Vascular Stents Market to Perceive Substantial Growth by the End 2027
Vascular Stents Market: Introduction
According to the report, the global vascular stents market was valued at US$ 7.6 Bn in 2018 and is projected to expand at a CAGR of ~5% from 2019 to 2027. Rise in prevalence of cardiovascular diseases and increase in demand for minimally invasive surgeries are anticipated to drive the global vascular stents market from 2019 to 2027. North America is expected to account for a significant share of the global vascular stents market during the forecast period.
Significant growth of the market in the U.S., owing to high consumption of interventional cardiology devices and continuous rise in number of patients with blocked arteries and other cardiovascular diseases, drive the market in the region. Rise in preference for minimally invasive treatment options, such as angioplasty and other percutaneous coronary intervention (PCI) procedures in the region, is expected to drive the vascular stents market in the region during the forecast period. The market in Asia Pacific is likely to expand at a high CAGR of ~6% from 2019 to 2027. This can be attributed to rise in demand for vascular stents due to increase in cardiovascular diseases in the region.
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Surge in Uptake of Technologically Advanced Coronary Stents to Propel Market
The global vascular stents market is responding positively to new and innovative coronary stents, with increasing uptake of technologically advanced coronary stents. Drug eluting stents (DES) are comparatively newer to bare metal stents (BMS) and have been able to capture the latter’s market share of the global vascular stents market to become market leader. Presently, bioresorbable stents are increasingly being prescribed by healthcare professionals due to their added benefits. This is expected increase the revenue share of the bioresorbable stents segment in the near future.
Various new and technologically advanced coronary stents are available in the market such as bioactive stents, biodegradable polymer based drug eluting stents, bifurcated BMS, and bifurcated DES. These stents have been able to penetrate such markets where BMS or DES were already established due to their advantages over traditional coronary stents. These stents have been clinically proven to cause no or minimum side effects of stenting such as in-stent restenosis, late-stent restenosis, thrombosis, and delayed antiplatelet therapy, which were prevalent in treatment with conventional stents.
Thus, a surge in uptake of technologically advanced coronary stents such as bioresorbable stents is expected to drive the demand for vascular stents during the forecast period.
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Coronary Artery Stents to Dominate Market
In terms of type, the global vascular stents market has been divided into coronary artery stents, peripheral vascular stents, and neurovascular stents. Coronary artery stents segment is further categorized into bare metal stents, bioresorbable stents, covered stents, and drug eluting stents. Peripheral vascular stents segment is further divided into sub-segments, including fem-pop artery stents, iliac artery stents, and infrapop artery stents. The dominance of the segment can be attributed to rise in prevalence of coronary artery diseases across the globe.
According to the National Heart Foundation of Australia, coronary heart disease is a leading cause of death in Australia, affecting 1.2 million people each year. According to the European Heart Network, CVD causes 3.9 million deaths in Europe each year.
Self-expanding Stents to be Highly Attractive
In terms of delivery method, the global vascular stents market has been classified into balloon expandable stents and self-expanding stents. The self-expanding stents segment is likely to dominate the global vascular stents market during the forecast period due to increase in the usage of self-expanding stents. Self-expanding stents offer improved clinical outcomes, as they induce less injury at implantation and achieve better vessel wall apposition.
Cobalt-Chromium Stent to Account for Major Share
Based on material, the global vascular stents market has been categorized into cobalt-chromium stent, platinum-chromium stent, nitinol stent, stainless steel stent, and bioresorbable polymer stent. The cobalt-chromium stent segment is anticipated to constitute significant share of the global vascular stents market by 2027. Advantages offered by cobalt chromium, such as strength, non-ferromagnetism, biocompatibility, and high resistance to corrosion and fatigue are expected to increase the usage of cobalt chromium for stents during the forecast period. However, the bioresorbable polymer stent segment is expected to grow at a faster rate during the forecast period. Quality healing, advanced design, and outstanding safety offered by bioresorbable polymer stents are expected to drive the segment during the forecast period.
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Asia Pacific Market to Expand Significantly
In terms of revenue, North America is projected to dominate the global vascular stents market from 2019 to 2027. North America’s prominent share of the global vascular stents market in 2018, due to the presence of higher number of people with cardiovascular diseases in the region. According to American Heart Association Research, between 2013 and 2016, 121.5 million adults in the U.S. had some form of cardiovascular disease. However, the vascular stents market in Asia Pacific is anticipated to expand at a relatively high CAGR during the forecast period. Factors, such as increase in the prevalence of coronary artery disease in Asia Pacific as compared to Western countries such as the U.S., Canada, and Germany, and increase in usage of metal stents for the treatment of coronary artery diseases, owing to advancement in efficacy and safety of new drug eluting stents, are expected to drive the vascular stents market in Asia Pacific during the forecast period.
Competition Landscape
The report also provides profiles of leading players operating in the global vascular stents market. These include Abbott Vascular (Abbott Laboratories), Cordis Corporation (A Cardinal Health Company), Medtronic, Boston Scientific Corporation, BIOTRONIK AG, Lifetech Scientific, C. R. Bard, Inc. (Becton, Dickinson and Company), Biosensors International Group, Ltd., Cook Medical, and W. L. Gore & Associates, Inc.
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