Vascular Stent Market at a CAGR of 7.7% During 2016 to 2021 - ReportsnReports
PUNE, India, May 8, 2017 /PRNewswire/ --
Vascular Stent market is projected to reach $17.68 billion by 2021 from $12.21 billion in 2016, at a CAGR of 7.7%. Coronary stents segment dominated the market in 2016 majorly due to rising incidence of coronary artery disease and technological advancements in coronary stents which led by North America region.
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The global vascular stents market is projected to reach USD 17.68 billion by 2021 from USD 12.21 billion in 2016, at a CAGR of 7.7% from 2016 to 2021.
Major factors contributing to the growth of the global vascular stents market include technological advancements, increasing number of angioplasty procedures, rising burden of vascular diseases, increasing demand for minimally invasive procedures, and rising geriatric population. However, the presence of alternative treatments for cardiovascular diseases, stringent regulations for product approvals, and numerous cases of product failure and recalls are the major factors that are expected to restrain the growth of this market during the forecast period of 2016 to 2021.
Various companies are focusing on R&D activities to improve their vascular stent offerings. Companies like Abbott Laboratories and Boston Scientific are focusing on the development of biodegradable stents to offer effective products that overcome the complications caused by thrombosis [resulting from long-term device implantation]. For instance, in May 2014, Boston Scientific (U.S.) launched the Promus PREMIER Everolimus-eluting Platinum Chromium Coronary Stent System in Japan.
Currently, the vascular stents market is witnessing a new phase of technology development with the launch of fully dissolving stents. In July 2016, Abbott Laboratories (U.S.) received the U.S. FDA approval to commercially launch its Absorb bioresorbable heart stent. Absorb is the fully dissolving stent approved for the treatment of CAD. Furthermore, a number of bioabsorbable stents for treating PAD are in clinical trials. Some of these products include 480 Biomedical's Stanza bioresorbable self-expanding scaffold [which is currently under SPIRIT trial and will be used to treat PAD for superficial femoral artery (SFA)] and the Esprit bioresorbable vascular scaffold (BVS) from Abbott Vascular [will be used in the treatment of PAD for SFA and iliac lesions].
On the basis of product, the vascular stent market is segmented into coronary stents, peripheral stents, and EVAR stent grafts. Peripheral stents are further segmented into carotid stents, renal artery stents, femoral stents, iliac stents, and other peripheral stents. EVAR stent grafts are further segmented into abdominal aortic aneurysm and thoracic aortic aneurysm. The coronary stents segment accounted for the largest share of the vascular stent market in 2016. The large share of this segment can primarily be attributed to the rising incidence of coronary artery disease and technological advancements in coronary stents.
On the basis of type, the market is segmented into bare-metal stents, drug-eluting stents, and bio absorbable stents. The drug-eluting stents segment accounted for the largest share in 2016 primarily due to the advantages these stents offer over bare-metal stents, including lower risk of restenosis and other related complications.
On the basis of mode of delivery, the vascular stent market is segmented into balloon-expandable stents and self-expanding stents. The balloon-expandable stents segment is estimated to register the highest growth during the forecast period due to the growing regulatory approvals for balloon-expandable stents and the increasing number of research activities focusing on improving the balloon-expandable stent technology.
On the basis of material, the market is segmented into metallic stents (cobalt chromium, platinum chromium, nickel titanium, and stainless steel) and other stents. The other stents segment is projected to grow at the highest CAGR during the forecast period. The high growth in this segment is attributed to the growing utilization of polymers and copolymers for the development of bio absorbable stents.
On the basis of end user, the market is segmented into hospitals & cardiac centers and ambulatory surgical centers. The hospitals & cardiac centers segment dominated this market in 2016 as the majority of patients opt to undergo angioplasty procedures in hospitals, owing to which the demand for vascular stents is higher in this end-user segment.
The Asian market is estimated to register the highest growth during the forecast period. The high-growth in this regional segment can be attributed to the presence of a large population base, growing prevalence of vascular diseases, rising adoption of advanced technologies, and low manufacturing costs for medical devices in emerging Asian countries.
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