The major drivers of the market include increasing geriatric population and high incidence of heart failures & coronary disorders such as esophageal cancer, gall bladder cancer, and other abnormalities. In addition, technological advancements in stent systems, such as advent of bioabsorbable stents, have fueled the market growth. Continuous improvements in healthcare insurance and reimbursement is expected to boost the growth of the stents market in the developing and underdeveloped countries, says lead analyst of the report, Deepa Tatkare. However, high cost of these stents in the emerging countries is one of the major restraining factors of the market, she further added.
Stents Market is expected to garner $16,666 million by 2022. 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.
Varieties of stents for different clinical conditions are available in the market. A stent implant is most commonly used for the treatment of cardiac abnormalities such as blocked blood vessels. In addition, stents are implanted in the esophagus to allow the passage of food and beverages in patients suffering from esophageal cancer.
The coronary stents market has a huge potential with the presence of many players developing innovative technologies. Increasing advancements in the field of interventional cardiology coupled with the progress of minimally invasive techniques have significantly extended the potential of therapeutic applications of stents. Coronary stents such as bare metal stents, drug-eluting stents, and bioabsorbable stents can be used to treat coronary artery diseases (CAD).
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Bioabsorbable stent is expected to be the fastest growing segment, registering a CAGR of 37.2% during the forecast period. The major factors fueling the market growth are increasing focus on the development of bioabsorbable stents and their high adoption rate as they can be easily absorbed in the body and do not cause restenosis/thrombosis.
Top Impacting Factors
Growing elderly population and rise in prevalence of chronic diseases
Rising prevalence of chronic diseases coupled with the rapidly aging population worldwide is set to increase the demand for stent implants. According to WHO report, the population of people above 65 years was around 524 million in 2010, which is expected to grow to 1.5 billion by 2050; this would be 16% of the total world population. It is estimated that 27% of the Japanese, 16% of the U.S., 24% of the U.K., 17% of the Russian, and 14% of Chinese population will be above 65 years of age by 2020.
Technological advancements in the field of stents
Continuous technological innovations in the field of stent systems are set to drive the global stents market. Moreover, companies are spending a lot into R&D to create innovative products, for instance, Medtronic spend $1.640 billion for research and development in the year 2015, according to its annual report.
Global rise in acceptance of medical implants
The acceptance for medical implants has increased worldwide amongst patients and doctors. For instance, an increasing number of patients worldwide are opting for joint reconstruction surgeries to improve their quality of life. According to the U.S. National Center for Health Statistics, between 2001 and 2010, three has been an increase of 92% in the patients opting for total hip replacement for patients over 75 years of age while for patients in the age group 45-54 the rise has been a whopping 205%.
Improvement of healthcare infrastructure in developing countries
Over the past decade, the governments have increased their expenditure on the healthcare industry particularly in emerging nations. According to The World Bank data, China increased its healthcare expenditure from 5% in 2011 to 5.5 % of its GDP in 2015. Chile, Korea, and Turkey have increased their healthcare spending by 5% in 2013, according to OECD Health Statistics 2015.
High cost of treatment associated with stent implants
The cost of stents also increases with advancements in technology. For instance, drug eluting stents are costly as compared to bare metal stents. This high cost is a major restraint in the developing countries where most of the population does not have health insurance. The technologically advanced stents are too expensive for patients in developing countries.
Stringent approval process as these are highly specialized devices
The approval processes in most of the counties are very stringent for stents. As these are to be introduced in the body, they fall under Class II and III devices. It involves lots of time and investment for approval of stent systems. Recently, Boston Scientific SYNERGY Stent gained PMA approval after years of clinical trials. According to Advanced Medical Technology Association, it is estimated that about 77% and 80% of the total cost incurred in bringing a class II and class III medical device, respectively, to market is spend on FDA linked approval stages.
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Metallic biomaterial is the dominant segment due to its cost effectiveness and the efficacy of vascular healing as compared to other stents. Natural biomaterials such as animal or plant origin materials have demonstrated several advantages over synthetic biomaterials. These are biocompatible, nontoxic, may also carry specific protein binding sites, and other biochemical signals that may assist in tissue healing or integration. The global natural biomaterial stents market is expected to grow at a CAGR of 10.5% from 2016 to 2022.
The key players in this market have adopted product development & launch as their key strategies to cater to the changing needs of the industry. Furthermore, companies have collaborated with other key players to develop cost-effective and technologically efficient stents to strengthen their market position. The key players profiled in this report include Abbott Laboratories, B. Braun Melsungen AG, Biotronik SE & Co. KG, Boston Scientific Corporation, C.R. Bard, Inc., Elixir Medical Corporation, Medtronic plc, Microport Scientific Corporation, STENTYS S.A., and Terumo Corporation.