Arterial Stents Market: Rising Demand in Treating Coronary Artery Diseases accentuate Market
The global arterial stents market’s competitive landscape is dotted by a number of regional and global players, which accounts for the marked fragmentation, finds Transparency Market Research (TMR). Numerous regional markets, however, witness the prominence of small players and the overall global market has some international players holding a sizable stake therein. TMR notes that some of the leading players in the global market include Gore Medical, Lifetech Scientific Corporation, Cook Medical, Medtronic plc., Boston Scientific Corporation, and Abbott Laboratories.
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To retain their stronghold over the market, top players are increasingly focusing on effective clinical trials to ascertain the efficacy of new products. Prolonged regulatory approvals notwithstanding, their efforts to introduce novel products aren’t dampened. In this regard, numerous players are engaged in leveraging the potential of properties of Co-Cr alloys and Nickel titanium alloys to develop innovative products, in order to stay ahead of others. Furthermore, several players are showing extensive participation in industry events and increasingly entering into collaborations with regulatory agencies, to gain a firm foothold in the market. Moreover, they are associating with healthcare providers, in a move to boost their revenue.
The global arterial stents is projected to expand at a promising CAGR of 9.5% from 2017 to 2025 and by the end of this period, the market is expected to reach a worth of US$17.8 bn. In 2016, the market stood at US$8.0 Bn.
The various applications for which arterial stents are used are popliteal artery, coronary artery, iliac artery, carotid artery, and femoral artery. Of these, coronary artery application led the global market in 2016 and is expected to contribute the major revenue through 2025. The growth is fueled by the sustained demand for managing a rising incidence of coronary heart diseases in worldwide population.
Regionally, Europe contributed the dominant share of the global market in 2016. This can be the attributed to a marked presence of globally prominent manufacturers in key economies of the region.
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The global arterial stents market is witnessing substantially attractive gains underpinned by their rising demand in treating a range of peripheral and coronary artery diseases in minimally-invasive ways. The rising incidence of various arterial disorders, notably atherosclerosis, and the growing prevalence of various cardiovascular diseases are trends fortifying the demand world over. The market is witnessing constant industry efforts to launch novel products in arterial stents that bear higher efficacy and safety. The innovative products are in various stages of development. Of special mention is the advent of bioresorbable stents and their soaring popularity in recent years on account of the many benefits.
The growing need for minimally-invasive clinical procedures among patient populations for opening narrowed arteries is fueling the demand for arterial stents, globally. Furthermore, the growing popularity of percutaneous coronary interventions in coronary artery revascularization has further bolstered the uptake in various developing and developed nations.
The growing popularity of drug-eluting stents in worldwide clinical practices is accentuating the growth of the market. However, the marked paucity of interventional cardiologists with specialized skills in deploying stents in patients is a key factor that has restrained the market to realize its full potential. The growth of the market is also hindered by the lack of an established healthcare infrastructure in emerging economies to support these minimally-invasive procedures.
Nevertheless, over the years market players are expected to address these concerns by bringing rapid enhancement in coronary artery stents with higher safety. These stents occupy an increasingly significant role in reducing the risk of heart attacks. The market will also gather momentum from the rising popularity of peripheral artery diseases.
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