Stent Market to Grow with a CAGR of 6.46% through 2028
Surge in prevalence of heart
diseases and increase in demand for angioplasty is expected to drive the Global
Stent Market growth in the forecast period, 2024-2028.
According to TechSci Research
report, “Stent Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Stent
Market stood at USD 10.06 billion in 2022 and is anticipated to grow with a
CAGR of 6.46% in the forecast period, 2024-2028. The increasing prevalence of
chronic cardiovascular diseases across the globe is one of the key factors that
is driving the growth of the market. With the rising burden of heart-related
conditions such as coronary artery disease and heart failure, there is a
growing demand for effective treatment options and diagnostic tools.
Additionally, the increasing
geriatric population, who are more susceptible to cardiovascular diseases, has
also played a significant role in contributing to the growth of the market. As
the elderly population continues to expand, the need for innovative therapies
and interventions to manage and prevent cardiovascular diseases becomes even
more crucial. The market is witnessing a surge in research and development
efforts to address these challenges and improve patient outcomes.
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Stent Market.”
The growth of the global stents
market is primarily driven by factors such as the increasing prevalence of
coronary artery disease, advancements in stent technology, funding from private
and government organizations for healthcare sector development and research
centers, and the rising demand for drug eluting stents. According to the
Centers for Disease Control and Prevention (CDC), approximately 360,900
population died due to coronary artery disease in 2019, making it one of the
most common types of heart disease. For example, in August 2021, Sinomed, a
leading international medical device company, announced the European launch of
HT Supreme Drug eluting stent at the University Hospital Galway.
Moreover, the rise in drug
approvals is expected to further fuel the growth of the stent market. In
October 2020, the U.S. Food and Drug Administration (FDA) approved the Venous
Self-Expanding Stent system for the treatment of iliofemoral venous outflow obstruction.
Additionally, in June 2021, Abbott announced the FDA approval for Abbott XIENCE
stent, specifically for high bleeding risk patients.
Furthermore, the increase in the
geriatric population and the prevalence of chronic diseases contribute to the
growth of the stents market, as older individuals are more susceptible to
cardiovascular disease. According to the Journal of Jama Cardiology, in 2019,
approximately 38.0% of the population died due to heart failure, with the
majority being above the age of 65 years. The Centers for Disease Control and
Prevention (CDC) reported in September 2021 that around 18.2 million
individuals aged 20 years and older are diagnosed with coronary artery disease.
In September 2020, the U.S. Food
and Drug Administration (FDA) approved the Treo Abdominal stent graft system
for the treatment of patients diagnosed with abdominal aortic aneurysms.
Unhealthy diet habits and lack of physical activity are also contributing to
the rise in cardiovascular diseases. Technological advancements in medical
infrastructure and the availability of percutaneous coronary intervention (PCI)
procedures further propel the market's growth.
The global stents industry has
witnessed significant growth in recent years. The increasing prevalence of
cardiovascular diseases (CVDs) worldwide is a key driver for market growth.
According to the World Health Organization, CVDs are the leading cause of death
globally, claiming an estimated 17.9 million lives each year. Stents have
become a crucial device in the treatment of obstructive coronary disease for
patients with high-risk cardiovascular conditions such as heart attack or
stroke. Additionally, the growing number of cardiovascular surgeries performed
using minimally invasive techniques contributes to the market's expansion.
Furthermore, the development of
innovative and groundbreaking stent technologies presents various opportunities
in the market. However, stringent government regulations for stent approval and
market launch, along with the high cost of stents, pose challenges to market
growth.
The Global Stent Market is
segmented into product type, biomaterial, end user, regional distribution, and
company.
Based on product type, the
Drug-eluting Stents Segment is anticipated to experience growth during the
forecast period. A drug-eluting stent is a peripheral or coronary stent that is
inserted into clogged, diseased peripheral or coronary arteries. It gradually
releases a drug to inhibit cell proliferation. Due to the rise in the incidence
of cardiac disorders, there is a growing global demand for coronary stents.
According to the CDC, in 2020, approximately 20.1 million adults aged 20 and
older in the United States had coronary heart disease (CAD), making it the most
prevalent type of heart disease in the country. The high prevalence of cardiac
diseases among the population has fueled the demand for stents.
The growth of the segment is
driven by technological advancements, increasing product approvals, and key
players' partnerships and acquisitions. For example, in January 2022, Cook
Medical received a breakthrough device designation from the US FDA for a new
drug-eluting stent designed for below the knee (BTK) use. This innovative stent
is used to treat individuals with limb-threatening persistent ischemia. In
August 2021, Sinomed launched its HT Supreme drug-eluting stent in Ireland.
Such product launches are expected to contribute to the segment's growth
throughout the forecast period.
Based on region, North America
segment is expected to grow during the forecast period. North America is
anticipated to dominate the stents market during the forecast period due to
several factors. These include the increasing prevalence of chronic diseases,
the growing geriatric population, the strong presence of industry players in
the region, improved healthcare infrastructure, and heightened awareness among
people and healthcare industry stakeholders regarding available technologies in
the area.
Furthermore, the rise in the
geriatric population and the incidence of lifestyle diseases significantly
impact the market's growth. For instance, the 2021 census by Statistics Canada
revealed that there were approximately 7,021,430 individuals aged 65 years or
older, with 3,224,680 being males and 3,796,750 being females. This age group
is particularly susceptible to critical cardiovascular diseases that
necessitate stent-based treatments. Consequently, the increasing geriatric
population in the region is expected to bolster market growth.
Moreover, the active involvement
of key market players and institutions in research and development activities
aimed at innovating stents for various conditions is projected to further drive
market expansion. For example, in October 2021, Boston Scientific Corporation
presented positive clinical trial results for the Eluvia drug-eluting vascular
stent system during the Vascular InterVentional Advances (VIVA) meeting in Las
Vegas. The findings from the EMINENT trial showcased the superior performance
of the Eluvia stent compared to self-expanding bare metal stents (BMS) in
treating patients with peripheral arterial disease (PAD) and superficial
femoral artery (SFA) lesions up to 210 mm in length. This study, involving 775
patients, stands as one of the largest randomized trials for drug-eluting
stents in peripheral artery disease treatment. Such clinical trials are
expected to drive the adoption of stents in the region.
Major companies operating in
Global Stent Market are:
- Medtronic plc
- B. Braun Melsungen AG
- Terumo Corporation
- STENTYS SA
- MicroPort Scientific Corporation
- Meril Life Sciences Pvt. Ltd
- Translumina GmbH
- Biosensors International Group Limited
- Boston Scientific Corporation
- BIOTRONIK SE & Co. KG
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“The global stents market is
experiencing significant growth, primarily driven by a surge in the prevalence
of heart diseases and the increasing demand for angioplasty procedures.
Additionally, the rise in the number of approvals for stents further contributes
to the market expansion. However, it is worth noting that the high cost
associated with these procedures poses a hindrance to the overall market
growth. Nevertheless, the market is poised to witness new opportunities in the
coming years. This can be attributed to the continuous increase in research and
development activities in the field of stent technology. With advancements in
technology, innovative solutions are expected to emerge, presenting potential
avenues for market growth and improved patient outcomes.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Stent Market Segmented
By Product Type (Drug-Eluting Stent, Bare Metal Coronary Stent, and
Bioabsorbable Stent), By Biomaterial (Metallic Biomaterial, Polymeric
Biomaterial, and Natural Biomaterial), By End User (Hospitals & Clinics,
Ambulatory Surgical Centers, Others), By Region and Competition, Forecast & Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global Stent Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Stent Market.
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