Stents Market

Global Stents Market Size & Growth (2023 to 2028)

The global stents market size is anticipated to reach USD 18689 Million by 2028 from USD 14043 million in 2023, with a steady incremental CAGR of 5.88% during the forecast period 2023 to 2028.

Impact of COVID-19 on the global stents market:

The Covid-19 pandemic has significantly affected many sectors and markets across the globe. Among all others, the global stents market is most effective due to the lockdown imposed to limit the spread of this disease. However, a reduction in the production of stents in blood vessels was seen due to the impositions on trade and imbalance in supply and demand. Furthermore, rising contamination rates have shifted the need to care for COVID-19 patients, where many elective cardiac surgeries were postponed. This relegated non-essential procedures, creating a group of cardiovascular patients who needed stents. Therefore, in all cases, priority will be given to heart problems resulting from the COVID-19 disease and patients with co-morbidities. However, in the next few years, the global stents market is projected to return to its average CAGR with the resumption of cardiac procedures.

MARKET DRIVERS:

High demand for bioresorbable stents, lesser risk of restenosis using metal stents, and drug-eluting stents are driving the global stents market. Data from the World Bank database shows that the population aged 65 and over has increased to 9.5% of the world's population in 2020. The United Nations estimates that this proportion will increase further to about 15% by 2050. The increase in the geriatric population who are more to chronic diseases such as UTIs, and CVS, among others, is anticipated to lead to a large market.

According to the UK's Office for National Statistics 2019 report, almost 12 million people residing in the region were aged 65 or over in 2018. In addition, the British Heart Foundation estimates revealed that coronary heart disease (CHD) had been one of the common heart conditions in the region, affecting over 7.68 million people.

Rapid advancements in healthcare technologies, stress, and unhealthy lifestyle are also anticipated to contribute to the market's growth during the forecast period of 2022 to 2027. World Health Organization reports show that cardiovascular disease is the leading cause of death globally, accounting for 32% of annual deaths.

The organization estimates that approximately 17.9 million people die from CVD. In the United States, data from the Center for Disease Control indicates that 655,000 Americans die from heart problems. As per the American College of Cardiology (2017), cardiovascular disease is responsible for 800,000 deaths in the United States. The growing pool of patients is driving the market growth. The rising senior population and rapid rise in obesity are also likely to enhance the development of the market. In addition, innovative techniques and products have significantly shortened the recovery time than seen in bypass surgeries. Due to shorter recovery times and shorter hospital stays, the adoption of stents for cardiovascular disease is anticipated to grow at a healthy rate over the studied period.

Furthermore, the various innovations in healthcare and the introduction of new cost-effective stents are also among the essential factors anticipated to boost the growth of the global stents market. In addition, high demand for minimally invasive procedures, awareness about treatment options, and well-developed healthcare infrastructure in developing countries are anticipated to provide significant growth opportunities for the market.

MARKET RESTRAINTS:

On the other hand, the global stents market will face many threats and challenges, which include the need for extensive faculty of doctors required for the placement of stents, the need for advanced devices such as atherectomy devices, fractional flow reserve, intravascular ultrasound, optical coherence tomography (OCT) imaging, near-infrared spectroscopy (NIRS) to transfer the stent to the target position.

This complicated process is expensive due to the involvement of surgeons, the complexity of the technique, equipment, and surgeons to perform the procedure. Large-scale unavailability of such equipment and skilled personnel in underdeveloped and developing economies will hamper the market growth. Moreover, failure and recall of stents and stringent regulatory approvals may challenge the development of the studied market.

REPORT COVERAGE:

This research report on the global stents market has been segmented and sub-segmented into the following categories.

Stents Market - By Product:

• Coronary Stents
• Drug-eluting stents (DES)
• Bare-metal coronary stents
• Bioabsorbable stents
• Peripheral Stents
• Iliac stent
• Femoral-popliteal stents
• Renal & related stents
• Carotid stents
• Stent Related Implant
• Synthetic grafts
• Vena cava filters

Based on product type, the coronary stents segment was the most revenue-generating and will continue to dominate the market. This is due to the high prevalence of cardiovascular diseases and the increasing technological advancements in coronary stents. However, the carotid stent segment is estimated to witness the fastest CAGR of over 9.2% during the forecasted period, owing to the increase in cases of ischemic stroke and peripheral vascular injury, etc.

Stents Market - By Material:

• Metallic Biomaterial
• Polymer Biomaterial
• Natural Biomaterial

Based on the material, the metal segment records the largest market share, owing to the growing demand for metal stents with less risk of restenosis and other complications. However, the polymer segment is estimated to show the fastest CAGR for the analysis period. Factors such as profitability, the long-term wear of non-metal stents for ureteral obstruction, and reduced risk is embolism will drive this segmental growth.

Stents Market - By End User:

• Hospital
• Ambulatory Surgical Centers
• Others

Based on the End-user, the Hospital segment is the leading contributor and is estimated to maintain its result during the forecast period due to a rise in the prevalence of coronary artery diseases, government initiatives for developing medical infrastructure, and increasing awareness about the disease treatment.

Furthermore, the ambulatory surgical center's segment is likely to grow significantly due to advancements in healthcare technology and increased demand for angioplasty treatments.

Stents Market - By Region:

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

Geographically, North America Stents Market had the highest revenue share of approximately 36.76% due to the high demand for minimally invasive surgeries and a large population with CVDs.

The Europe Stents Market is the second-largest market due to the well-developed healthcare infrastructure. Adopting technologically advanced products such as bifurcated stents and biodegradable stents will drive this regional market growth.

The Asia Pacific Stents Market is considered the fastest-growing market, driven by growing interest in medical devices and advances in stents technology. However, the region is estimated to outperform all areas with the highest CAGR during the assessment period.

The Latin America Stents Market can be anticipated due to the increased demand for vascular stents and the introduction of new cost-effective stents by significant players in this region. As a result, this segmental market share was estimated at around $6.22 billion in 2021.

The Middle East & Africa Stents Market is predicted to grow significantly during the forecast period.

KEY MARKET PLAYERS

Promising companies that play a vital role in the global stents market profiled in the report are Medtronic, Abbott, Cook, Biotronik SE & Co. KG, Teleflex Incorporated, MicroPort Scientific Corporation, Fuji Systems Corp., MICRO-TECH EUROPE, Vascular Concepts, Boston Scientific Corporation, Olympus, Merit Medical Systems, Novatech SA, Terumo Corporation, W. L. Gore & Associates Inc., B. Braun Melsungen AG, Meditek Systems Pvt. Ltd., and Thoracent, Inc.,

RECENT MARKET DEVELOPMENTS:

• In January 2016, Abbott purchased St. Jude Medical, Inc. (USA), a manufacturing unit specializing in cardiovascular shock, atrial fibrillation, and cardiac products, for $25 billion. This acquisition helped Abbott strengthen its contributions and increase its presence in the global stents market.
• In May 2016, Boston Scientific partnered with Mayo Clinic to share licensed innovations and accelerate clinical device improvements. This cooperation was focused on advancing clinical advances in interventional cardiology, cardiac rhythm, endoscopy, neuromodulation, urology, and pelvic intervention.
• In February 2019, Medtronic plc launched the 'Valiant Navion Thoracic Endoprosthesis System' in Japan for the minimally invasive repair of descending thoracic aortic aneurysms (TAA) and complicated type B aortic dissections (TBAD).
• In July 2020, Biotronik announced its next-generation-Lilac Cobalt-Chrome balloon-expandable stent system, which is thinner, stronger, and more flexible stent when compared to other leading competitors.
• In June 2020, BD announced the acquisition of Straub Medical AG, which helped BD enhance its stent product portfolio.