Gastrointestinal Stent Market with COVID-19 Impact by Product (biliary stents, duodenal stents, colonic stents, pancreatic stents, and esophageal stents), Material (self-expanding metal stents and plastic stents), Application, End User – Forecast to 2026″, is expected to reach USD 600 million by 2026 from USD 457 million in 2021, at a CAGR of 5.6% during the forecast period of 2021 to 2026. The growth of this market is mainly attributed to the rising prevalence of GI cancers and other digestive diseases, and changing lifestyles, increasing healthcare expenditure on gastrointestinal procedures, and increasing preference for minimally invasive surgeries.
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Some of the prominent players in this market are Boston Scientific Corporation (US), Cook Group (US), Medtronic plc. (Ireland), ELLA-CS, s.r.o. (Czech Republic), Becton, Dickinson and Company (US), Merit Medical Systems (US), CONMED Corporation (US), Cantel Medical (US), Olympus Corporation (Japan), Taewoong Medical (South Korea), Micro-Tech(Nanjing) Co., Ltd. (China), Endo-Flex GmbH (Germany), MI-Tech (South Korea), Hobbs Medical Inc. (US), QualiMed (Germany), UK Medical (UK), CITEC (China), Medorah Meditek Pvt. Ltd. (India), BCM Corporation (South Korea), and Leufen Medical GmbH (Germany).
Boston Scientific Corporation
Boston Scientific Corporation dominated the gastrointestinal stent market in 2020. The company focuses on increasing its share in the market by strategically investing in R&D activities. R&D expenditure increased from USD 1,113 million in 2018 to 1,143 million in 2020, with a 2.6% increase from 2018 to 2020. The company is focusing on improving its performance through new capabilities, processes, and advanced innovative technologies, expanding commercial presence globally, and including cost-reduction initiatives. In June 2019, the company presented its plan to extend its product pipeline and strategic investments in the high-growth markets to deliver strong financial performance across the companys MedSurg, Rhythm and Neuro, and Cardiovascular segments. The company has major revenue coming from the US, accounting for 56% of total revenue.
Cook Medical is the second leading player in the gastrointestinal stent market. The company has its sales and marketing offices all over the globe and provides its products to 135 countries. The company offers a wide range of gastrointestinal stent products for biliary, pancreatic, duodenal, and esophageal applications. The company also focuses on inorganic growth through partnership and collaboration with relevant businesses. For instance, in June 2018, Cook Medical collaborated with Taewoong Medical to expand the distribution network for Taewoong’s stents in the US. This distribution collaboration includes the Niti-S Through the Scope (TTS) Esophageal Stent, the flagship product of Taewoong Medical. Such strategic developments have supported Cook Medical to enhance its market share in the gastrointestinal stent market.
Micro-Tech (Nanjing) Co., Ltd.
Micro-Tech (Nanjing) Co., Ltd. is a third prominent player in the gastrointestinal stent market with immensely diversified gastrointestinal stent offerings. It also has a wide distribution network in Europe, North America, and Oceania. R&D is a significant focus area for the company. The company also collaborates with medical institutes and university laboratories to develop quality products. In order to increase its geographic presence and customer base, Micro-Tech has adopted expansions as one of its major growth strategies. For instance, in June 2018, the company hosted the International Distributors Meeting. This meeting was attended by distributors across the 26 countries for a deep understanding of Micro-Tech product offerings.
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North America was the largest regional market for Gastrointestinal Stent market in 2020
The Gastrointestinal Stent market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latina America, and the Middle East and Africa. In 2020, North America accounted for the largest share. The large share of North America in the global market is attributed to the rising geriatric population, high incidence of gastrointestinal diseases, favourable reimbursement scenario, and presence of key market players. Some of the major players in this market are Boston Scientific Corporation (US), C.R. Bard (US), Becton, Dickinson and Company (US), Merit Medical Systems (US), CONMED Corporation (US), Cook Medical (US), Cantel Medical (US), and Hobbs Medical (US).
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