Stents Market Market is Projected to Reach $16.66 Billion by 2022: Asia-Pacific and Europe Together Accounted for over Half of the Share in the Global Market
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Bioabsorbable stent is expected to be the fastest growing segment, registering a CAGR of 37.2% during the forecast period. The major factors fueling the market growth are increasing focus on the development of bioabsorbable stents and their high adoption rate as they can be easily absorbed in the body and do not cause restenosis/thrombosis.
Metallic biomaterial is the dominant segment due to its cost effectiveness and the efficacy of vascular healing as compared to other stents. Natural biomaterials such as animal or plant origin materials have demonstrated several advantages over synthetic biomaterials. These are biocompatible, nontoxic, may also carry specific protein binding sites, and other biochemical signals that may assist in tissue healing or integration. The global natural biomaterial stents market is expected to grow at a CAGR of 10.5% from 2016 to 2022.
According to Allied Market Research the global stents market is expected to garner $16,666 million by 2022. In 2015, coronary stents was the largest segment in terms of value, whereas peripheral stents was the dominating market segment in terms of volume. Moreover, coronary stents market is projected to be the fastest growing segment in terms of both, value and volume, during 2016-2022. Asia-Pacific is expected to continue leading the geographic segment during the forecast period.
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Key Market Players:
• Boston Scientific Corporation
• C.R. Bard Inc.
• Abbott Laboratories
• B. Braun Melsungen AG
• Biotronik SE & Co. KG
• Elixir Medical Corporation
• Medtronic plc
• Microport Scientific Corporation
• STENTYS S.A.
• Terumo Corporation.
Key findings of the Stents Market:
• Coronary stent was the highest revenue-generating segment, accounting for around half of the total market in 2015, and is projected to grow at a CAGR of 9.5% during the forecast period.
• The bioabsorbable stents segment is projected to grow at a remarkable CAGR of 37.2%, owing to its growing adoption and technological advancements.
• The global synthetic grafts market is estimated to grow at a CAGR of 6.5% from 2016 to 2022.
• Asia-Pacific and Europe together accounted for over half of the share in the stents market in 2015.
• China and Japan are the leading markets in the Asia-Pacific region and are expected to continue their dominance throughout the forecast period.
• The South Africa stents market is estimated to garner $132 million by 2022.
In the current scenario, the U.S. and Europe have the largest customer base for stent implants. However, these regions constitute only 17% share of the world population. Whereas, the Asia-Pacific region constitute around 56.4% of the human population in 2015 (Source: United Nations Department of Economic & Social Affairs); with huge geriatric population; therefore, this region exhibits huge market potential.
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