The world stents market would reach $16,666 million by 2022. A stent is a tube like implant that is implanted into the lumen of any blood vessel or a duct in order to keep the passage open. Varieties of stents for different clinical conditions are available in the market. A stent implant is most commonly used for the treatment of cardiac abnormalities such as blocked blood vessels. In addition, stents are implanted in the esophagus to allow the passage of food and beverages in patients suffering from esophageal cancer. They are also inserted in the ureter to prevent obstruction of urine flow from kidney, in the gall bladder to allow passage of bile in patients suffering from gall bladder cancer, and in the abdomen & gastrointestinal tract. Stents are generally made of metals, polymers, and natural bioabsorbable materials.
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The report covers the analysis of the stents market based on product type, biomaterial, and geography. The coronary stents segment is subsegmented into drug eluting stents, bare metal coronary stents, and bioabsorbable stents. Peripheral stents segment consists of iliac, femoral-popliteal, renal, and carotid stents. Furthermore, stents-related implants are further divided into synthetic grafts and vena cava filters. The report includes the revenue generated through sales of these aforementioned stents systems. The study excludes the revenue generated through post-sales services of stents.
According to the analysis done for each segment the coronary stents segment accounted for 48.5% of the overall stents market in 2015. It is also expected to grow at the highest CAGR of 9.5% in the forecast period. This market share and growth rate is attributed to the presence of significant players developing innovative technologies, increasing advances in the field of interventional cardiology coupled with the progress of minimally invasive techniques. This has greatly extended the potential of therapeutic applications of stents. Furthermore, coronary stents are sub segmented into, bare metal stents, drug-eluting stents, and bioabsorbable stents. The drug eluting stents has dominated the coronary stents market with its largest market share in 2015. However, the bioabsorbable stents are expected to be the highest growing market due to the unmet need for dissolvable stents.
Brazil Stents Market Snapshot:
The Brazil stents market is growing rapidly due to improved healthcare system, growing economy and ageing population. In addition, presence of many interventional cardiologists has made Brazil a very strong market for the stents manufacturing industries. The Brazil stents market is expected to grow with a CAGR of 12.1% from 2015-2022.Brazil Stents Market, 2014-2022 ($Million)
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Top Impacting Factors
Growing elderly population and rise in prevalence of chronic diseases
Rising prevalence of chronic diseases coupled with the rapidly aging population worldwide is set to increase the demand for stent implants. According to WHO report, the population of people above 65 years was around 524 million in 2010, which is expected to grow to 1.5 billion by 2050; this would be 16% of the total world population. It is estimated that 27% of the Japanese, 16% of the U.S., 24% of the U.K., 17% of the Russian, and 14% of Chinese population will be above 65 years of age by 2020.
Technological advancements in the field of stents
Continuous technological innovations in the field of stent systems are set to drive the global stents market. Moreover, companies are spending a lot into R&D to create innovative products, for instance, Medtronic spend $1.640 billion for research and development in the year 2015, according to its annual report.
Global rise in acceptance of medical implants
The acceptance for medical implants has increased worldwide amongst patients and doctors. For instance, an increasing number of patients worldwide are opting for joint reconstruction surgeries to improve their quality of life. According to the U.S. National Center for Health Statistics, between 2001 and 2010, three has been an increase of 92% in the patients opting for total hip replacement for patients over 75 years of age while for patients in the age group 45-54 the rise has been a whopping 205%.
Improvement of healthcare infrastructure in developing countries
Over the past decade, the governments have increased their expenditure on the healthcare industry particularly in emerging nations. According to The World Bank data, China increased its healthcare expenditure from 5% in 2011 to 5.5 % of its GDP in 2015. Chile, Korea, and Turkey have increased their healthcare spending by 5% in 2013, according to OECD Health Statistics 2015.
High cost of treatment associated with stent implants
The cost of stents also increases with advancements in technology. For instance, drug eluting stents are costly as compared to bare metal stents. This high cost is a major restraint in the developing countries where most of the population does not have health insurance. The technologically advanced stents are too expensive for patients in developing countries.
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