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Gastrointestinal Stent Market Analysis
The gastrointestinal Stent Market is poised to grow at a CAGR of 4.9% over the forecast period.
The COVID-19 pandemic has significantly affected the market studied as a result of restrictions on non-emergency procedures during the pandemic. According to a study published by Matthew D Rutter in July 2020, a weekly average of 35,478 endoscopy procedures were performed in the pre-COVID period. Activity in the COVID-impacted period reduced to 12% of pre-COVID levels, and at its lowest point, activity was only 5%. However, at the end of the study period, the procedures were recovering up to 20%. Similarly, according to the article published by author Amrita Sethi in August 2020, in New York, by the third week of the pandemic, the large hospital systems were 40-80% filled with COVID patients, with up to 25% requiring intensive care unit (ICU) care in some locations. On average, GI services in these hospitals decreased their procedural volume by 80 to 90%, and the consultative volume by 50%. Hence, due to the decreased number of gastrointestinal procedures during the pandemic, the growth of the market studied was hampered. However, with the pandemic in control, it is believed that the market will be gaining its pace shortly.
Furthermore, the increasing prevalence of gastrointestinal diseases coupled with aging population is contributing largely to the market growth. For instance, the Crohn's & Colitis Foundation, in 2020, estimated that two-thirds to three-quarters of those with Crohn's disease would have one or more operations in the course of their lifetime. About 30% of surgical patients would have a flare-up within 3 years, and 80% would have one within 20 years. This data indicates that in case of Crohn's disease, surgery is essential which requires GI stents. Hence, with the increasing prevalence of crohn's disease, the market studied will witness a strong growth. Additionally, according to Celiac Disease Foundation, in 2020, the prevalence of celiac disease was 0.4% in South America, 0.5% in Africa and North America, 0.6% in Asia, and 0.8% in Europe and Oceania. The prevalence was higher in female than male individuals and was significantly greater in children than in adults. In conclusion, the prevalence of celiac disease varies with sex, age, and location. Therefore, with the increasing prevalence of gastrointestinal diseases such as Celiac disease, the market studied is expected to witness strong growth over the forecast period.
