Global Endoscopic Stricture Management Device market – Snapshot
Endoscopy is a minimally invasive procedure that involves visualization of the internal body parts. Since its introduction in the 1980s, endoscopy has gained wide acceptance among surgeons and physicians in the fields of gastroenterology. Endoscopy is performed for diagnostic As well as therapeutic purposes. Gastrointestinal strictures mean the narrowing or blocking of sections of the gastrointestinal tract. These strictures are usually treated with endoscopy using various dilation devices (balloon and bougie dilator) and stents. The global endoscopic stricture management device market was worth US$ 617.4 Mn in 2017. It is expected to expand at a CAGR of 5.5% from 2018 to 2026.
Gastrointestinal endoscopy stricture management devices are widely used for the treatment of esophageal strictures, colonic strictures, biliary strictures, pyloric strictures, and others GI strictures. Technological advancement in stricture management devices is likely to lead the growth of the market in the near future.
The global endoscopic stricture management device market can be segmented based on product, application, end-user, and geography. Further, in terms of product, the market can be divided into balloon dilator, bougie dilator, and stent. The stent segment is likely to account for a leading share of the global market during the forecast period owing to wide adoption of these devices, especially of the self-expandable metallic ones, in gastroenterology. Technological developments in gastrointestinal stents are estimated to boost the stents segment during the forecast period.
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Based on application, the endoscopic stricture management device market can be divided into esophageal, colonic, biliary, pyloric, and others. In terms of end-user, the market can be classified into hospitals, ambulatory surgical centers, and others. The hospitals segment is estimated to register the maximum growth rate during the forecast period owing to increase in the number of visits and stays in hospitals, favorable reimbursement policies, and rise in the number of endoscopic procedures performed in these settings.
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 and Europe accounted for a major share of the global market in 2017. High prevalence of various gastrointestinal disease like inflammatory bowel disease, etc. and presence of a large geriatric population that is more prone to form gastrointestinal strictures, fuelled the demand for stricture management devices in these regions.
The endoscopic stricture management device market in Asia Pacific is likely to expand at a high CAGR during the forecast period. Increase in incidence of gastrointestinal cancer and other gastrointestinal diseases and rise in health care expenditure are projected to fuel the market in the region during the forecast period. Moreover, low cost of manufacturing in China and India has resulted in the rise in the production facilities, attracting key players to the region from across the world.
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Key players operating in the global endoscopic stricture management device market include Boston Scientific, Olympus Corporation, Cook Medical, CONMED Corporation, Medi-globe, Hobbs Medical, Panmed Us, Merit Medical Systems, and Becton, Dickinson and Company. These companies have established their stand in the market and enjoy brand loyalty among customers. They have a diverse product offering and an extensive distribution system across the world. Also, entry of small players, especially in the emerging markets of Asia, is being witnessed. However, stringent regulatory framework and high-quality standards set by the market leaders are anticipated to restrain the penetration of new entrants in the market.