Non-vascular Stents Market Scrutinized in New Research
As per the TMR report, the global Non-vascular Stents Market is predicted to be worth US$730.5 mn between 2017 and 2025. The CAGR is estimated to be 5.0% by the end of 2025. Based on categorization by Product, the global market is seen to draw more revenue from gastroenterology stents and it is expected to remain in its top position in the coming years. This is due to the increase in the number of colorectal and esophagus cancer cases all around the world. Geographically, North America is seen to be having the lion’s share because of the strong foundation. However, Asia Pacific is anticipated to be increasing its share in terms of growth rate due to the rise in the number of healthcare administrations in developing nations of China and India.
Asia Pacific to Witness Tremendous Growth Opportunities with New Medical Infrastructure Facilities
A major factor boosting the development of the non-vascular stents market is the increase in prevalence of COPD all over the world. This is due to the smoking habits of people that ultimately leads to lung cancer, tracheobronchial malacia, and other respiratory disorders. Apart from that, the increase in disposable income of the people led to per capita expenditure on medical and healthcare facilities also adds fuel to non-vascular stents market.
Apart from that, both private and government institutes are providing medical reimbursement policies that ultimately work in favor of the market growth. Players are investing in research and development policies so that they can develop better materials and designs for stents along with minimal invasive stenting procedures in order to extend the overall market.
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Another factor promoting the non-vascular stents market is the surge in geriatric population globally. Age old people are quite vulnerable are likely to be more prone to various diseases since their immunity power becomes less at that age.
From a geographical point of view, the global non-vascular stents market is seen to be dominated by the regions of North America, Latin America, Europe, Middle East and Africa, and Asia Pacific. Among these, the North American region is projected to be holding the largest share because of the large number of patients suffering from obstructive diseases, strong healthcare infrastructure, and supportive medical reimbursement policies implemented by both private as well as government players. However, Asia Pacific is presumed to be outpacing the other regions in the future owing to the emerging economies of India and China which are both expanding at super speed. There is an increase in the number of hospitals and medical facilities which may boost the overall development of the market in the region.
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Strict Government Regulations to Affect Market Growth in Negative Light
Although there are lot of opportunities for growth in the market, factors like strict laws being imposed by the government and the high cost and expenditure of metallic stents may act as a hindrance to the overall rise of the market. However, the rising number of incidences of prostatic hyperplasia and kidney stones among the geriatric population is likely to accelerate the growth of the market in the long run.
According to a recent report compiled by Transparency Market Research (TMR), the competitive landscape of the global non-vascular stents market is expected to show remarkable growth owing to the increase in incidence of chronic disorders especially the ones caused as a result of excessive smoking habits like obstructive pulmonary disease. There is an intense competition in the market as all players are putting more focus on developing new strategies so that they can extend their business sin new geographical areas, thus strengthening their position in the market.
Major players of the global non-vascular stents market are Medi-Globe Corporation, Olympus Corporation, Cook Group Incorporated, Allium Medical Solutions Ltd., and Taewoong Medical co., Ltd. Various strategies are adopted by the vendors like merging with regional and small players, and launching new products into the market to influence buyers to add their share in the market.