USD 8.8 billion
Report ID: SQSG35A2070 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 90 | Figures: 76
Global Stents Market size was valued at USD 8.8 billion in 2021 and is poised to grow from USD 9.3 billion in 2022 to USD 12.1 billion by 2030, growing at a CAGR of 3.3% in the forecast period (2023-2030).
A stent is a medical device that is put into a blocked conduit in order to keep it open. It is a small tube that restores the flow of blood and other fluids to various organs of the body. Stents can be made of plastic or metal. Stents are the largest stents and are used to remove blockages from bigger arteries. It is drug-coated to prevent clogged arteries from shutting. Stents can also be used to keep aneurysms from rupturing the aorta, brain, or other blood vessels.
The global stents market is being driven primarily by an increase in the prevalence of coronary artery disease, technological advancements for stent development, increased funding from private and government organizations for the development of the healthcare sector and research centers, and an increase in demand for drug-eluting stents. According to the Centers for Disease Control and Prevention (CDC), around 360,900 people died in 2019 as a result of coronary artery disease. It is one of the most common types of cardiovascular disease. For example, in August 2021, Sinomed, a renowned worldwide medical device manufacturer, announced the European launch of the HT Supreme Drug-eluting stent at the University Hospital Galway.
US Stents Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 8.8 billion
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Stents Market is segmented based on the product type, material, end user, and region. Based on the product, the Stents Market is segmented into coronary stents, peripheral stents, and stent related implant. Based on the material, the Stents Market is segmented into metallic biomaterial, polymer biomaterial, and natural biomaterial. Based on the end user, the Stents Market is segmented into hospital, ambulatory surgical centers, and others. Based on the region, the Stents Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Stents Market Analysis by Product Type
Based on the product, the market is segmented into coronary stents, peripheral stents, and stent related implant. Among these, the coronary stents segment is projected to hold the most dominating share in the market. Coronary stents are small expandable metal mesh devices that are inserted into the coronary arteries during percutaneous coronary intervention treatments. They aid in the regulation of blood flow to the heart. Technological advancements in stenting methods have resulted in a reduction in manual errors during surgery and have emerged as the market driver. This is projected to increase the use of these goods among cardiologists in both developing and developed countries. Furthermore, improved reimbursements for percutaneous coronary intervention procedures are expected to drive market growth throughout the projection period.
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In 2021, North America is expected to have the biggest share of the market. The regional market growth is due to the region's increasing prevalence of cardiovascular illnesses. According to several research studies, the population in North America has a higher risk of developing heart disease due to the increasing adoption of sedentary lifestyles, growing binge eating habits, and a higher rate of cigarette consumption, which ultimately leads to a weak immune system and an increase in stress levels. These factors all play a significant role in the natural course of heart illness throughout time. The rising frequency of heart disease has aided the region's status as a prospective market for investors. Furthermore, the region is benefiting from the construction of specialty clinics, as well as increased investments in the innovation of coronary stents. Furthermore, the presence of key players in the United States is a crucial growth enhancing element.
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Stents Market Driver
Stents Market Restraint
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The global stents market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Stents Market Top Company Profiles
Stents Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global stents market is segmented based on the product type, material, end user, and region. Based on the product, the coronary stents segment of the market is projected to hold the most substantial share in the forecast period. Based on the material, the metallic biomaterial segment of the market is projected to hold the most substantial share in the forecast period. Based on the end user, the hospital segment of the market is projected to hold the most substantial share in the forecast period. Based on the region, the North America region of the market is projected to hold the most substantial share in the forecast period.
|Market size value in 2021||USD 8.8 billion|
|Market size value in 2030||USD 9.3 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Stents Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Stents Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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