Gastrointestinal Stents Market –Market Dynamics
Growth of the global GastrointestinalStents Market is expected to be fuelled by increasing product launches withnovel technology by key players in the market. For instance, in 2013, CookMedical Inc. received U.S. Food and Drug Administration (FDA) for biliarystent, adding to the line of controlled-release gastrointestinal tract.Moreover, Evolution biliary stent incorporates patency design, to preventmigration of stent after its insertion. Furthermore, in 2012, Boston ScientificCorporation launched WallFlex, biliary Transhepatic Stent System for thetreatment of benign biliary strictures. Companies are focusing on manufacturingstents with biodegradable material to eliminate stent removal procedures.However, implantable products are subjected to stringent regulations, and thisis expected to hinder growth of the gastrointestinal stent market. Moreover,complication associated with gastrointestinal stent implantation is alsoexpected to be major factor leading to low adoption of these device.
Stents are tubular device usedfor insertion in lumen such as esophagus, colon or blood vessel. Stents aresafe and effective alternative to surgery or repetitive endoscopic procedures.Gastrointestinal stents are used to open bile ducts, esophagus, small bowel,and colon when blocked by large, cancerous tissue growth. Stents can beremovable or permanently implantable based on the material used. The role ofstenting is decreasing patients’ digestive tract obstruction. Moreover, advancementin technology has led to improvement in stent performance and reducedstent-induced complications to improve quality of life and this is expected topropel the gastrointestinal stent market growth.
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Increasing demand for minimallyinvasive procedures is expected to be a major factor driving growth ofgastrointestinal stents market size. Gastrointestinal stenting is considered asminimally invasive therapy and is increasingly gaining popularity, owing to itsadvantages such as low risk of infection, less recovery time as compared toconventional open surgery procedures, and reduced hospital stay.
Increasing prevalence ofurological and gastrointestinal disorders are propelling demand ofgastrointestinal stents during the forecast period. According to Center forDisease Control and Prevention (CDC), in 2015, number of adults diagnosed inU.S. with ulcer in digestive tract are 14.7 million, comprising 6% of the totaladult population. Moreover, according to American Cancer Society’s estimationfor year 2018 suggests that 9,220 new cases of colon cancer are expected to bediagnosed in the U.S. Moreover, increasing number of patients withgastrointestinal tumors is also adding to patient pool that can be subjected togastrointestinal stent implantation.
Gastrointestinal Stents Market -Regional Analysis
Regional segmentation ofGastrointestinal Stents Market by Coherent Market Insights includes NorthAmerica, Latin America, Europe, Asia Pacific, Middle East, and Africa. NorthAmerica held the dominant position in the gastrointestinal stents market in 2017and is expected to retain its dominance over the forecast period. This is owingto increasing number of intestinal cancer cases and favorable reimbursementpolicies in the region. For instance, in 2017, American Cancer Societyestimated 4,000 to 6,000 cases each year in the U.S. for gastrointestinalstromal tumors.
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Gastrointestinal Stents Market –Competitive Analysis
Major market players operating inthe gastrointestinal stents market are Boston Scientific Corporation, Medtronicplc, Olympus Medical System, Cook Medical, Ella-CS, Endo-Flex, DiagmedHealthcare, Micro-Tech, W. L. Gore & Associates and Taewoong Medical Co.,Ltd.
Market players are focusing oninorganic strategies such as mergers, acquisitions, or collaborations toincrease their foothold in the market. For instance, in May 2018, Olympus— acompany that designs and delivers innovative solutions for medical and surgicalprocedures—entered into an agreement with M.I. Tech, a company that designsstents and other devices. Under this agreement, HANAROSTENT, biliary andesophagus stents rolled in the EndoTherapy product portfolio of the company.The displacement of the stents is a major issue faced after the stent is beenplaced. Targeting these issues, in 2017, W. L. Gore & Associates, the manufacturerof Gore Viabil short wire biliary endoprosthesis stent, launched anti-migrationassurance program, under which device will be replaced within a period of oneyear if it migrates. Furthermore, in 2016, Boston Scientific launched AXIOSstent and Electrocautery Enhanced delivery system, endoscopic system used forminimally invasive treatment of pancreatitis, obtained as a part of acquisitionof Xlumena. In 2015, Cardinal Health announced acquisition of Cordis, businessof Johnson & Johnson, for US$ 1.944 Bn.
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