Stents Market Expected to Reach $19.7 Billion by 2030 | CAGR of 5.6%

According to a new report published by Allied Market Research, titled, “Stents Market by Product, Material, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030," The global stents market size was valued at $11.7 billion in 2020, and is estimated to reach $19.7 billion by 2030, growing at a CAGR of 5.6% from 2021 to 2030.

Stents are polymeric or metallic tubes, which are implanted into lumen of any duct or blood vessels for keeping the passage open. Stents possess properties to get dissolved or reabsorbed within the patient's body. There are different variations of stents available in the stents market. These are used in different clinical conditions such as esophageal cancer, gall bladder cancer, abdominal, and gastrointestinal tract cancer. But the most common use of stents is in the treatment of cardiac abnormalities like blocked blood vessels. 

The factors that drive growth of the global stents market include increase in number of geriatric populations, advancements in R&D activities in healthcare sector, and increase in number of drug approvals for use of stents due to coronary and peripheral artery diseases. In addition, rise in prevalence of cardiovascular disease, such as coronary artery disease and peripheral artery disease, notably contributes toward growth of the global market. According to the Centers for Disease Control and Prevention (CDC), in 2019, approximately 18.2 million individuals aged above 20 in the world were reported to be diagnosed with coronary artery disease.

Market players are focused on development of stents for removal of blockage in arteries and veins. For instance, in September 2020, Terumo Aortic announced launch of Treo Abdominal stents graft system for the treatment of patients diagnosed with abdominal aortic aneurysms. Furthermore, in April 2021, Abbott announced the launch of AI-powered coronary OCT imaging system, which is designed to offer surgeons with sufficient information during the implantation of coronary stents.

Moreover, rise in disposable income and development in technology in the medical device sector are anticipated to drive growth of the stents market. In addition, increase in demand for drug eluting stents lead to development of innovative technologies in the healthcare sector, thereby propelling growth of the market. According to the Journal of the European Cardiology Review, in 2018, it was reported that drug eluting stents are designed to reduce neointimal hyperplasia and minimize repeat revascularization. Advanced drug eluting stents are developed to ensure long term and good acute result and minimize the risk of stents thrombosis.

Moreover, initiatives taken by governments for development of medical infrastructure for stents implant procedure and availability of better treatment options are the key factors that boost growth of the market. Furthermore, development of the healthcare sector and rise in prevalence of chronic diseases, which are more vulnerable to cardiovascular diseases propel growth of the market. In addition, lack of physical activity, such as exercise, and surge in awareness among physicians about advanced treatment processes of cardiovascular diseases fuel the stents market growth.

The global stents market is segmented on the basis of product, material, end user, and region. On the basis of type, the market is divided into coronary stents, peripheral stents, and stents-related implant. The coronary stents segment dominated the market in 2020, and is expected to dominate the market during the forecast period, owing to increase in prevalence of coronary artery diseases, advancements in technological developments in the healthcare sector, increase in geriatric population, and rise in demand for drug eluting stents.

Depending on material, the market is classified into metallic biomaterials, polymer biomaterials, and natural biomaterials. The polymer biomaterials segment exhibited highest growth in 2020, and is expected to grow during the forecast period, owing to less inflammatory response, complete drug elution, and low risk of associated complications. As per end user, the market is classified into hospitals, ambulatory surgical centers, and others. The hospitals segment led the market in 2020, and is expected to continue this trend during the forecast period, owing to increase in prevalence of coronary artery diseases, initiatives taken by governments for development of medical infrastructure, and rise in awareness about treatment and management of disease and surge in sedentary life style.

Impact Of Covid-19 On Stents Market (Pre And Post Analysis)

The COVID-19 outbreak is anticipated to have a negative impact on the growth of the global stents market. The implementation of lockdown has delayed the percutaneous coronary intervention (PCI) procedure up to six months; thereby, having a minimal negative impact on the market. The COVID-19 pandemic has stressed the healthcare systems in the world and increased the need for advanced hospitals. Many hospitals across the globe, including cardiac catheterization were restructured to increase the hospital capacity for patients diagnosed with COVID-19. This leads to cancellation of many non-essential surgical procedures and the quality of care toward patients other than COVID-19 decreases. This has significantly contributed to decline of the global market.

Key Findings Of The Study

• By product, the coronary stents segment was the highest contributor to the market in 2020.
• Depending on material, the metallic biomaterials segment was the highest contributor to the stents market in 2020.
• As per end user, the hospitals segment was the highest contributor to the stents market in 2020.
• Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

North America accounted for a majority of the global stents market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of cardiovascular diseases, increase in number of approvals for stents, presence of key players for manufacturing of advanced stents, availability of advanced technologies in the healthcare sector, and increase in number of clinical studies to evaluate safety and efficacy of devices in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in prevalence of coronary artery diseases, rise in number of populations, growth in health care expenditures, and rise in sedentary lifestyle.