Global Arterial Stents Market: Snapshot
The global arterial stents market is rising due to the increasing prevalence of atherosclerosis and other arterial disorders along with introduction of innovative arterial stents such as bioresorbable stents. Furthermore, efficacy of arterial stents for the treatment of peripheral and coronary artery diseases and preference for minimally invasive procedures to unblock arteries and to improve blood flow are some other key factors driving the arterial stents market.
On the flip side, lack of well-equipped healthcare facilities and lack of well-trained interventional cardiologists in emerging economies are challenging the market’s growth.
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A report by Transparency Market Research (TMR), projects the global arterial stents market to expand at a healthy 9.5% CAGR during the forecast period between 2017 and 2025. Progressing at this rate, the market which stood at US$8.0 bn in 2016 will become worth US$17.8 bn by the end of 2025.
Introduction of New Product Variants Makes Coronary Stents Dominant
The global arterial stents market is studied on the basis of product type, application, and region in this report. On the basis of product type, the arterial stents market is segmented into coronary stents and peripheral stents. The sub-segments of coronary stents include bare metal stents, drug-eluting stents, bioresorbable stents, and others. The others sub-segment within coronary stents include covered stents and dual-therapy stents. The peripheral stents segment is further classified into self-expanding stents, balloon-expanding stents, and others. The others sub-segment within peripheral stents comprise covered stents and drug-eluting stents.
Of them, coronary stents held the leading market share vis-à-vis revenue in 2016, the growth of this segment is attributed to the rising adoption of novel coronary stents such as bioresorbable stents by interventional cardiologists. Drug-eluting stents within coronary stents accounted for the leading revenue generation in 2016, and is likely to hold on to its dominant position over the forecast period. The growth of drug-eluting segment is due to development and incorporation of anti-restenotic agents to prevent the incidence of re-stenosis.
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However, peripheral stents is likely to surpass coronary stents in terms of growth rate over the forecast period. This is mainly because of rising awareness of peripheral artery diseases and introduction of innovative stents by key players that are designed for femoral and popliteal arteries.
By application, the global arterial stents market is categorized into coronary artery, iliac artery, carotid artery, femoral and popliteal artery, and others. The others segment comprise below-the knee artery, renal and biliary artery, etc. Of them, coronary artery accounted for the leading revenue contribution in 2016, due to numerous players involved in the manufacture of coronary stents. Going forward, the coronary artery segment is likely to remain dominant until the end of 2025. However, femoral and popliteal artery is likely to display the leading CAGR over the 2017-2025 forecast period; this is owing to clinical research leading to improved access to deep rooted arteries such as femoral and popliteal.
Driven by Modernization of Healthcare Sector in China and India, Asia Pacific to Emerge as Key Market
Geographically, the global arterial stents market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Amongst all, in 2016, Europe held the leading market share in terms of revenue; this is mainly due to the strategic presence of key arterial stents manufacturers in Germany and the U.K. The rising preference for minimally invasive surgeries also account for the growth of Europe arterial stents market.
North America ranks as the second-leading market for arterial stents globally, and is likely to expand at a significant CAGR over the 2017-2025 forecast period. However, Asia Pacific is anticipated to display the leading CAGR over the forecast period as large business groups are investing substantially for the modernization of the healthcare sector in China and India.