Airway/Lung Stent Market: Emerging Trends, Business Growth Opportunities, Major Driving Factors
The competitive landscape of the global airway/lung stent market is consolidate with presence of a handful players in the market, says Transparency Market Research (TMR). Some of the prominent players operating in the global airway lung stent market are Teleflex Inc., Cook Medical Inc., C. R. Bard, Inc., and Boston Scientific Corporation.
These players have adopted several strategies like such as mergers and acquisitions, partnerships, and collaboration in order to increase their dominance in the market. This can be related with the recent moves of Boston Scientific Corporation. This company acquired EndoChoice Holdings, a gastroenterology products and intervention pulmonology manufacturer. This has helped the company to sustain its hold in the global airway/lung stent market.
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As per a recent report by TMR, the global airway/lung stent market is projected to rise at a 5.7% CAGR between 2017 and 2026. Rising at this CAGR, the market is expected to attain a valuation of US$0.1 by the end of the forecast period.
On the basis of products, the self-expandable segment is expected to dominate the global market in the forecast period. This is mainly because of the several properties such as easy to remove and insert and relatively lesser complication as compared to other segments. The segment is estimated to reach around US$ 100 million revenue towards 2026 end. Geographically, North America is projected to take a commanding position in the airway/lung stent market. The can be attributed to several factors such as presence of developed healthcare system and rising geriatric population in the region. Along with this, increasing adoption of innovative products and presence of a large number of lung stents manufacturing companies are some other factors expected to boost the airway/lung stent market.
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Complications Associated with Stent Implementation to Obstruct Market Growth
Lung or Airway stent is a tube-shaped device that is inserted in place of the damaged airway in order to ensure functioning of the lungs. The airway/Lung stent market is growing at a significant pace during the forecast period. This is mainly because of the increasing adoption of lung stent to treat a variety of chronic lung diseases.
Apart from this, an alarming increase in geriatric population and rising preference for minimally invasive procedures are the primary drivers of the airway/lung stent market. In addition to this, high prevalence of tobacco smoking, and rising incidence of lung cancer and other respiratory diseases are some other factors expected to offer a significant push to the lung stents market.
Nevertheless, factors such as complications associated with stent implementation and easy availability of cheap substitute is expected to hindering the market growth. However, increasing need for customized lung stents is creating ample of opportunities for market growth.
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Increasing Prevalence of Lung Cancer and Other Respiratory Diseases to Augment Growth
There has been an alarming rise in number of chronic obstructive pulmonary disease (COPD), asthma, acute respiratory infections, tuberculosis, and lung cancer in the last few years. This is mainly because of the increasing air pollution and rising number of smokers across the globe. According to the WHO, smoking is the major cause of about 71.0% of all lung cancer deaths and 42.0% of chronic respiratory disease worldwide. These devices can greatly help in managing complications of various lung and respiratory diseases, the demand is expected to grow in the future.
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