Aging and the accompanying decline of physiological processes has significant effects on the gastrointestinal tract. These physiological changes, along with the long exposure to risk factors, increase the incidence rates of atypical disease manifestations, such as obstructions and tumors in the GI tract. The global population is aging rapidly, owing to reduced birth rates and increasing life expectancy. The demographic trend toward an aging population represents a growing need for the management of disorders, such as GI tract obstructions.
According to the data from World Population Prospects, 2019 revision, by 2050, one in six people in the world will be over age 65 that is 16% of the overall population. In 2018, persons aged 65 or above outnumbered children under five years of age, globally. The number of persons aged 80 years or over is projected to triple, from 143 million in 2019 to 426 million in 2050.
The majority of GI cancers occur in people older than 50. According to the American Society of Clinical Oncology, the average age at the diagnosis of colon cancer in men is 68 and in women is 72. For stomach cancer, the average age is 68, and for rectal cancer, the average age is 63 for both sexes.
Therefore, the rapid increase in geriatric population may result in an exponential increase in GI disorders, which may require stent introduction, which, in turn, is propelling the market growth.
Key Market Trends
Colorectal Cancer is Expected to Show Rapid Growth in the Near Future
A healthy growth rate of the colorectal cancer segment can primarily be contributed to high incidence rates of the same across the world. Rising geriatric population is also one of the prominent drivers, as old age is the most critical risk factor for the disease.
According to the American Cancer Society (2018), the overall lifetime risk of developing colorectal cancer is about 1 in 22, or 4.49% for men and 1 in 24, or 4.15% for women. In the United States, colorectal cancer is the third leading cause of cancer-related deaths in men and in women, and the second most common cause of cancer deaths in men and women together. It's expected to cause about 51,020 deaths during 2019. According to WHO the age-standardized rate per 100,000 is 45.0 in South Korea, which is the highest in the world.
About 53% of colorectal cancer cases occurred in the developed countries (countries having HDI above 0.8). These countries, while home to less than a quarter of the global population, have a disproportionately large number of people suffering from colorectal cancer. Hence, a rising number of colorectal cancer cases is acting as one of the major factors driving the market in the forecast period.
North America Dominates the Market and Expected to do Similar Over the Forecast Period
The increasing prevalence of obstructive gastrointestinal diseases, favorable reimbursement policies, aging population, and the presence of major market players, etc., are the primary factors behind the large market size.
Colorectal cancer is the third most common type of cancer diagnosed in the United States. According to the American Cancer Society’s statistics in the year 2018, there were an estimated 97,220 new cases of colon cancer and 43,030 new cases of rectal cancer. Moreover, as per the Centre for Disease Control’s 2018 statistics, more than a quarter of adults aged 50-75 years, have never been screened for gastrointestinal cancers.
There have been various public and private initiatives, in order to increase the screening rates. As a result of these initiatives, the percentage of adults aged 50-75 years, who recently underwent screening is experiencing a gradual growth. Due to the existence of a large patient pool, along with the presence of favorable government initiatives and reimbursement policy, the market for gastrointestinal stents is likely to register a steady CAGR during the forecast period.
The market for the gastrointestinal stent is moderately competitive and consists of various global as well as local players. Rising prevalence of diseases associated with the gastrointestinal tract is augmenting the demand for the stents. Hence, several global companies are implementing expansion strategies to reach out to emerging economies.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support