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Written by Kumar Satyam » Updated on: August 05th, 2024
The Global Intravascular Stents Market is poised for significant growth, driven by advancements in medical technology, increasing prevalence of cardiovascular diseases, and a growing preference for minimally invasive procedures. According to the TechSci Research report, "Intravascular Stents Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2029F," the market was valued at USD 11.98 billion in 2023 and is projected to grow at a CAGR of 7.30% through 2029.
Emerging Trends in the Intravascular Stents Market
How Are Technological Innovations Shaping the Market?
Technological advancements are at the forefront of the intravascular stents market. Innovations in imaging technologies such as fluoroscopy and intravascular ultrasound (IVUS) have significantly enhanced the precision and safety of stent placement. These advancements have led to better patient outcomes, reduced procedural complications, and shorter recovery times.
Another notable trend is the development of bioresorbable stents. Unlike traditional stents, which remain in the body permanently, bioresorbable stents gradually dissolve after fulfilling their purpose of keeping the blood vessel open. This technology minimizes long-term complications and the need for future interventions.
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Drivers of Market Growth
What Are the Key Factors Driving Demand?
The growing preference for minimally invasive procedures over traditional open surgeries is a significant driver for the intravascular stents market. Minimally invasive techniques offer several benefits, including shorter hospital stays, quicker recovery times, reduced post-operative pain and scarring, and lower healthcare costs. These advantages make such procedures particularly appealing to high-risk patients, such as those with multiple comorbidities or the elderly.
The increasing prevalence of cardiovascular diseases (CVDs), including coronary artery disease (CAD), peripheral arterial disease (PAD), and atherosclerosis, is another critical driver. According to the American Heart Association, more than 12 million Americans and around 200 million people globally are affected by PAD. This rising burden of cardiovascular conditions necessitates effective treatment options, thereby driving the demand for intravascular stents.
How Does the Regulatory Scenario Shape This Industry?
The regulatory landscape plays a crucial role in shaping the intravascular stents market. Regulatory bodies such as the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA) set stringent guidelines for the approval and commercialization of stents. These regulations ensure the safety and efficacy of stents, thereby fostering trust among healthcare providers and patients.
Recent approvals of advanced stent technologies underscore the importance of regulatory frameworks. For instance, in May 2022, Medtronic received FDA approval for the Onyx Frontier Drug-Eluting Stent (DES), which features a novel delivery mechanism designed to enhance acute performance in challenging cases. Such approvals drive innovation and encourage the adoption of new technologies in the market.
Top 10 Companies in the Global Intravascular Stents Market
Top Segments in the Intravascular Stents Market
Which Segments Are Leading the Market?
Drug-Eluting Stents (DES): The DES segment held the largest market share of 58.22% in 2022. DES are favored for their ability to reduce restenosis rates compared to bare metal stents (BMS). The drug coating on DES helps prevent stent thrombosis, reducing the risk of cardiovascular events such as heart attacks and strokes.
Coronary Stents: The coronary stents sub-segment is expected to hold a considerable share of the market, driven by the increasing prevalence of CAD. Percutaneous coronary intervention (PCI) treatments involving stents are in high demand due to the rising incidence of CAD.
Industry Key Highlights
Future Outlook
What Does the Future Hold for the Intravascular Stents Market?
The future of the intravascular stents market looks promising, with several factors contributing to its growth. The aging global population is expected to drive demand for stents, as older individuals are more susceptible to CVDs. According to the Asian Pacific Observatory on Health Systems and Policies, the Asia-Pacific region is projected to have about one-fourth of its population aged 60 years or older by 2050. This demographic shift will likely increase the burden of CVDs, driving demand for advanced treatment options like intravascular stent implantation.
Furthermore, continuous advancements in stent technologies, such as the development of bioresorbable stents and drug-coated stents, are expected to enhance patient outcomes and expand the market. Collaborations and partnerships among leading companies will also play a crucial role in strengthening market positions and driving innovation.
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Competitive Analysis
How Are Companies Competing in the Intravascular Stents Market?
The intravascular stents market is highly competitive, with leading companies focusing on innovation, strategic partnerships, and acquisitions to strengthen their market positions. For instance, Boston Scientific Corporation and Medtronic plc have been at the forefront of introducing advanced stent technologies that offer improved patient outcomes and procedural efficiencies.
Companies are also investing in research and development to enhance the performance and safety profiles of their stents. For example, the development of bioresorbable stents by Abbott Laboratories and others represents a significant advancement in the field, addressing long-term safety concerns associated with traditional stents.
Strategic collaborations are another key competitive strategy. Partnerships between medical device companies and healthcare providers facilitate the development of innovative solutions and their rapid adoption in clinical settings. These collaborations also enable companies to leverage each other's expertise and expand their market reach.
The Global Intravascular Stents Market is set to experience robust growth in the coming years, driven by technological advancements, increasing prevalence of cardiovascular diseases, and a growing preference for minimally invasive procedures. The regulatory landscape, emerging trends, and strategic initiatives by leading companies will play crucial roles in shaping the market's future. With continuous innovations and strategic collaborations, the intravascular stents market is well-positioned to meet the evolving needs of patients and healthcare providers, offering improved treatment options and better patient outcomes.
“Specific regions, notably in North America, are anticipated to drive substantial demand for Intravascular Stents. The expansion of the market's competitive arena, coupled with the established presence of companies dedicated to improving people's overall health annually, is poised to fuel remarkable growth in the Global Intravascular Stents Market during the forecast period", said Mr. Karan Chechi, Research Director of TechSci Research, a research-based Global management consulting firm.
"Intravascular Stents Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Drug Eluting Stents, Bare Metal Stents, Bioabsorbable Stents), By Product (Coronary Stents, Peripheral Stents), By End-Use (Hospitals & Clinics, Ambulatory Surgical Centers, Others), By Region and Competition, 2019-2029F" has evaluated the future growth potential of Global Intravascular Stents Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Intravascular Stents Market.
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