| A01278 | Pages: 251 | Dec 2021 | 21619 Views | ||
| Author(s) : Linu Dash , Onkar Sumant | Tables: 123 | Charts: 51 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Stents Market
Request Now !The global stents market size was valued at $11,749.4 million in 2020, and is estimated to reach $19,767.5 million by 2030, growing at a CAGR of 5.6% from 2021 to 2030. A stent is defined as a medical device, which is inserted into blocked passageway to keep it open. It is a designed as a tiny tube which restores the flow of blood and other fluids, to different organ of body. Stents are made of either plastic or metal. Stents are known as the largest stents, which are used for removal of blockage from larger arteries. It is coated with drugs to help blocked arteries from closing. Stents are also used to prevent aneurysms from rupturing aorta, brain, or other blood vessels.
The COVID-19 outbreak is anticipated to have a negative impact on the growth of the global stents market. Many hospitals across the globe, including cardiac catheterization were restructured to increase the hospital capacity for patients diagnosed with COVID-19. This leads to cancellation of many non-essential surgical procedures and the quality of care toward patients other than COVID-19 decreases. This has significantly contributed to decline of the global market.
Growth of the global stents market is majorly driven by increase in prevalence of coronary artery disease; advancements in technology for stent development; increase in funding from private & government organizations for development of healthcare sector and research centers; and rise in demand for drug eluting stents. According to Centers for Disease Control and Prevention (CDC), in 2019, it was reported that around 360,900 population die due to coronary artery disease. It is one of the most common type of heart disease. For instance, in August 2021, Sinomed, one of the leading international medical device company, announced the European launch of HT Supreme Drug eluting stent at the University Hospital Galway.
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Furthermore, rise in number of approvals for drugs is anticipated to fuel growth of the stent market. For instance, in October 2020, the U.S. Food and Drug Administrative (FDA) announced approval for Venous Self-Expanding Stent system, which is used for treatment of iliofemoral venous outflow obstruction. Moreover, in June 2021, Abbott announced the U.S FDA approval for Abbott XIENCE stent, which is used for high bleeding risk patients.
In addition, rise in geriatric population and increase in number of chronic diseases fuel the stents market growth, owing to the fact that aged individuals are more susceptible to cardiovascular disease. According to the Journal of Jama Cardiology, in 2019, it was reported that approximately 38.0% population die due to heart failure, among which most population are above the age of 65 years. According to the Centers for Disease Control and Prevention (CDC), in September 2021, it was reported that around 18.2 million population above the age of 20 years and older are diagnosed with coronary artery disease.
In September 2020, the U.S. Food and Drug Administrative (FDA) announced the approval of Treo Abdominal stent graft system for the treatment of patient diagnosed with abdominal aortic aneurysms. In addition, unhealthy diet habits and lack of physical activities are gaining traction across the globe, owing to rise in prevalence or cardiovascular diseases. Thus, technological advancements in medical infrastructure and availability of percutaneous coronary intervention (PCI) procedure, propel growth of the market. However, high cost of stents procedure is expected to restrict the stents market growth during the forecast period.
The global stents market is segmented into product, material, end user, and region. By product type, the market is categorized into coronary stents, peripheral stents, and stent related implant.
On the basis of materials, it is divided into polymeric biomaterial, metallic biomaterial, and natural biomaterial. By end user, it market is fragmented into hospital, ambulatory surgical centers, and others. Region-wise, the stents market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and the rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and the rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and the rest of LAMEA).
Depending on product, the coronary stents segment dominated the stents market in 2020, and this trend is expected to continue during the forecast period, owing to increase in prevalence of coronary artery disease, advancements in technology in the pharmaceutical & biotechnology industry, and surge in adoption of drug eluting stents. However, the peripheral stents segment is expected to witness considerable growth during the forecast period, owing to increase in prevalence of peripheral artery disease and rise in number of key players for manufacturing of stents.
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On the basis of material, the metallic materials segment dominated the stents market in 2020, and this trend is expected to continue during the forecast period, owing to rise in prevalence of cardiovascular disease, increasing number of key players for manufacturing of metallic stents, and surge in number of surgical procedure such as fluoroscopy and endoscopy. However, the polymeric biomaterials segment is expected to witness considerable growth during the forecast period, owing to rise in prevalence of cardiovascular disease, surge in focus of companies to develop and manufacture polymeric stents, and increase in number of approval from the government to develop stents by polymer.
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By end user, the hospital segment was the major contributor in 2020, and is expected to maintain its lead during the forecast period, owing to increase in prevalence of coronary artery diseases, initiative taken by government for development of medical infrastructure, rise in awareness about the treatment and management of disease and surge in sedentary life style. However, the ambulatory surgical centers segment is expected to witness considerable growth during the forecast period, owing to advancements in technology in the healthcare sector and rise in demand for angioplasty procedures.
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North America garnered the major share in the stents market in 2020, and is expected to continue to dominate during the forecast period, owing to rise in prevalence of cardiovascular disease, increase in number of approvals for stents product, the development of advanced healthcare infrastructure, the presence of key players for manufacturing stents, and development in technology for healthcare in the region. However, Asia-Pacific is expected to register the highest CAGR of 8.7% from 2021 to 2030, owing to increase in prevalence of coronary artery disease, rise in number of geriatric populations, growth in health care expenditures and increase in adoption of unhealthy lifestyle.
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The key players operating in the global Stents market include Abbott Laboratories, B. Braun Melsungen AG, Biotronik SE & CO. KG., Boston Scientific Corporation, Becton, Dickinson and Company, Elixir Medical Corporation, Medtronic Plc., Microport Scientific Corporation, Reva Medical, Inc., and Terumo Corporation.
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Growth of the stents market is attributed to factors such as advancements in technology in the healthcare sector; rise in prevalence of cardiovascular diseases; increase in funds from private and government organizations for development of healthcare infrastructure; and rise in number of angioplasty procedure. The stents market gains interest of medical device and biotechnology companies, owing to increase in adoption of drug eluting stents. Moreover, the stents market has gained immense interest in the hospital sector over the years as these are used for treatment of cardiac diseases such as coronary artery disease and peripheral artery disease.
North America is expected to witness highest growth, in terms of revenue, owing to rise in prevalence of cardiac disorder, growth in demand for minimally invasive procedures, and increase in geriatric population in the region.
Asia-Pacific was the second largest contributor to the market in 2020, and is expected to register the fastest CAGR during the forecast period, owing to increase in prevalence of cardiovascular diseases, rise in number of populations, growth in health care expenditures, and lack of physical activities.
However, high cost associated with stents procedure is anticipated to restrain the market growth during the forecast period.
A. A stent is a tube like implant that is implanted into the lumen of any blood vessel or a duct in order to keep the passage open.
A. Stents are small, expandable tubes that treat narrowed arteries in your body. In people with coronary heart disease caused by the buildup of plaque, they can: Open narrowed arteries. Reduce symptoms, like chest pain.
A. The total market value of stents market is $11,749.4 million in 2020.
A. The forecast period in the report is from 2021 to 2030
A. The market value of stents market in 2021 was $12,113.6 million
A. The base year for the report is 2020.
A. Yes, stents companies are profiled in the report
A. The top companies that hold the market share in stents market are Abbott Laboratories, B. Braun Melsungen AG, Biotronik SE & CO. KG., Boston Scientific Corporation, Becton, Dickinson and Company, Elixir Medical Corporation, Medtronic Plc., Microport Scientific Corporation, Reva Medical, Inc., and Terumo Corporation.
A. Asia-Pacific is expected to register the highest CAGR of 7.3% from 2021 to 2030, owing to increase in prevalence of coronary artery diseases, rise in number of populations, growth in health care expenditures, and rise in sedentary lifestyle
A. The key trends in the stents market are by increase in number of geriatric populations, advancements in R&D activities in healthcare sector, and increase in number of drug approvals for use of stents due to coronary and peripheral artery diseases
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