Surgical Stents Market - Overview
The stent is a small, flexible metal or plastic tube that are inserted into the vessels or duct to keep the passageway open. Different types of materials like metal, standard polymer, and biodegradable polymer are used for the preparation of the surgical stents. According to the WHO (2015), more than 35% of the total global population was suffering from major or minor cardiovascular complications; and in 2014, globally 39% of adults aged 18 years and over were overweight whereas, 13% were obese. According to a recent study report published by the Market Research Future, the global surgical stents market is projected to expand rapidly over the forecast period.
The surgical stents market size is anticipated to reach USD 20,437.3 million by 2030, growing at a 9.8% CAGR from 2022 to 2030.
The surgical stents market is going to continue with the same trends of growth during the forecast period. The major factors influencing the growth of the market include increasing prevalence of cardiovascular diseases, rising burden of CAD, rising diabetic & obese population, increase in the numbers of percutaneous coronary intervention (PCI) procedures, increasing demand for nominally invasive procedures and rapid development in the technology. Moreover, rising healthcare expenditure, increasing geriatric population, and changing lifestyle have fuelled the growth of the market.
Surgical Stents Market - Competitive Analysis
Charaterized by the existence of several well-established and small players, the global market of surgical market appears to be highly fragmented and competitive. Europe holds the largest market share in terms of revenue; mainly due to the strategic presence of key stents manufacturers in Germany and the U.K.
North America being the second-largest market for surgical stents globally and is likely to expand at a significant CAGR over the 2017-2025 forecast period. However, Asia Pacific is expected to display the leading CAGR over the forecast period as huge business groups are investing significantly for the modernization of the healthcare sector in India and China. With well-established market in the North America region major companies like Boston Scientific Corporation, Abbott, Laserage Technology corporation, have their home in the region and generate maximum market share. These companies have also expanded their operating units in various other emerging regions. Moreover, the other small and medium scale players are generating revenue from local market.
Abbott an American multinational company headquartered in US is one of the leading players in the surgical stents market trend. It has the largest portfolio of heart-valve repair and replacement technologies and maintains a strong position in the developed markets. Abbott covers 58% of the developed markets and 42% of the emerging markets. Abbott has long been a leader in vascular care, through its stents and related products. In recent years, the company has acquired a strong position in mitral valve repair with its MitraClip device. In January 2017, the company acquired St. Jude Medical, this widens Abbott's vast product portfolio for cardiovascular care and will make Abbott a leading brand in medical device market. With St. Jude, Abbott's Medical Devices business will have newly-launched and pipeline technologies across a wide range of medical technologies. This combined pipeline is likely to deliver several new products. Abbott, following the acquisition of Piramal Healthcare's formulation division in 2010, is setting up an Innovation and Design Centre in Mumbai, which will take off next year. The US FDA has sanctioned approval for the next-generation version of its leading MitraClip heart valve repair device which is used to restore a leaky mitral valve without an open-heart surgery.
Furthermore, Boston Scientific Corporation, headquartered in the US, is a global manufacturer and developer of medical devices. The company has adopted various strategies to sustain in the competitive market, for instance, new products launch. PROMUS Element Plus Stent, REBEL Stent System, SYNERGY Stent are some of the major products of the company.
Medtronic, headquartered in UK, is a world's largest standalone medical device manufacturer. In 2015 company has develop Stent Graft System System for Endovascular Repair of Thoracoabdominal Aortic Aneurysms. Earlier company’s Resolute Drug-Eluting Stent has shown a very good performance in Diabetic Patients with Heart Disease.
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