Stents Market Size to Hit $19.76 Billion, Globally, by 2030 at 5.6% CAGR
Surge in prevalence of heart diseases, increase in demand for angioplasty, and rise in the number of approvals for stents drive the growth of the global stents market.
PORTLAND, Ore., Jan. 11, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Stents Market by Product (Coronary Stents, Peripheral Stents, and Stent Related Implant), Material (Metallic Biomaterial, Polymer Biomaterial, and Natural Biomaterial), and End User (Hospital, Ambulatory Surgical Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global stents industry generated $11.74 billion in 2020, and is expected to reach $19.76 billion by 2030, witnessing a CAGR of 5.6% from 2021 to 2030.
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Drivers, restraints, and opportunities
Surge in prevalence of heart diseases, increase in demand for angioplasty, and rise in the number of approvals for stents drive the growth of the global stents market. However, high cost of procedures associated with stents hinders the market growth. On the other hand, rise in R&D activities and advancements in technology present new opportunities in the coming years.
Covid-19 Scenario
- Manufacturing activities of stents were impacted due to lockdown measures implemented during the Covid-19 pandemic by various governments. Many challenges such as shortage of raw materials, disruptions in the supply chain, and others occurred.
- During the pandemic, the demand for stents from hospitals decreased considerably. This is due to the postponement of non-essential surgical procedures to avoid cross-contamination and shift in resources to treat patients infected with Covid-19.
The coronary stents segment to maintain its lead position during the forecast period
Based on product, the coronary stents segment accounted for the highest share in 2020, contributing to more than half of the global stents market, and is estimated to maintain its lead position during the forecast period. Moreover, this segment is expected to manifest the highest CAGR of 6.2% from 2021 to 2030. This is due to advancements in technology, rise in prevalence of coronary artery disease, and surge in adoption of drug eluting stents. The research also analyzes the segments including peripheral stents and stents-related implant.
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The hospital segment to maintain its leadership status throughout the forecast period
Based on end user, the hospital segment held the highest share in 2020, contributing to nearly three-fourths of the global stents market, and is projected to maintain its leadership status throughout the forecast period. Moreover, this segment is estimated to register the largest CAGR of 6.0% from 2021 to 2030. This is attributed to supportive initiatives by governments for development of medical infrastructure and rise in awareness about treatment and management of disease. The report also discusses the segments including ambulatory surgical centers and others.
North America to maintain its dominance in terms of revenue by 2030
Based on region, North America contributed to the highest market share in 2020, accounting for nearly two-fifths of the global stents market, and is estimated to maintain its dominance in terms of revenue by 2030. This is attributed to rise in prevalence of cardiovascular diseases, surge in the number of approvals for stents products, development of advanced healthcare infrastructure, and presence of key players for manufacturing stents in the region. However, Asia-Pacific is projected to witness the fastest CAGR of 7.3% from 2021 to 2030. This is due to rise in prevalence of coronary artery disease, increase in health care expenditures, and adoption of an unhealthy lifestyle.
Leading market players
- Abbott Laboratories
- B. Braun Melsungen AG
- Biotronik SE & CO. KG.
- Boston Scientific Corporation
- Becton, Dickinson and Company
- Elixir Medical Corporation
- Medtronic Plc.
- Microport Scientific Corporation
- Reva Medical, Inc.
- Terumo Corporation
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