PORTLAND, Oregon, July 30, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "U.S. Colonic Stents Market by Product Type (Nitinol Self Expandable Metal Stents (SEMS) and Elgiloy (Self Expandable Metal Stents (SEMS)), Indication (Cancer, Gastrointestinal Diseases, Immunoproliferative Disorders and Others), and End User (Hospitals and Specialty Clinics): Opportunity Analysis and Industry Forecast, 2018-2026." According to the report, the U.S. colonic stents market garnered $6.44 million in 2018, and is estimated to reach $9.41 million by 2026, registering a CAGR of 4.8% from 2019 to 2026.
Considerable increase in incidences of colorectal cancer and technological advancements regarding colonic stents such as usage of self-expanding alloys in the production of stents drive the market. However, complications and high costs related to colonic stents is expected to hamper the growth of the market in the U.S. On the other hand, increase in demand for minimally invasive procedures and its usage in improvement in the primary anastomosis rate with a low stoma creation as compared emergency surgery create new opportunities in the market.
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Nitinol stent to continue its dominant share by 2026
Based on product type, the nitinol stent segment accounted for more than four-fifths of the total market share in 2018, and is estimated to continue its dominant share by 2026. This is due to preference by most of the market players due to its amplified flexibility, which helps in stenting sharply angulated regions at lesser cost compared to stents made with other metals. On the other hand, the elgiloy stent segment is estimated to grow at the largest CAGR of 5.7% from 2019 to 2026, owing to its corrosion resistant nature and capability of generating high radial forces.
Colorectal cancer segment to maintain its leadership status by 2026
Based on indication, the colorectal cancer segment contributed to nearly 90% of the total share in 2018, and will maintain its leadership status by 2026. This is due to the rise in usage of colonic stents in acute colonic obstructions that form due to colorectal cancer. However, the benign colonic strictures segment is expected to register the highest CAGR of 6.7% from 2019 to 2026. This is attributed to considerable increase in use of colonic stents in its treatment.
Hospitals segment to maintain its lead during the forecast period
Based on end users, the hospitals segment held the major share in 2018, accounting for more than four-fifth of the total share in terms of revenue, and would maintain its lead during the forecast period. Moreover, this segment is expected to grow at the highest rate, with a CAGR of 4.9% from 2019 to 2026. It is a lucrative segment, due to the fact that most of the colonic stenting is carried out in the hospitals due to the availability of all the equipment and other facilities necessary for the procedure. The research also analyzes the specialty clinics segment.
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Frontrunners in the industry
Leading market players analyzed in the report include Boston Scientific Corporation, Ella-CS, Cook Medical Inc., MI-TECH, Taewoong, and Olympus Corporation. They have adopted various strategies including collaborations, partnerships, new product launches, mergers & acquisitions to gain a strong position in the industry.
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