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Phase-Xs | Biologics & Biosimilars | Coherent Market Insights

Stents are tubular device used for insertion in lumen such as esophagus, colon or blood vessel. Stents are safe 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 be removable or permanently implantable based on the material used. The role of stenting is decreasing patients’ digestive tract obstruction. Moreover, advancement in technology has led to improvement in stent performance and reduced stent-induced complications to improve quality of life and this is expected to propel the gastrointestinal stent market growth.

Gastrointestinal Stents Market – Market Dynamics

Growth of the global gastrointestinal stents market is expected to be fuelled by increasing product launches with novel technology by key players in the market. For instance, in 2013, Cook Medical Inc. received U.S. Food and Drug Administration (FDA) for biliary stent, adding to the line of controlled-release gastrointestinal tract. Moreover, Evolution biliary stent incorporates patency design, to prevent migration of stent after its insertion. Furthermore, in 2012, Boston Scientific Corporation launched WallFlex, biliary Transhepatic Stent System for the treatment of benign biliary strictures. Companies are focusing on manufacturing stents with biodegradable material to eliminate stent removal procedures. However, implantable products are subjected to stringent regulations, and this is expected to hinder growth of the gastrointestinal stent market. Moreover, complication associated with gastrointestinal stent implantation is also expected to be major factor leading to low adoption of these device.

Increasing demand for minimally invasive procedures is expected to be a major factor driving growth of gastrointestinal stents market size. Gastrointestinal stenting is considered as minimally invasive therapy and is increasingly gaining popularity, owing to its advantages such as low risk of infection, less recovery time as compared to conventional open surgery procedures, and reduced hospital stay.

Increasing prevalence of urological and gastrointestinal disorders are propelling demand of gastrointestinal stents during the forecast period. According to Center for Disease Control and Prevention (CDC), in 2015, number of adults diagnosed in U.S. with ulcer in digestive tract are 14.7 million, comprising 6% of the total adult population. Moreover, according to American Cancer Society’s estimation for year 2018 suggests that 9,220 new cases of colon cancer are expected to be diagnosed in the U.S. Moreover, increasing number of patients with gastrointestinal tumors is also adding to patient pool that can be subjected to gastrointestinal stent implantation.

Gastrointestinal Stents Market - Regional Analysis

Regional segmentation of Gastrointestinal Stents Market by Coherent Market Insights includes North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America held the dominant position in the gastrointestinal stents market in 2017 and is expected to retain its dominance over the forecast period. This is owing to increasing number of intestinal cancer cases and favorable reimbursement policies in the region. For instance, in 2017, American Cancer Society estimated 4,000 to 6,000 cases each year in the U.S. for gastrointestinal stromal tumors.

Gastrointestinal Stents Market – Competitive Analysis

Major market players operating in the gastrointestinal stents market are Boston Scientific Corporation, Medtronic plc, Olympus Medical System, Cook Medical, Ella-CS, Endo-Flex, Diagmed Healthcare, Micro-Tech, W. L. Gore & Associates and Taewoong Medical Co., Ltd.

Market players are focusing on inorganic strategies such as mergers, acquisitions, or collaborations to increase their foothold in the market. For instance, in May 2018, Olympus— a company that designs and delivers innovative solutions for medical and surgical procedures—entered into an agreement with M.I. Tech, a company that designs stents and other devices. Under this agreement, HANAROSTENT, biliary and esophagus stents rolled in the EndoTherapy product portfolio of the company. The displacement of the stents is a major issue faced after the stent is been placed. Targeting these issues, in 2017, W. L. Gore & Associates, the manufacturer of Gore Viabil short wire biliary endoprosthesis stent, launched anti-migration assurance program, under which device will be replaced within a period of one year if it migrates. Furthermore, in 2016, Boston Scientific launched AXIOS stent and Electrocautery Enhanced delivery system, endoscopic system used for minimally invasive treatment of pancreatitis, obtained as a part of acquisition of Xlumena. In 2015, Cardinal Health announced acquisition of Cordis, business of Johnson & Johnson, for US$ 1.944 Bn.

Gastrointestinal Stents Market Taxonomy

Based on product type, the gastrointestinal stents market is segmented into:

  • Biliary Stents
  • Esophageal Stents
  • Duodenal Stents
  • Colonic Stents

Based on Material, the gastrointestinal stents market is segmented into:

  • Plastic Stents
  • Metallic Stents

Based on end user, the gastrointestinal stents market is segmented into:

  • Hospitals
  • Specialty Clinics
  • Ambulatory Surgery Centers

Based on region, the gastrointestinal stents market is segmented into:

  • North America
  • Europe
  • Latin America
  • Asia Pacific
  • Middle East
  • Africa

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users