Stents Market - Forecast(2020 - 2025)
The demand for stents is increasing to treat the diseases that affect the heart and blood vessels of elderly and middle-aged patients. Due to the current shift in the demographic structure caused by an aging society, the prospect for stents seems to be bright. A stent implant is commonly used for the treatment of cardiac abnormalities such as blocked blood vessels. They are also inserted in the ureter to prevent obstruction of urine flow from kidney, in the gall bladder to allow passage of bile in the patients suffering from the gall bladder cancer, and in the abdomen & gastrointestinal tract. The Stents market is estimated to grow at a CAGR of 5.21% during the forecast period 2019-2024. Asia-Pacific is the fastest growing market with a CAGR of 8.13%, owing to the increasing number of patients with coronary artery diseases along with a significant decline in the prices of the stents and growing healthcare expenditure.
Stents Market Outlook
Stents are generally made of metals, polymers, and natural materials and are available for different clinical conditions in the market. The global stents market is estimated to witness significant growth during the forecast year due to increased incidence of heart-related diseases and huge demand for various diagnosis and treatment methods. Additionally, the increasing availability of diagnostic services for coronary heart diseases also fuels the growth of the market. Moreover, favorable reimbursement policies are likely to boost the market growth. The global stents market is analyzed to be dominated by the coronary stents with a share of 58% in 2018. The coronary stents market has recorded the revenue of US $6.73 billion in 2018 and expected to reach US $8.97 billion by 2024 with a CAGR of 5.2%. The major factors driving the growth of these stents include technological advancements and rising burden of cardiovascular diseases.
Stents Market Growth Drivers
There has been a significant increase in population with a cholesterol-rich diet and smoking habits since the last decade. The changing lifestyle and the growing millennial population with munching habits are resulting in high cholesterol intake. Moreover, the increase in the population of smokers is analyzed to add up the risk of atherosclerosis along with hypercholesterolemia. These habits and lifestyle changes are estimated to drive the stent market in the future as a significant share of the population with improper food and smoking habits would require coronary and peripheral angioplasty to re-open the blocked arteries.
Percutaneous Coronary Intervention (PCI) can be performed in a shorter interval of time than a bypass surgery as the stent is inserted into the body from the groin area or arm through a catheter. Owing to the lesser recovery and in-hospital time, stents has gained popularity among medical practitioners as well as patients. The adoption of stents for cardio vascular diseases is expected to grow at a healthy rate in the future owing to an increase in the demand for minimally invasive surgical procedures and reduction in surgery expenses.
Stents Market Challenges
The stenting procedure involves certain risks despite its advantages over bypass surgeries. The risk of bleeding, bruises at the insertion point and in the artery lining remains at large followed by stent thrombosis (clotting of blood in the stent), allergic reactions to the dye or the stent, need for bypass surgery due to numerous blockages which cannot be treated by angioplasty and many others. This is analyzed to impede the adoption of stent and is poised to continue during the forecast period 2019-2024.
With the risks involved such as damage to the valves, stent thrombosis and many others there has been a significant increase in the regulation stringency involved in the production of the stent and also in the surgical methods used for placement and adjustment of the same. Moreover, extensive clinical trials are required to analyze the chances of allergic reactions with the stent material, coating, and contrasting dye before the product is commercially launched. Moreover the differences in the regional regulations also impedes the entry of the products into certain markets which increases the time to market the products thereby constraining its growth to a certain degree.
Stents Market Research Scope
The base year of the study is 2018, with forecast done up to 2024. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of products that will be used in the stents market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the type of product and material of stents.
Stents Market Report: Industry Coverage
By Product Type: Coronary, Peripheral, Carotid, Neurovascular, Biliary and others.
By Material: Metallic, Polymer, and Natural
The Stents market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- Americas: The U.S., Canada, Mexico, Brazil and rest of Americas
- Europe: The U.K., France, Italy, Germany, Spain, Russia, and Rest of Europe
- APAC: China, Japan, South Korea, India, and Rest of APAC
- RoW: Middle East and Africa
Stents Market Trends
- Stenting is considered to be more comfortable than a bypass heart surgery for the heart patients. Stenting does not involve any major operation as it can be performed with the help of local anesthesia and low sedation, thus showing significant growth in the stent market.
- The increase in chronic disease prevalence coupled with the rapidly aging population worldwide is set to increase demand for stent implants. According to the WHO report, in 2010 the population over the age of 65 was around 524 million, which is expected to grow to 1.5 billion by 2050.
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