“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.”
The Stents Market is projected to reach $16.7 Billion by 2022, registering a significant growth rate during the forecast period, 2016-2022.
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.
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The growth of the global stents market is driven by the rise in the geriatric populace, increasing occurrence of chronic diseases, technological advancement in the field of stents, better insurance & reimbursement policies, and overall improvement of healthcare in emerging economies. These developing countries provide immense market opportunities for emerging players. However, strict approval procedure for stents and a high cost of treatment with stent implants hamper market growth.
The report segments the global stents market by type, material, and geography. Based on the type, the market is fragmented into coronary stents, peripheral stents, and stent-related implants. The coronary stents segment occupied around half of the total market in 2015, in terms of volume, and is expected to grow at the fastest rate during the forecast period, both in terms of value and volume. In this segment, the bioabsorbable sub-segment is projected to encounter a mammoth CAGR of 37.2% from 2016 to 2022, owing to an increased focus on bioabsorbable stent development and their high adoption rate due to their ability to be easily absorbed in the body and not cause restenosis/thrombosis.
Based on the material, the report categorizes the market into metallic, polymers, and natural biomaterials. In 2015, the metallic biomaterials segment dominated the market due to its cost-effectiveness and the efficacy of vascular healing as compared to other stents. However, the natural biomaterials segment is poised to grow at a significant rate in the future, with a CAGR of 10.5% from 2016 to 2022, owing to its advantages over synthetic biomaterials, such as biocompatibility, non-toxicity, and the ability to carry biochemical signals that may assist in tissue healing or integration. Regionally, Asia-pacific and Europe, together, accounted for more than half of the stent market shares in 2015. With a growing geriatric population, Asia-Pacific is expected to continue leading the geographic segment during the forecast period.
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The report also profiles key players involved in the global stents market, such as 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. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
Key findings of the Stents Market:
- Coronary stent was the highest revenue-generating segment, accounting for around half of the total market in 2015, and is projected to grow at a CAGR of 9.5% during the forecast period.
- The bioabsorbable stents segment is projected to grow at a remarkable CAGR of 37.2%, owing to its growing adoption and technological advancements.
- The global synthetic grafts market is estimated to grow at a CAGR of 6.5% from 2016 to 2022.
- Asia-Pacific and Europe together accounted for over half of the share in the stents market in 2015.
- China and Japan are the leading markets in the Asia-Pacific region and are expected to continue their dominance throughout the forecast period.
- The South Africa stents market is estimated to garner $132 million by 2022.
Scope of the Report:
|Market size available for years||2015-2022|
|Base year considered||2015|
|Forecast units||Value (USD)|
|Segments covered||Stents Type|
|Geographies covered||North America, Europe, Asia-Pacific, LAMEA|
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