Endoscopic Stricture Management Device Market Trends and Forecast up to 2024
Transparency Market Research (TMR) has published a new report titled, “Endoscopic Stricture Management Device Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global endoscopic stricture management device market was valued at US$ 617.4 Mn in 2017 and is projected to expand at a CAGR of 5.5% during forecast period from 2018 to 2026. The global endoscopic stricture management device market is anticipated to be driven by technological advancements and increase in use of endoscopic stricture management devices during the forecast period. The endoscopic stricture management device market in Asia Pacific is expected to expand at a high CAGR of 6.3% due to high prevalence of diseases, improvements in the health care sector, and increase in focus on research and development.
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Increase in Geriatric Population with rise in Incidence of Gastrointestinal Diseases Drive Market
The global population is aging rapidly, especially in some of the developed economies such as the U.S., most of Western Europe, and Japan. Developed economies witness high rate of aging compared to the developing countries. This is attributed to improved health care infrastructure, favorable reimbursement policies, and advancement in health care facilities in these countries. Moreover, access to various diagnostic and treatment services has improved in the recent past, especially in developed economies. This in turn has increased the life expectancy of the population. The geriatric population is the major end-user of bariatric surgeries, knee-hip implants, colonoscopy, and gastrointestinal endoscopic procedures for improvement in the quality of life. Increase in number of elderly people leads to high rate of ailments, which in turn is likely to propel demand and consumption of endoscopic stricture management devices.
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High Prevalence of Gastrointestinal-related Cancer
Gastric cancer is the third most leading cause of death and accounted for 8.8 million deaths across the world in 2015. Helicobacter pylori infection is a known carcinogen for gastric cancer. Chronic diseases such as cancer lead to formation of strictures in gastrointestinal tract which results in dysphagia. This increases demand for endoscopic stricture management devices.
Increase in Patient Preference for Minimally Invasive Surgeries to Increase Demand for Endoscopic Stricture Management Devices
Dilation devices and stents provide dilation effectively and protect the gastrointestinal wall. These devices offer low complication rates and high technical success, leading to better quality of life for patients. Additionally, these devices are effective alternatives to invasive procedures. Minimally invasive procedures use advanced technology to reach internal organs through small incisions which cause less pain, low risk of infection, shorter hospital stay, quicker recovery time, less scarring, and reduced blood loss compared to traditional surgeries. These factors are likely to drive the global market in the near future.
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In terms of product, the global endoscopy stricture management device market has been divided into balloon dilators, stents, and Bougie dilators. The stents segment is likely to account for leading share of the global market during the forecast period, owing to wide usage of these stents in gastroenterology. Technological developments in stents are expected to boost the growth of the stents segment during the forecast period. Based on application, the global endoscopic stricture management device market has been classified into esophageal, colonic, pyloric, biliary, and others. Based on end-user, the global endoscopic stricture management device market has been segmented into hospitals, ambulatory surgical centers, and others. The hospitals segment is projected to expand at a high CAGR during the forecast period, owing to increase in the number hospital visits and rise in the number of endoscopic procedures.
Increase in Prevalence of Gastrointestinal-related Cancer in Asia Pacific to Create Opportunities in Market
Geographically, the global endoscopic stricture management device market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to constitute leading share of the global market during the forecast period, owing to high adoption of gastrointestinal dilation devices and stents and high health care expenditure. Europe is anticipated to account for a significant share of the global market between 2018 and 2026. Increase in incidence of cancer and chronic gastrointestinal diseases is expected to fuel the market in the region during the forecast period. The market in Asia Pacific is likely to witness strong growth during the forecast period, due to surge in health care expenditure. Moreover, increasing focus of key players on expansion in the Asia Pacific region, large untapped population, and rising awareness about health care promote the endoscopic stricture management device market in Asia Pacific. The endoscopic stricture management device market in Latin America is anticipated to experience steady growth from 2018 to 2026.
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Boston Scientific Corporation, Cook Medical, and ConMed Dominated Market in 2017
Key players profiled in this report are Boston Scientific, Olympus Corporation, Cook Medical, CONMED Corporation, Medi-globe, Hobbs Medical, PanMed US, Merit Medical Systems, and Becton, Dickinson and Company. Companies operating in the global endoscopic stricture management device market focus on strategic collaborations to develop new products in the emerging markets such as Asia Pacific and Latin America.
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