Venous Stents Market to Reach $2,809.7 Million by 2030, Growing at a Robust 10.40% CAGR, backed by Increasing Adoption of Outpatient Procedures and Daycare Surgeries, States Kings Research
DUBAI, UAE, Jan. 30, 2024 /PRNewswire/ -- As per the latest report published by Kings Research, the global Venous Stents Market was valued at USD 1,296.2 million in 2022 and is projected to reach USD 2,809.7 million by 2030, growing at a 10.40% CAGR from 2023 to 2030. The increasing adoption of outpatient procedures and daycare surgeries is a significant factor driving the venous stents market growth. Factors such as an aging population, rising prevalence of obesity, and sedentary lifestyles contribute to venous insufficiency, leading to conditions such as deep vein thrombosis, chronic venous insufficiency, and venous leg ulcers. Venous stents, offering a minimally invasive treatment approach, play a pivotal role in alleviating symptoms and enhancing the quality of life for patients affected by these diseases.
Venous stents, comprising metallic mesh tubes, serve as a remedy for obstructed or constricted veins. These devices function as a supportive framework, ensuring the veins remain unobstructed and facilitating smoother blood flow. Typically, surgeons deploy venous stents to alleviate venous outflow obstruction, a major factor in chronic venous disease. The utilization of venous stents has garnered increased attention and acknowledgment in the management of venous disorders in the last decade.
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Trending Now: Inari Medical Introduces Two Novel Thrombectomy Catheters
In June 2023, Inari Medical, a medical device company, introduced two newly designed thrombectomy catheters specifically tailored to address the challenges associated with venous stent thrombosis and venous thromboembolism (VTE). The newly launched products included the Triever16 Curve catheter and the RevCore thrombectomy catheter.
Competitive Landscape
Key players in the venous stents market are actively pursuing various essential business strategies, including partnerships, mergers and acquisitions, product innovations, and joint ventures. These efforts are aimed at broadening their product portfolios and enhancing their market shares in diverse regions. Companies adopt various strategic initiatives, such as investments in research and development activities, the establishment of new manufacturing facilities, and optimization of the supply chain, to attain a stronger foothold in the business landscape.
For instance, in May 2023, Royal Philips completed the acquisition of Vesper Medical Inc., a company specializing in the development of minimally invasive peripheral vascular devices. This strategic move has significantly broadened Philips' portfolio of diagnostic and therapeutic devices by incorporating an innovative line of venous stents designed for the advanced treatment of deep vein disease.
Prominent players profiled in the global venous stents market include:
- Abbott Laboratories
- Becton, Dickinson and Company
- Bentley
- Boston Scientific Corporation
- Cardinal Health
- Cook Group Incorporated
- Koninklijke Philips N.V.
- Medtronic
- Shanghai MicroPort Endovascular MedTech(Group)Co., Ltd.
- W. L. Gore & Associates, Inc.
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Cost-Effectiveness of Iliac Vein Stent Technology to Augment Venous Stents Market Revenue
Based on technology, the market is classified into iliac vein stent technology and wallstent technology.
The Iliac vein stent technology segment held a substantial market share in 2022, and it is anticipated to experience noteworthy growth at 10.68% CAGR through the evaluation period. The surge in the adoption of this technology can be attributed to its flexibility, MRI compatibility, high radial force, and cost-effectiveness.
Accelerating Demand for Venous Stents to Propel Product Sales
Based on application, the venous stents market is categorized into leg, chest, abdomen, and others.
The leg segment is anticipated to lead the global market, accruing USD 1175.6 million in revenue by 2030. The growth of this segment is propelled by rising incidences of deep vein thrombosis, which is contributing to an increased demand for venous stents in leg surgeries.
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Surging Obesity Rates to Bolster Venous Stents Market Growth
The escalating trend toward outpatient procedures and day surgery is a significant driving factor for the increased demand for venous stents. Factors such as the aging population, rising obesity rates, and sedentary lifestyles contribute to venous insufficiency, leading to conditions like deep vein thrombosis, chronic venous insufficiency, and venous leg ulcers. Venous stents, offering minimally invasive treatment, have become crucial in alleviating symptoms and enhancing the quality of life for patients affected by these ailments.
Market growth is further propelled by the development of effective techniques for precise vein placement, accompanied by substantial investments from key industry players in the advancement of flexible venous stents. Additionally, advancements in stent technology and materials have enhanced the safety and efficacy of the procedure, thereby increasing the utilization of vein stenting. The emergence of bio-absorbable stents and the growing adoption of drug-eluting stents are poised to create new opportunities for the venous stents market in the future.
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Rising Prevalence of Venous Disease in North America to Spur Venous Stents Market Progress
North America is anticipated to experience significant growth, accounting for a valuation of USD 942.9 million by 2030. The mounting prevalence of venous disease, particularly among the aging population, is fueling the growth of the regional market, contributing to increased product uptake. Studies indicating favorable outcomes of venous stenting in addressing conditions such as deep vein thrombosis, chronic venous insufficiency, and varicose veins further support market expansion. Additionally, the prevalence of venous diseases and advancements in stent technology play a notable role in the widespread adoption of venous stents, with self-expandable stents, bioresorbable stents, coatings, and drug-eluting stents, collectively enhancing the safety and effectiveness of venous stenting in North America and contributing to the overall market growth.
Growing Popularity of Minimally Invasive Procedures in Europe to Support Venous Stents Market Expansion
Europe is anticipated to dominate the global venous stents industry with a CAGR of 9.26% over the analysis period due to the rising occurrence of venous diseases. The increasing utilization of self-expanding stents, bioresorbable stents, coatings, and drug-eluting stents has notably enhanced the safety and efficacy of venous stenting in the European region. Technological advancements are anticipated to contribute to the regional market growth through the forecast period. Furthermore, the significant increase in the number of minimally invasive venous procedures conducted to address complex venous diseases is fostering the domestic market outlook.
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Key Points from TOC:
Chapter 1 Introduction of The Global Venous Stents Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
Chapter 2 Executive Summary
Chapter 3 Research Methodology
3.1 Data Collection
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
Chapter 4 Global Venous Stents Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Venous Stents Market, By Technology
Chapter 7 Global Venous Stents Market, By Disease
Chapter 8 Global Venous Stents Market, By Application
Chapter 9 Global Venous Stents Market, By Geography
Chapter 10 North America
Chapter 11 Europe
Chapter 12 Asia Pacific
Chapter 13 Middle East & Africa
Chapter 14 Latin America
Chapter 15 Global Venous Stents Market Competitive Landscape
15.1 Overview
15.2 Key Developments
15.3 Key Strategic Developments
15.4 Company Market Ranking
15.5 Regional Footprint
15.6 Industry Footprint
Chapter 16 Company Profiles
16.1 Abbott Laboratories
16.1.1 Key Facts
16.1.2 Financial Overview
16.1.3 Product Benchmarking
16.1.4 Recent Developments
16.1.5 Winning Imperatives
16.1.6 Current Focus & Strategies
16.1.7 Threat from competition
16.1.8 SWOT Analysis
16.2 Becton, Dickinson and Company
16.2.1 Key Facts
16.2.2 Financial Overview
16.2.3 Product Benchmarking
16.2.4 Recent Developments
16.2.5 Winning Imperatives
16.2.6 Current Focus & Strategies
16.2.7 Threat from competition
16.2.8 SWOT Analysis
16.3 Bentley
16.3.1 Key Facts
16.3.2 Financial Overview
16.3.3 Product Benchmarking
16.3.4 Recent Developments
16.3.5 Winning Imperatives
16.3.6 Current Focus & Strategies
16.3.7 Threat from competition
16.3.8 SWOT Analysis
16.4 Boston Scientific Corporation
16.4.1 Key Facts
16.4.2 Financial Overview
16.4.3 Product Benchmarking
16.4.4 Recent Developments
16.4.5 Winning Imperatives
16.4.6 Current Focus & Strategies
16.4.7 Threat from competition
16.4.8 SWOT Analysis
16.5 Cardinal Health
16.5.1 Key Facts
16.5.2 Financial Overview
16.5.3 Product Benchmarking
16.5.4 Recent Developments
16.5.5 Winning Imperatives
16.5.6 Current Focus & Strategies
16.5.7 Threat from competition
16.5.8 SWOT Analysis
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