Stents are medical devices designed to temporarily or permanently placed into the artery or narrow blood vessels to help it to remain open and functional. Stents are made up of fabric and metal mesh. Fabric stents also called as stent grafts and are widely used in larger arteries. There are two types of stents including wire mesh and covered stents.
Major Growth Factors:
The vascular stents market is mainly driven by rapid growth in aging population coupled with high demand for minimally invasive surgeries across the globe. According to a study of World Health Organization (WHO), the number of aged people between 65 to 80 years is projected to increase from over 600 million to 2 billion by 2050. In addition, increasing prevalence of cardiovascular diseases further propels the growth of vascular stents market. More than million people died from cardiovascular disease (CVD) in 2008 and the number is estimated to reach 23.3 million by 2030, according to WHO. Moreover, the rising awareness about the benefits of minimally invasive such as less damage to human tissue and less bleeding is further expected to boost the market growth in the near future. However, the high cost of the vascular stent may hamper the market growth within the forecast period. Nonetheless, technological advancement to provide innovative products is anticipated to open up new growth avenues in the coming years.
According to the report, global vascular stents market was valued at USD 2,907.1 million in 2015 and is expected to generate revenue of USD 4,230.0 million by end of 2021, growing at a CAGR of 6.5% between 2015 and 2021.
Based on products, the vascular stents market can be segmented into fem-pop artery stents, iliac artery stents, renal artery stents, carotid artery stents and others. Iliac artery was the leading segment and it accounted for more than 35% share of total revenue generated in 2015. The main artery in the body is separated into the iliac artery. Lower extremity arterial disease (LEAD) is a prevalent disease affecting around 202 million people worldwide. Internal Iliac Artery Stenosis (IIAS) is one of the localization of LEAD. Thus, the iliac artery is anticipated to witness the fastest growth over the next few years. Fem-pop artery stents were a second largest segment and are expected to show exponential growth in the coming years. Renal artery stents, carotid artery stents, and other products also play an important role in this market.
North America dominated the market with over 39% share of total revenue generated in 2015. Europe was another key regional market and is expected to show substantial growth within the forecast period. Rapid growth in aging population has driven a steady increase in the number of patients requiring treatment for peripheral vascular lesions in the U.S. Asia Pacific accounted more than 20% share of the total market in 2015 and is expected to witness the fastest growth in the near future due to increasing aging population coupled with rising health awareness.
Major Industry Players:
Major market players for vascular stents include: Cordis Corporation (U.S.), Boston Scientific Corporation (U.S.), C.R. Bard, Inc. (U.S.), Cook Medical (U.S.) and W.L. Gore & Associates (U.S.) and Abbott Vascular, Inc. (U.S.)
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