New Jersey, NJ, Aug. 08, 2019 (GLOBE NEWSWIRE) -- Increasing geriatric population, rising demand for minimally invasive procedures, and increasing incidences of coronary artery diseases are driving the growth of the arterial stents market. The global arterial stents market is expected to grow from USD 8.62 Billion in 2017 to USD 16.58 Billion by 2025 at a CAGR of 8.61% during the forecast period 2018-2025, according to the new report published by Fior Markets.
Heart stents are used during coronary angioplasty procedure to remove blocked arteries. Different types of stents are available for different clinical conditions in the market. These are used for the treatment of cardiac abnormalities such as blocked blood vessels. Stents are commonly made of metals, polymers, and natural bio absorbable materials. Rise in elderly population worldwide is one of the major factors responsible for the growing prevalence of CVD. According to the WHO, the population of individuals aged 65 years and above was 617 million (8.5% of the total population) in early 2016, and expected to reach 1.6 billion (17% of global population) by 2050. Technological advancements in stenting technology, in terms of material, construction, and coatings increases the effectiveness of stents expanding their application areas. In addition to this, launching advanced products in the market helps companies gain a competitive advantage. For instance, in 2016, Abbott launched Absorb bioresorbable heart stent.
Rising geriatric population, adoption of new techniques and minimally invasive procedures are leading in this industry, these are major factors driving the market. In addition to this, latest treatments are available in cardiac care to increase the life span of the elderly population. Stringent regulations regarding the approval of new products may hamper the growth of the market. However, favourable reimbursement policies and technological advancements providing additional capabilities are boosting the growth of the market in future. For instance, Japan’s National Health Insurance system provides reimbursement for all medical devices.
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The major players of market include Abbott Laboratories, Medtronic, plc, Boston Scientific Corporation, B. Braun Melsungen AG, Biosensors International Group, Ltd., BIOTRONIK SE & Co. KG, Terumo Corporation, STENTYS SA, MicroPort Scientific Corporation (China), C. R. Bard, Inc., Meril Life Sciences Pvt. Ltd., Vascular Concepts, and Translumina GmbH, and among others. Abbott Laboratories, Medtronic, plc, Boston Scientific Corporation are the top leading players of the market. Key players active in the market are involved in collaborative agreements and expansion to bolster the growth of the market.
- New product launches, collaboration, mergers & acquisitions, and regional expansion are the key strategic initiatives undertaken by these industry players. For instance, in 2017, Abbott launched XIENCE Sierra™, a next generation of most widely used heart stent for people with coronary artery disease in Europe. This product is drug-eluting XIENCE stent and has received CE Mark of the European approval.
- For instance, in 2016, Abbott acquired St. Jude Medical, Inc., which is a manufacturer of products for heart failure, atrial fibrillation, and cardiac rhythm management. The acquisition has strengthened its coronary intervention product offerings in the cardiovascular devices market.
BVS based segment was valued around USD 3.39 Billion in 2017.
Type segment includes BMS, BVS and drug eluting. BVS based segment dominated the global arterial stents market by accounting a value of around USD 3.39 Billion in 2017. New product approvals aimed for young patient population are the major contributing factors to drive the demand of the segment in future. Increasing demand for minimally invasive surgical procedures is also expected to drive this segment growth in upcoming years.
Polymer segment held the largest market share of 59.31% in 2017.
Material segment includes metal, polymer and copolymer. In 2017, polymer segment held the largest market share of 59.31% in global arterial stents market. Due to cost effectiveness and minimal invasiveness nature, polymer is a preferred choice during the procedure.
Hospital segment is expected to grow with the highest CAGR of 10.68% in the forecast period.
The end user segment includes hospital, cardiology center and ASC. Hospital segment is expected to witness the highest CAGR of 10.68% in the forecast period. There is a rise in awareness regarding peripheral artery diseases and cardiovascular disease. Introduction of innovative stents and rising healthcare expenditure in developed and developing economies are some of the key factors contributing the growth of the market. In addition, adoption of technological advancements in coronary stents by the hospitals is anticipated to drive as well as maintain the dominance of the hospital segment in the upcoming years.
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Region Segment Analysis of the Arterial Stents Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region dominated the global arterial stents market with USD 3.74 Billion in 2017 where as Asia Pacific region held the second dominant position in the market. North America is a major manufacturing hub owing to the presence of large number of companies, favourable reimbursement facilities which aid in product availability. Rising disease prevalence and development of innovative bio-engineered absorbable products led to the growth in the region. Asia Pacific is the second fastest growing region due to the changing life style, increasing medical tourism, favourable government initiatives in economies such as China and India, regarding the pricing of medical devices..
About the report:
The global arterial stents market is analysed on the basis of value (USD Billion), volume (Kilotons), consumption (Kilotons), imports (Kilotons) and exports (Kilotons).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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