Market Research Future (MRFR) postulates that the global vascular stents market share is estimated to demonstrate a CAGR of 7.8% throughout the forecast period (2017-2023). The augmenting incidences of coronary and cardiovascular diseases are predicted to favor the market growth in the coming years. Vascular stents are referred to as the devices which are generally utilized for several artery diseases. Arterial diseases are caused due to the decrease in the diameter of the artery owing to the deposition of the plaque, which is fat or cholesterol. Vascular stents block these arteries and relieve the blood flow.
Market Potential and Pitfalls
The market’s growth is chiefly directed by the augmenting prevalence of coronary and cardiovascular diseases. With the growing number of angioplasty procedures due to rising cardiovascular diseases, advancements in the treatment of such diseases, and rising obese population, the global market for vascular stents is growing at a breakneck speed. For instance, as per the WHO, cardiovascular diseases are the major cause of death across the world. Moreover, the number of obese population is also increasing across the globe. 39% of adults with 18 years of age were recorded overweight in 2014. Due to the lack of exercises, poor diet, and rapid adoption of deskbound work life, people are more prone to cardiovascular diseases, which is further contributing to the growth of the market throughout the appraisal period. Vascular stents have several advantages such as shorter recovery time and low risk of infection which is anticipated to influence the market growth in the coming years. The rising demand for minimally invasive surgeries has also contributed to the growth of the market.
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On the contrary, the high cost of vascular stents coupled with the availability of alternative therapies is some of the top barriers considered to vitiate the market growth during the appraisal period. Moreover, inadequate reimbursement policies, the slow adoption rate of stents in disease management, and strict regulatory scenario are predicted to impede the market growth. Despite such hiccups, several major companies are highly focusing on R&D activities in order to improve the products of vascular stents. Companies are extensively focusing on the development of biodegradable stents in order to overcome the disadvantages of other stents available in the market.
Global Vascular Stents Market: Segmental Analysis
The global vascular stents market has been segmented on the basis of material, application, type, and end-users.
By mode of material, the global vascular stents market has been segmented into standard polymer, metal, and biodegradable polymer. Among these, the polymer-based vascular stents are likely to witness a higher growth rate due to its extensive use in the surgeries.
By mode of application, the global vascular stents market has been segmented into peripheral artery, coronary artery, and others. Among these, the coronary artery segment occupies a significant share due to the healthcare sector’s objective to minimize the number of deaths caused due to cardiovascular diseases.
By mode of type, the global vascular stents market has been segmented into balloon expanding stent, self-expanding stent, drug-eluting stent, renal artery stents, and others.
By mode of end-users, the global vascular stents market has been segmented into clinics, hospital, and ambulatory centers. Among these, the hospital’s segment is predicted to expand at a significant rate as they offer advanced medical infrastructure and trained professionals who are not available in small clinics.
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Geographically, the vascular stents market span across regions namely, Europe, Asia Pacific, North America, and the Middle East & Africa.
Considering the global scenario, North America commands the global vascular stents market owing to the growing obese population in this region. The region is predicted to experience a sturdy growth rate due to the accelerating population suffering from cardiovascular diseases. Also, lack of exercises among the people and changing lifestyle also influence the market growth to a large extent in this region.
The Asia Pacific region is estimated to expand at the fastest growth rate during the appraisal period and is likely to retain its growth in the coming years. The growth is credited to the large population base, the increasing prevalence of cardiovascular diseases, low manufacturing costs of the medical devices, and the growing adoption of cardiovascular diseases in this region.
The European region is considered to hold the second-largest position in the global market. The growth is credited to the rising geriatric population, the strong presence of healthcare infrastructure, and unhealthy lifestyle among the population. Economies such as the U.K., France, and Germany are the early adopter of advanced technologies, which has resulted in the market growth in this region.
March 12, 2019: An innovator in the field of microvascular interventions which aims towards improving the quality of life and clinical outcomes, Micro Medical Solutions has recently announced that they have established distribution agreements for MicroStent in 15 different nations in Latin America and the European Union.
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The prominent players operating in the global vascular stents market are Terumo Corporation (Japan), B. Braun Melsungen AG (Germany), Biotronik SE & Co. Kg (Germany), Boston Scientific Corporation (US), Translumina GmbH (Germany), Medtronic Plc (UK), MicroPort Scientific Corporation (China), Lombard Medical Technologies (UK), Meril Life Sciences Pvt. Ltd. (India), Cook Medical (US), W.L. Gore & Associates (US), Vascular Concepts (India), Cordis (US), and Abbott Laboratories (US).