A medical device called a stent is inserted into a blocked passageway to keep it open. This medical device is shaped like a tiny tube and is either made of plastic or metal. It helps restore blood flow and other bodily fluids to various organs. Another key factor boosting the stents market is the prevalence of coronary artery disease. The market is growing due to increased demand for minimally invasive surgery due to benefits like quick recovery and reduced pain. Additionally, the market is further influenced by the increase in funding from both public and private organizations for the growth of the healthcare industry. Furthermore, during the projection period, medical device advances open up lucrative potential for market participants. Moreover, bioresorbable vascular scaffolds will boost the market growth.
COVID-19 IMPACT
The COVID-19 pandemic's emergence has affected the global market share for stents and disrupted the healthcare industry. The healthcare system was severely disrupted by the rising number of COVID-19 cases worldwide, which led to significant backlogs in non-essential surgeries, suspension of those procedures, and delays in diagnosing non-emergency disease conditions. Because of the strictly enforced lockdown, the supply and manufacturing chains were disrupted, which resulted in a constrained supply of stents for end users. Several regulatory bodies placed restrictions on the movement of people and goods while stopping non-urgent surgical procedures like angioplasty and bypass surgeries. Thus, the elements above negatively impacted the expansion of the global stents market.
DRIVING FACTORS
Cardiovascular Problems are on the Rise, which will Boost Sales
The expansion of the stents market in the coming years is predicted to be positively impacted by the rising prevalence of cardiovascular illnesses worldwide. Demand for peripheral vascular and percutaneous coronary interventions is anticipated to rise as the number of patients with chronic conditions rises. For instance, the World Health Organization (WHO) estimates that 17.9 million deaths yearly are attributed to cardiovascular diseases (CVDs), or almost 32% of all fatalities. The demand for peripheral vascular and percutaneous coronary interventions will rise as the number of people with cardiovascular diseases rises steadily, ultimately fueling the demand for stents.
RESTRAINING FACTORS
Stringent Regulations Could Prevent the Market from Growing
Strict regulatory approvals may be a barrier to stents' market growth. Numerous authorities and government organizations have established rules and guidelines for stents' efficient and secure use. For instance, the U.S. FDA reviews the literature and animal pre-clinical trials before approving stents. The U.S. FDA classifies coronary stents as a category III device, so approving a medical device is also thought to be resource-intensive (in terms of both time and money). Due to the complications associated with using stents, strict regulations have been implemented. The U.S. FDA carefully monitors the use of stents due to potentially fatal outcomes.
SEGMENTATION
By Product
Based on product, the stents market is segmented into coronary stents, drug-eluting stents (DES), bare-metal coronary stents, bioabsorbable stents, peripheral stents, iliac stents, femoral-popliteal stents, renal & related stents, carotid stents, stent-related implant, synthetic grafts, and vena cava filters. The coronary stents category dominated the market in 2021 due to rising rates of coronary artery disease, technological developments in the pharmaceutical and biotechnology sectors, and a boom in drug-eluting stents. However, the peripheral stents market is anticipated to expand significantly over the forecast year due to rising peripheral artery disease prevalence and an increase in the number of major stent manufacturers.
By Material
By material, the market is segmented into metallic biomaterial, polymer biomaterial and natural biomaterial. The metallic biomaterial category dominated the market in 2021. The demand for metallic biomaterial stents rises due to their benefits, including lower rates of stent fracture, biocompatibility, and flexibility, which support market growth. Another element driving the segment's growth and bolstering market predictions is the incorporation of metallic biomaterial with biodegradable polymer to overcome the limits of conventional goods.
By End User
By end user, the market is segmented into hospitals, ambulatory surgical centers, and others. The hospital category dominated the market in 2021. Hospitals are known to have developed infrastructure with the modern medical equipment necessary for successful stent procedures. Stents used frequently in minimally invasive surgical procedures are regarded as crucial pieces of medical gear. Hospitals provide better care because they have access to qualified medical and nursing staff who can provide efficient post-operative care.
REGIONAL INSIGHTS
North America is projected to hold the largest share of the stents market over the forecast period due to an increase in the number of older individuals and the frequency of cardiovascular disease. For instance, 54.1 million Americans aged 65 and over were living in the United States as of 2019, according to the Administration of Community Living. The risk of CVD and many other related health conditions, including coronary heart disease and angioplasty, rises with age. Therefore, it is anticipated that using stents for these illnesses will accelerate market expansion. Furthermore, throughout the forecast period, the regional stents industry landscape is anticipated to benefit from the presence of significant market players in the area.
On the other hand, the Asia Pacific stents market is anticipated to grow significantly over the forecast period due to rising in the prevalence of coronary artery disease, an increase in the population of seniors, an increase in health care spending, and a rise in the adoption of unhealthy lifestyles. In addition, developments in stent technology over the past three decades, including biodegradable materials and bifurcated stents, have contributed to the market's expansion.
LIST OF KEY COMPANIES PROFILED:
- BIOTRONIK
- Medtronic, BD
- Boston Scientific Corporation
- Abbott.
- Cardinal Health
- Elixir Medical Corporation
- Terumo Corporation
- Biosensors International Group, Ltd
- Meril Life Sciences Pvt. Ltd.
- Others
KEY INDUSTRY DEVELOPMENTS:
- May 2021: iVascular's Balloon-expanding (BX) covered stent, iCover, was given CE mark clearance. It is used to treat ruptures, aneurysms, and arteriosclerotic lesions in the iliac and renal arteries. The company was able to grow because of this tactic.
- December 2020: The National Medical Products Administration (NMPA) of China has granted MicroPort Scientific a registration certificate for their Bridge vertebral drug-eluting stent, the company reported. The device has a novel drug delivery system that enables quicker endothelialization and lower thromboembolic and restenosis events. The approval strengthens the company's market presence.
| Attributes | Details |
| Study Period | 2016-2028 |
| Base Year | 2021 |
| Estimated Year | 2022 |
| Forecast Period | 2022-2028 |
| Historical Period | 2016-2020 |
| Unit | Revenue (USD Million) and Volume (Kilo Tons) |
| Segmentation | By Product, By Material, By End User and By Geography |
| By Product |
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| By Material |
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| By End User |
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| By Region |
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