Gastrointestinal Endoscopic Stricture Management Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

Gastrointestinal Endoscopic Stricture Management Device Market By Type (Balloon Dilator, Stents, Bougie Dilator, And Others), By End-User (Hospitals & Clinics, Ambulatory Surgical Centers, And Others), and by geography is expected to grow at a steady CAGR forecast till 2030 owing to the rising prevalence of various gastrointestinal disorders and the surging demand of minimally invasive treatment approach across the globe

The global gastrointestinal endoscopic stricture management device market is estimated to grow at a CAGR of 5.36% during the forecast period from 2024 to 2030. The demand for gastrointestinal endoscopic stricture management devices is being boosted by the increasing prevalence of various gastrointestinal (GI) disorders such as colon cancer, rectal cancer, esophageal cancer, gastroesophageal reflux disease (GERD), irritable bowel syndrome (IBS), and other. Further, the rising demand for minimally invasive treatment devices, rising figures of GI disorder-causing risk factors, surging geriatric population base, technological advancements about the device, and rising product approvals and launches, among others are thereby contributing to the overall growth of the gastrointestinal endoscopic stricture management device market during the forecast period from 2024-2030.

Gastrointestinal Endoscopic Stricture Management Device Market Dynamics:

As per GLOBOCAN 2021, in 2020, nearly 604,100 new cases of oesophageal cancer were reported globally. The same source stated that in 2020, 1,089,103 new cases of stomach cancer and 115,949 new cases of biliary cancer were reported, globally.

In addition, various studies show that in palliative and neoadjuvant settings, stenting, a type of gastrointestinal endoscopic stricture management device is crucial in alleviating esophageal, gastroduodenal, or colorectal obstruction symptoms. Thus, the endoscopic insertion of self-expanding metal stents (SEMSs) has a frontline application for managing malignant obstruction or stricture of the gastrointestinal tract (GIT) driving the market growth.

Further, the latest study provided by International Foundation for Gastrointestinal Disorders, estimated that irritable bowel syndrome (IBS) affects 5-10% of the worldwide population. Most persons with IBS are under the age of 50. Also, about 2 in 3 IBS sufferers are female and about 1 in 3 IBS sufferers are male. The increasing prevalence of IBS can lead to stricture damage which can be treated by gastrointestinal endoscopic stricture management devices.

Therefore, the increasing prevalence of various GI disorders will lead to stricture damage, ultimately increasing the demand for gastrointestinal endoscopic stricture management devices, thereby driving the market for gastrointestinal endoscopic stricture management devices during the forecast period.

Also, stents and dilation devices effectively dilate and protect the gastrointestinal wall. The low complication rates and great technical success of these devices improve patient quality of life. These gadgets also function as successful alternatives to invasive procedures. When compared to traditional surgeries, minimally invasive procedures use cutting-edge technology to access internal organs through tiny incisions, resulting in less pain, a low risk of infection, a shorter hospital stay, a speedier recovery, less scarring, and less blood loss. Thus, the global market is probably going to be driven by these variables during the forecast period. Therefore, the aforementioned factors will propel the overall market of gastrointestinal endoscopic stricture management devices during the forecast period from 2024-2030.

However, side effects related to management devices or surgical procedures, scarcity of healthcare experts to perform surgical procedures, and others may restrict the gastrointestinal endoscopic stricture management device market growth.

The gastrointestinal endoscopic stricture management device market was significantly impacted during the period of COVID- 19 pandemic as the outbreak led to the cancellation of outpatient visits and the suspension of non-emergency hospitalization, diagnostic, and surgical procedures. This resulted in a reduced number of routine clinical examinations, diagnoses, and surgical procedures. However, the vaccine development of COVID-19 has initiated the process of economic recovery with the easing of lockdown restrictions and the return of normalcy in the economic landscape which has initiated the process of resumption of regular healthcare services such as outpatients visits for diagnosis and treatment purposes, thereby bringing the demand for products on track in the gastrointestinal endoscopic stricture management device market.

Gastrointestinal Endoscopic Stricture Management Device Market Segment Analysis:

Gastrointestinal endoscopic stricture management device market by Type (Balloon Dilator, Stents, Bougie Dilator, and Others), End-User (Hospitals & Clinics, Ambulatory Surgical Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the type segment of the gastrointestinal endoscopic stricture management device market, the reproductive health category is expected to amass a significant revenue share in the year 2023. This can be attributed to the increasing prevalence of GI diseases globally and the advantages the stents provide. A stent is a flexible, self-expandable, hollow metal or plastic tube used to help open any obstruction in the gastrointestinal (GI) tract that is blocked because of any clog formation.

Corrosive upper gastrointestinal strictures (GIS) are common in children, and primarily accidental ingestion, commonly in younger children, contributes to the GIS. In these cases, stents are used. According to various research, resistant caustic strictures are the most common indication of stent placement in children. In most cases, stents can be utilized along with endoscopic dilatation.

Further, the technological advancements in the stents for better outcomes are anticipated to contribute to the segment's growth. For instance, in February 2022, Micro-Tech Endoscopy introduced the first self-expanding tracheobronchial nitinol y-stent. The Y-Shaped Tracheal Stent System's nitinol self-expanding construction and simplicity of use make it efficient at relieving patients with malignant tracheobronchial strictures.

Therefore, the aforementioned factors are predicted to contribute to the increasing demand for this segment thereby driving the growth of the overall gastrointestinal endoscopic stricture management device market during the forecast period.

North America is expected to dominate the overall Gastrointestinal Endoscopic Stricture Management Device Market:

Among all the regions, North America is estimated to account for the largest share of the global gastrointestinal endoscopic stricture management device market in the year 2023. Owing to the factors such as the rising prevalence of gastrointestinal (GI) diseases which lead to increased research & development and manufacturing of numerous devices in the region. Furthermore, high disposable income, sophisticated healthcare infrastructure, and high awareness also helped the market growth in the country.

As per the 2023 report of the American Cancer Society, 106,970 new cases of colon cancer and 46,0850 new cases of rectal cancer are expected to be diagnosed in 2023. Also, as per the same source, about 21,560 new esophageal cancer cases will be diagnosed (17,030 in men and 4,530 in women), in the US, in 2023.

In addition, as per the 2021 report of the International Foundation for Gastrointestinal Disorders (IFFGD), 25 to 45 million people were affected by irritable bowel syndrome in the United States, in 2021.

These gastrointestinal diseases are responsible for strictures in the GI tract, creating the availability of stricture management devices. As gastrointestinal endoscopic stricture management devices, such as balloon dilators, stents, and bougie dilators, provide better outcomes, the need for such devices is increasing in the United States.

Coupled with the factors mentioned above, strategic activities such as product launches and approvals, mergers, acquisitions, partnerships, investments, and others also help in boosting regional product demand. For instance, in February 2022, Micro-Tech Endoscopy, a US-based manufacturer, introduced the first self-expanding tracheobronchial nitinol y-stent. The Y-Shaped Tracheal Stent System's nitinol self-expanding construction and simplicity of use make it efficient at relieving patients with malignant tracheobronchial strictures. Thus, such strategic steps help to increase the demand for gastrointestinal endoscopic stricture management devices, thereby driving the North America gastrointestinal endoscopic stricture management device market forward during the forecast period.

Gastrointestinal Endoscopic Stricture Management Device Market Key Players:

Some of the key market players operating in the gastrointestinal endoscopic stricture management device market include Boston Scientific Corporation, Cook, Olympus, HOBBS MEDICAL INC., Merit Medical Systems, CONMED Corporation, Medi-Globe GmbH, Teleflex Incorporated, Ovesco Endoscopy AG, Richard Wolf GmbH, ZAVATION, Laborie., Micro-Tech Endoscopy, and others.

Recent Developmental Activities in the Gastrointestinal Endoscopic Stricture Management Device Market:

In June 2022, Boston Scientific Corporation entered into a definitive agreement with Synergy Innovation Co., Ltd, to purchase its majority stake (approximately 64%) of M.I.Tech Co., Ltd, a publicly traded Korean manufacturer and distributor of medical devices for endoscopic and urologic procedures. M.I.Tech is the creator of the HANAROSTENT technology, a family of conformable, non-vascular, self-expanding metal stents, which Boston Scientific has distributed in Japan since 2015.

In October 2021, Boston Scientific Corporation received 510(k) clearance from the U.S. Food and Drug Administration and CE Mark approval to market its Advanix(TM) Biliary Plastic Stents for the treatment of biliary strictures, including biliary stone disease, benign biliary strictures, and suspected and confirmed malignancies in the biliary system.

Key Takeaways from the Gastrointestinal Endoscopic Stricture Management Device Market Report Study

Market size analysis for current gastrointestinal endoscopic stricture management device market size (2023), and market forecast for 5 years (2024-2030)

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global gastrointestinal endoscopic stricture management device market.

Various opportunities available for the other competitor in the gastrointestinal endoscopic stricture management device market space.

What are the top-performing segments in 2023? How these segments will perform in 2030.

Which are the top-performing regions and countries in the current gastrointestinal endoscopic stricture management device market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for gastrointestinal endoscopic stricture management device market growth in the coming future?

Target Audience who can be benefited from this Gastrointestinal Endoscopic Stricture Management Device Market Report Study

Gastrointestinal endoscopic stricture management device products providers

Research organizations and consulting companies

Gastrointestinal endoscopic stricture management device-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in the gastrointestinal endoscopic stricture management device

Various End-users who want to know more about the gastrointestinal endoscopic stricture management device market and the latest technological developments in the gastrointestinal endoscopic stricture management device market.

Frequently Asked Questions for the Gastrointestinal Endoscopic Stricture Management Device Market:

1. What is a gastrointestinal endoscopic stricture management device?

Gastrointestinal endoscopic stricture refers to an abnormal narrowing or blocking of sections of the GI tract due to the presence of a tumor or a scar. These strictures are usually treated with endoscopy, a minimally invasive medical method to investigate and operate procedures without making large incisions with the help of various dilation devices and stents.

2. What is the market for global gastrointestinal endoscopic stricture management devices?

The global gastrointestinal endoscopic stricture management device market is estimated to grow at a CAGR of 5.36% during the forecast period from 2024 to 2030.

3. What are the drivers for the global gastrointestinal endoscopic stricture management device market?

The demand for gastrointestinal endoscopic stricture management devices is primarily being heightened by the surging statistics of various GI disorders, increasing risk factors, increasing preference for minimally invasive procedures, rising geriatric population associated with disturbances in esophageal motility and a decreased production of saliva, surging product approvals and launches, among others, thereby contribute to the overall growth of the gastrointestinal endoscopic stricture management device market during the forecast period from 2024-2030.

4. Who are the key players operating in the global gastrointestinal endoscopic stricture management device market?

Some of the key market players operating in the gastrointestinal endoscopic stricture management device market include Boston Scientific Corporation, Cook, Olympus, HOBBS MEDICAL INC., Merit Medical Systems, CONMED Corporation, Medi-Globe GmbH, Teleflex Incorporated, Ovesco Endoscopy AG, Richard Wolf GmbH, ZAVATION, Laborie., Micro-Tech Endoscopy, and others.

5. Which region has the highest share in the gastrointestinal endoscopic stricture management device market?

North America is expected to dominate the overall gastrointestinal endoscopic stricture management device market during the forecast period from 2024-2030. Factors such as the rising prevalence of GI disorders, increasing geriatric population, and rising demand for minimally invasive treatment approaches, among the target population, among others will positively impact the North American gastrointestinal endoscopic stricture management device market. Furthermore, high disposable income, sophisticated healthcare infrastructure, regulatory approval for new devices, and high awareness about GI disorders also helped the market growth in this region.