Arterial Stents Market
Arterial Stents Market (Product - Coronary Stents (Bare Metal Stents, Drug-eluting Stents, and Bioresorbable Stents) and Peripheral Stents (Self-expandable Stents and Balloon-expandable Stents); Application - Coronary Artery, Carotid Artery, Iliac Artery, and Femoral & Popliteal Artery) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017 - 2025
Growing preference for minimally invasive surgeries (MIS) may prove as a prime reason for the growth of the arterial stents market. An increasing number of patients with more than 70 percent of artery blockage is pushing the arterial stents market toward growth. Arterial stents are in existence since the 1980s. Technological advancements have been taking place in arterial stents over the past few years. The COVD-19 pandemic is proving to be risky for patients with cardiovascular disorders. Therefore, this period can bring good growth opportunities for the arterial stents market.
- The arterial stents market can be segmented into coronary stents and peripheral stents, by product. Further, coronary stents are sub-divided into the bioresorbable stent, drug-eluting stents, and bare-metal stents. Balloon-expandable stents and self-expandable stents come under peripheral stents.
- The arterial stents market may shine across the forecast period owing to the factors like concerning rise in hypertension cases and the elderly being more prone to varied cardiovascular diseases resulting from high serum cholesterol levels. In addition, soaring obesity cases are also likely to fuel the arterial stents market toward growth.
- Stenting procedures also include benefits like prevention of further damage to blood vessels as well as considerable improvement in blood flow. The new coronavirus outbreak has left almost all hospitals overflowing with patients due to the surge in infected patients. Short hospital stays are beneficial for avoiding COVID-19 transmission as well as for prioritizing treatment of infected patients. Stenting procedures lead to shorter hospital stays. Thus, this factor will provide a great opportunity for the arterial stents market to make a mark across the forecast period.
- Novel product launches like Venovo Venous Stent Systems are further proving to be a boon for the arterial stents market. These new technologies are inviting efficiency and quick treatment of patients, thus benefiting the arterial stents market.
Global Arterial Stents Market: Snapshot
The global arterial stents market is rising due to the increasing prevalence of atherosclerosis and other arterial disorders along with introduction of innovative arterial stents such as bioresorbable stents. Furthermore, efficacy of arterial stents for the treatment of peripheral and coronary artery diseases and preference for minimally invasive procedures to unblock arteries and to improve blood flow are some other key factors driving the arterial stents market.
On the flip side, lack of well-equipped healthcare facilities and lack of well-trained interventional cardiologists in emerging economies are challenging the market’s growth.
A report by Transparency Market Research (TMR), projects the global arterial stents market to expand at a healthy 9.5% CAGR during the forecast period between 2017 and 2025. Progressing at this rate, the market which stood at US$8.0 bn in 2016 will become worth US$17.8 bn by the end of 2025.
Introduction of New Product Variants Makes Coronary Stents Dominant
The global arterial stents market is studied on the basis of product type, application, and region in this report. On the basis of product type, the arterial stents market is segmented into coronary stents and peripheral stents. The sub-segments of coronary stents include bare metal stents, drug-eluting stents, bioresorbable stents, and others. The others sub-segment within coronary stents include covered stents and dual-therapy stents. The peripheral stents segment is further classified into self-expanding stents, balloon-expanding stents, and others. The others sub-segment within peripheral stents comprise covered stents and drug-eluting stents.
Of them, coronary stents held the leading market share vis-à-vis revenue in 2016, the growth of this segment is attributed to the rising adoption of novel coronary stents such as bioresorbable stents by interventional cardiologists. Drug-eluting stents within coronary stents accounted for the leading revenue generation in 2016, and is likely to hold on to its dominant position over the forecast period. The growth of drug-eluting segment is due to development and incorporation of anti-restenotic agents to prevent the incidence of re-stenosis.
However, peripheral stents is likely to surpass coronary stents in terms of growth rate over the forecast period. This is mainly because of rising awareness of peripheral artery diseases and introduction of innovative stents by key players that are designed for femoral and popliteal arteries.
By application, the global arterial stents market is categorized into coronary artery, iliac artery, carotid artery, femoral and popliteal artery, and others. The others segment comprise below-the knee artery, renal and biliary artery, etc. Of them, coronary artery accounted for the leading revenue contribution in 2016, due to numerous players involved in the manufacture of coronary stents. Going forward, the coronary artery segment is likely to remain dominant until the end of 2025. However, femoral and popliteal artery is likely to display the leading CAGR over the 2017-2025 forecast period; this is owing to clinical research leading to improved access to deep rooted arteries such as femoral and popliteal.
Driven by Modernization of Healthcare Sector in China and India, Asia Pacific to Emerge as Key Market
Geographically, the global arterial stents market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Amongst all, in 2016, Europe held the leading market share in terms of revenue; this is mainly due to the strategic presence of key arterial stents manufacturers in Germany and the U.K. The rising preference for minimally invasive surgeries also account for the growth of Europe arterial stents market.
North America ranks as the second-leading market for arterial stents globally, and is likely to expand at a significant CAGR over the 2017-2025 forecast period. However, Asia Pacific is anticipated to display the leading CAGR over the forecast period as large business groups are investing substantially for the modernization of the healthcare sector in China and India.
Leading players operating in the global arterial stents market profiled in the report are Abbott Laboratories, Cordis Corporation, Boston Scientific Corporation, C.R. Bard Inc., Medtronic, Gore Medical, Cook Medical, Biosensors International Group Ltd., Lifetech Scientific, and BIOTRONIK AG.
Global Arterial Stents Market: Overview
Choc-o-bloc with small regional as well as large global players, the global market for arterial stents is highly fragmented. In order to thrive in such a fragmented competitive landscape, big ticket players are seen banking upon effective clinical trials to come up with better products. Despite, involved regulatory approvals, they are charging ahead. A noticeable trend in the market is the usage of nickel titanium alloys and other alloys to build new and better products. Savvy players are also seen collaborating with regulatory agencies in order to further gain a foothold in the market.
Global Arterial Stents Market: Key Trends
Acting as tailwinds to the global market for arterial stents is the rising occurrence of arterial issues, including atherosclerosis. Arterial stents are seeing their popularity grow by the day because of their efficiency in tackling coronary and peripheral artery diseases and also because of the rising knowledge about such minimally invasive methods to open up arteries that carry blood in the human body. Launch of more cutting-edge arterial stents every now and then is proving beneficial for the market too. However, despite so many drivers, the market is being prevented from achieving its full potential because of the dearth of advanced healthcare institutions and highly-skilled interventional cardiologists in developing nations.
The arterial stents being sold in the market can be broadly classified into peripheral stents and coronary stents. The peripheral stents mostly comprise of balloon-expanding stents, self-expanding stents, and others such as drug-eluting stents and covered stents. The coronary stents, on the other hand, consist of bare metal stents, bioresorbable stents, drug-eluting stents, and others such as covered stents and dual-therapy stents. Between coronary and peripheral stents, the former has been grossing most of the revenue on the back of unique products, namely bioresorbable stents highly preferred by interventional cardiologists. Another hit product making significant revenues is drug-eluting stent. Peripheral stents, going forward however, are predicted clock greater growth.
Application-wise, the key segments of the global market for arterial stents market are iliac artery, coronary artery, femoral and popliteal artery, and carotid artery, among others such as renal and biliary artery, below-the knee artery, etc.
Global Arterial Stents Market: Regional Outlook
From a geographical standpoint, Europe accounts for a dominant share in the market for arterial stents mainly because of many prominent manufacturers being domiciled in the nations of the U.K. and Germany. Strong uptake of minimally invasive surgeries in the region has also helped its market. While Europe region takes the lead when it comes to market share, Asia Pacific surpasses others vis-à-vis growth rate. Highly populous, fast expanding economies of China and India, seeing large scale upgrading of their healthcare sector, are mainly said to be powering the growth in Asia Pacific.
Global Arterial Stents Market: Competitive Dynamics
Some of the prominent participants in the global market for arterial stents are Medtronic, Abbott Laboratories, Cordis Corporation, C.R. Bard Inc., Boston Scientific Corporation, Gore Medical, Cook Medical, Lifetech Scientific, Biosensors International Group Ltd., and BIOTRONIK AG.
The report segments the Global Arterial Stents Market into the following: