Stents Market Size & CAGR
The global stents market size was valued at USD 9.1 billion in 2023 and is projected to reach USD 14.5 billion by 2030, growing at a CAGR of 6.8% during the forecast period. The forecast growth rate from 2023 to 2030 is expected to be driven by the increasing prevalence of cardiovascular diseases, rising geriatric population, technological advancements in stent design, and growing demand for minimally invasive procedures.
COVID-19 Impact on the Stents Market
The COVID-19 pandemic had a significant impact on the stents market, causing delays in elective procedures, disruptions in the supply chain, and reduced patient visits to hospitals and clinics. As healthcare systems focused on COVID-19 response and management, non-emergency procedures like stent placements were postponed, leading to a temporary decline in stent procedures. However, with the gradual easing of lockdown restrictions and resumption of elective surgeries, the stents market is expected to rebound in the coming years.
Stents Market Dynamics
The stents market is driven by factors such as the increasing prevalence of cardiovascular diseases, rising geriatric population, technological advancements in stent design, and growing demand for minimally invasive procedures. However, challenges such as the high cost of stents, reimbursement issues, and regulatory concerns may hinder market growth. Opportunities like the development of bioresorbable stents, increasing awareness about cardiovascular health, and expanding healthcare infrastructure in emerging economies are expected to drive market expansion.
Segments and Related Analysis of the Stents Market
The stents market can be segmented based on product type, material, end-user, and region. Product types include coronary stents, peripheral vascular stents, and neurovascular stents. Materials used in stent manufacturing include metal stents, polymer stents, and bioresorbable stents. End-users of stents are hospitals, specialty clinics, and ambulatory surgical centers. Regionally, the market can be classified into Asia Pacific, South America, North America, Europe, and the Middle East & Africa.
Stents Market Analysis Report by Region
Asia Pacific Stents Market Report
The Asia Pacific stents market is poised for significant growth due to increasing healthcare expenditure, rising prevalence of cardiovascular diseases, and expanding geriatric population. Countries like China, India, Japan, and South Korea are key markets driving stent adoption in the region.
South America Stents Market Report
The South America stents market is characterized by a growing burden of cardiovascular diseases, improving healthcare infrastructure, and technological advancements in stent manufacturing. Brazil, Argentina, and Chile are emerging as key markets for stent penetration in the region.
North America Stents Market Report
North America is a mature market for stents, with high adoption rates of advanced medical technologies, well-established healthcare infrastructure, and favorable reimbursement policies. The United States and Canada lead the North American stents market in terms of revenue and market penetration.
Europe Stents Market Report
Europe is a prominent region for stents adoption, driven by the increasing prevalence of cardiovascular diseases, aging population, and technological innovations in stent design. Countries like Germany, France, the UK, and Italy are key contributors to the European stents market.
Middle East and Africa Stents Market Report
The Middle East and Africa region exhibit growing demand for stents due to the rising incidence of cardiovascular diseases, improving access to healthcare services, and increasing adoption of minimally invasive procedures. Countries like Saudi Arabia, the UAE, South Africa, and Egypt are pivotal markets for stent manufacturers in the region.
Stents Market Analysis Report by Technology
The stents market analysis by technology includes bare metal stents, drug-eluting stents, bioresorbable stents, and others. Drug-eluting stents dominate the market due to their ability to reduce restenosis rates compared to bare metal stents. Bioresorbable stents are gaining popularity for their temporary support and biocompatibility.
Stents Market Analysis Report by Product
The stents market analysis by product categorizes stents into coronary stents, peripheral vascular stents, and neurovascular stents. Coronary stents hold the largest market share due to the high prevalence of coronary artery diseases and the widespread use of coronary stents in interventional cardiology procedures.
Stents Market Analysis Report by Application
The stents market analysis by application covers segments like coronary artery disease, peripheral artery disease, and neurovascular diseases. The increasing incidence of coronary artery disease drives the demand for coronary stents, while the growing prevalence of peripheral artery disease fuels the adoption of peripheral vascular stents.
Stents Market Analysis Report by End-User
The stents market analysis by end-user includes hospitals, specialty clinics, and ambulatory surgical centers. Hospitals are the primary end-users of stents due to the high volume of interventional procedures performed in hospital settings. Specialty clinics and ASCs cater to specific procedures requiring stent placement.
Key Growth Drivers and Key Market Players
Key growth drivers of the stents market include the rising prevalence of cardiovascular diseases, technological advancements in stent design, increasing geriatric population, and the growing demand for minimally invasive procedures. Key market players in the stents market include:
- Medtronic
- Abbott Laboratories
- Boston Scientific Corporation
- Terumo Corporation
- B. Braun Melsungen AG
Stents Market Trends and Future Forecast
The stents market is witnessing trends like the development of bioresorbable stents, increased focus on precision medicine in stent selection, advancements in stent coatings to reduce restenosis rates, and personalized stent designs for enhanced patient outcomes. The future forecast for the stents market includes continued innovation in stent technology, customization of stent therapy based on patient needs, and the integration of digital health solutions for remote monitoring of stent patients.
Recent Happenings in the Stents Market
Recent developments in the stents market include:
- Medtronic launched the Resolute Onyx Drug-Eluting Stent System with Core Wire Technology for improved deliverability and lesion access.
- Abbott received FDA approval for its XIENCE Sierra Everolimus-Eluting Coronary Stent System for the treatment of coronary artery disease.
- Boston Scientific introduced the Eluvia Drug-Eluting Vascular Stent System for the treatment of peripheral artery disease.
- Terumo Corporation acquired assets of Quirem Medical to enhance its portfolio of interventional oncology products.
- B. Braun Melsungen AG partnered with Osprey Medical to distribute the DyeVert Contrast Monitoring System for reducing contrast-induced nephropathy in patients undergoing cardiac procedures.