Vascular Stents Market Size Worth US$ 11.9 Billion by 2024 | CAGR 5% – IMARC Group
As per the latest report by IMARC Group, titled “Vascular Stents Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 8.7 Billion in 2018. Vascular diseases are caused by abnormalities in blood vessels that lead to blockage or damage. Injury or deposition of fat or cholesterol on the artery wall are the primary factors for the development of these conditions. Some of the common vascular diseases include coronary heart disease, peripheral arterial disease (PAD), abdominal aortic aneurysm (AAA), and carotid artery disease (CAD). Vascular stents are employed to treat these conditions, wherein they provide internal structural support to stenotic blood vessels and relieve the obstruction of blood flow. These stents are generally manufactured using polyethylene, polypropylene or non-absorbable materials including stainless steel or cobalt-chromium alloys.
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Global Vascular Stents Market Trends:
One of the key factors that are strengthening the growth of the market is the rising geriatric population across the globe. Apart from this, the increasing incidences of coronary artery disease have resulted in the growing need for heart stent surgeries. This can be accredited to the lack of physical activity, unhealthy dietary patterns, and the increased intake of alcohol, especially among the young population. Further, the increasing preference for minimally invasive (MI) procedures is also impelling the market growth as they ensure a quick recovery. Some of the other factors that are supporting the market growth include low risk of infection, minimized bleeding and low cost of vascular stents as compared to conventional surgical methods. Looking forward, the market value is projected to reach US$ 11.9 Billion by 2024, expanding at a CAGR of around 5% during 2019-2024.
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Market Summary:
- Based on the product type, the market has been segmented into coronary stents, peripheral vascular stents and EVAR stent grafts. At present, coronary stents represent the most widely utilized product type in the market.
- On the basis of the material, the market has been bifurcated into metallic and other stents. Metallic stents are further segregated into cobalt chromium, platinum chromium, nickel-titanium and stainless steel.
- Based on the mode of delivery, the market has been classified into balloon-expandable and self-expanding stents. Balloon-expandable stents currently account for the majority of the total market share.
- The market has been analyzed on the basis of the end user into hospitals and cardiac centers, and ambulatory surgical centers. Presently, hospitals and cardiac centers hold the dominant market share.
- Region-wise, North America represents the largest market for vascular stents in the world. This can be attributed to rising obesity, altered food consumption patterns, and increased smoking and alcohol consumption across the region. Other major markets include Europe, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined with some of the key players being Medtronic Plc, Abbott Laboratories, Boston Scientific Corporation, Biotronik Se & Co. Kg, Braun Melsungen Ag, Terumo Corporation, Microport Scientific Corporation, Meril Life Sciences Pvt. Ltd., Vascular Concepts Limited, C.R. Bard, Inc., W.L. Gore and Associates, Inc., Endologix, Inc., Lombard Medical, Translumina GmbH and Jotec GmbH.
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