Global Arterial Stents Market: Competitive Landscape
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To outshine their competitors, key players are engaged in intensive clinical trials to launch novel products despite long haul for regulatory approvals. Key players are also seeking to use novel alloys such as Co-Cr and nitinol to manufacture improved products. Participation in industry events and association with healthcare professionals are also adding to the advantage of these players for marketing objectives.
As per the TMR report, the demand in the global market for arterial stents to rise at an impressive CAGR of 9.5% between 2017 and 2025. Progressing at this pace, the opportunities in the market will translate into a revenue of US$17.8 bn by the end of 2025. The global arterial stents market was valued at US$8.0 bn in 2016. Of the various product types, coronary stents accounted for the dominant market share in 2016. In terms of application, coronary artery led the market in 2016 vis-à-vis revenue due to the increasing incidence of On the basis of geography, Europe held the leading share in the overall market in 2016 vis-à-vis revenue.
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Rising Burden of Coronary Artery Diseases Stokes Demand
Majorly fuelling the global arterial stents market is technological advancements and launch of novel products such as bioresorbable stents, along with rising incidence of coronary artery diseases and other arterial disorders. Rising demand for minimally invasive procedures and growing geriatric population globally susceptible to coronary artery diseases is stoking the demand for arterial stents.
Arterial stents refer to minute tube-shaped devices that are inserted in the artery during a surgical procedure commonly known as angioplasty. The arterial stents are permanently inserted in the arteries to prop open an artery and improve blood flow. Arterial stents help keep coronary arteries open and reduce the chance of a heart attack.
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Proven effectiveness of arterial stents for peripheral and coronary artery diseases, and increasing use of newer materials such as Co-Cr and nitinol leading to the manufacture of improved products are some other key factors acting in favor of arterial stents market. Furthermore, favorable reimbursement policies for percutaneous coronary intervention procedures and availability of these procedures at state run, charitable hospitals is also stoking the demand for arterial stents.
Strict Product Approval Process and Product Recalls Crimps Growth
On the downside, substantial efforts from private and public enterprises for the development of venous stents is likely to hamper the demand for arterial stents. Furthermore, dearth of trained interventional cardiologists in developing and under-developed countries and increasing preference for bypass surgery for cardiovascular disorders are slowing the growth of arterial stents market. Strict process for product approval, and numerous cases of product recall and product failure could hamper the growth of this market in the upcoming years.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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