Albany, NY -- (SBWIRE) -- 04/13/2018 -- The world Gastrointestinal Stents Market has been assessed by a recent publication by Transparency Market Research. The market has been characterized with the presence of a few market players and is considered to be highly consolidated. The world gastrointestinal stents market is dominated by Boston Scientific Corporation and it held around 66.2% share of the total market in the year 2016. The same market, however, features fragmentation owing to the existence of numerous large scale and small scale players that are operational at both global and regional levels.
As analyzed by a TMR research expert, the market is forecasted to be driven by various growth strategies such as acquisitions and mergers so as to expand geographical reach for various companies. Furthermore, product portfolio diversification and expansion is another growth strategy for the said market, as assessed by TMR analyst.
Eminent companies that are operational in the world market for gastrointestinal stents comprise names like S&G Biotech Inc., C.R.Bard Inc., Cook Medical, Boston Scientific Corporation, W.L. Gore & Associates Inc., Dickinson and Company, ELLA-CS, s.r.o, CONMED Corporation, Olympus Corporation, Becton, and Merit Medical Systems Inc.
In accordance with a market research report by Transparency Market Research forecasts that the world market for gastrointestinal stents is likely to rise at a growth rate of 4.4% CAGR over the forecast period that extends from the year 2017 to 2025. Rising at this pace, the said market is prognosticated to register a market opportunity of around US$ 522.8 mn in the year 2025 from an initial value of around US$356.7 mn in the year 2016.
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Asia Pacific to Register High Growth Due to Rapid Adoption of Advanced Technologies
From a regional point of view, the region of Europe and North America are estimated to lead the said market in terms of market share. The North American market for gastrointestinal stents is mostly powered by the U.S., which accounted for a colossal market share of around 94.0% of the total market in the year 2016 owing to the presence of a large chunk of population which have been diagnosed with various gastrointestinal diseases, rising awareness about management and treatment of gastrointestinal diseases, extensive research and development practices, and technical advancement.
In the years to come, whilst Europe is forecasted to register declined growth, the region of Asia Pacific is expected to clock high rate of growth over the period of forecast. Emerging economies such as China, India, and Japan are the major countries that would contribute towards the progress of this regional market. Encouraging rules and regulations, adoption of latest technologies, growing awareness and launch of new products are all estimated to result in robust growth of the said region over the period of forecast.
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Technological Advancement to Stimulate Market Growth
A few of the major growth stimulating factors that drive the world market for gastrointestinal stents are rising incidences of gastrointestinal diseases together with soaring preference of patients for procedures that are minimally invasive. There has been an alarming rise in the gastrointestinal diseases and it is affecting millions of people across the globe. For instance, the American Cancer Society made san estimation of around 93,000 new instances of colon cancer and around 40,000 new cases of rectal cancer are identified per year in the U.S.
As such, gastrointestinal stents are increasingly being chosen by patients owing to the numerous benefits that they give over various other conventional surgeries when it comes to reduced loss of blood, quick recovery, shorter stay at hospitals, and diminished chances of infection. Due to these factors, gastrointestinal stents are becoming increasingly popular and is used widely especially in the segment of oncology.
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