The major factors found propelling the growth of the stents market include the increasing prevalence of chronic illnesses like cardiovascular diseases, rising the geriatric population, and the technological advancements in stents.
The prevalence of chronic illnesses has been increasing in the recent decades. Coronary Vascular Diseases (CVD) were the number one cause of death globally as per World Health Organisation 2017. An estimated 17.9 million people died from CVDs in 2016, which represents 31% of all global deaths. Of these deaths, 85% are due to heart attack and stroke. Hence as stents are used in surgeries, the market is expected to grow with such high prevalence.
There has also been a high demand for minimally invasive surgical procedures that is likely to significantly drive the stent market. Thus, there has been a reduction in post-operative trauma and complications with the use of a minimally invasive surgical procedure, which is the major growth driver. Reduced hospital stays and lesser healing time are the other advantages associated with the use of advanced and miniaturized stents.
Key Market Trends
Coronary Stents are expected to cover a large share of stents global market
A coronary stent is a tube-shaped device placed in the coronary arteries that supply blood to the heart, to keep the arteries open in the treatment of coronary heart disease. In the recent times, usage of coronary stent in surgical procedures has increased due to increase in cardiovascular disease. According to American Heart Association, the global deaths due to cardiovascular disease was 17.6 million in 2016 and is expected to rise to 23.6 million in 2030.
With rise in number of deaths due to cardiovascular disease, the demand for surgery involving coronary stents is expected to increase, helping the stents market grow.
North America is expected to dominate the market
According center for American Heart Association, cardiovascular disease (CVD), which was listed as the leading cause of death, accounted for more than 800,000 deaths in the US in 2016, which represents approximately 1 of every 3 deaths. Between 2013 and 2016, 121.5 million American adults had some form of cardiovascular disease. Coronary Heart Disease was the leading cause (43.2%) of deaths attributable to cardiovascular disease, followed by stroke (16.9%).
However, as United States has a developed healthcare system structure, it invests a lot in awareness and treatments. According to American Heart Association, between 2014 and 2015, direct and indirect costs of total cardiovascular diseases and stroke were USD 351.2 billion.
Owing to aforemention factors, the United States stents market is expected to increase in the forecast period.
There has been a presence of a considerable number of companies that are significantly contributing to the market growth. Product innovation and ongoing R&D activities to develop advanced technologies has helped in boosting the growth of the market. The competition is fierce due to the consolidated nature of the market with top three players reporting to occupy major share in the market. The key players in the stents market are adopting various strategic moves to sustain the intense competition.
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