Stents Market on Target to hit $16.66 billion by 2022, at a CAGR of 7.8%
Pune, Maharashtra, India, February 8 2021 (Wiredrelease) Allied Analytics –:The global stents market is expected to garner $16,666 million by 2022. In 2015, Coronary stents was the largest segment in terms of value, whereas peripheral stents was the dominating market segment in terms of volume. Moreover, coronary stents market is projected to be the fastest growing segment in terms of both, value and volume, during 2016-2022. Asia-Pacific is expected to continue leading the geographic segment during the forecast period.
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.
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.
In the current scenario, the U.S. and Europe have the largest customer base for stent implants. However, these regions constitute only 17% share of the world population. Whereas, the Asia-Pacific region constitute around 56.4% of the human population in 2015 (Source: United Nations Department of Economic & Social Affairs); with huge geriatric population; therefore, this region exhibits huge market potential. According to the WHO, the geriatric population in the developing countries is projected to increase by 250% between 2010 and 2050, as compared to 71% in the developed countries. This is expected to increase the patient base in these regions. The Asia-Pacific region accounted for majority of the share in the stents market in 2015, and is expected to maintain this trend throughout the forecast period. This is attributed to the increasing incidence of heart failures, changing lifestyle, improved reimbursement policies, and high adoption of advanced stents in the region.
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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 Major key players profiled Are:
• 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.
• Terumo Corporation.
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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.
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