ALBANY, New York, December 13, 2017 /PRNewswire/ --
Due to the presence of several regional and global players, the vendor landscape of the global arterial stents market is fragmented. Abbott Laboratories, Cordis Corporation, Boston Scientific Corporation, C.R. Bard Inc., Medtronic, Gore Medical, Cook Medical, Biosensors International Group Ltd., Lifetech Scientific, and BIOTRONIK AG are some of the key companies operating in the global arterial stents market, finds Transparency Market Research (TMR) in a new report. Majority players in the market are engaged in clinical trials to introduce novel products in a bid to gain competitive advantage, despite long haul involved for regulatory approvals. These companies are also seeking the use of novel alloys such as nitinol and Co-Cr for the manufacture of arterial stents to stay ahead in the rising competition.
According to TMR, the global arterial stents market is likely to expand at a CAGR of 9.5% from 2017 to 2025, for the market to be valued at US$17.8 bn by the end of 2025 from US$8.0 bn in 2016. Among the key product types, coronary stents held the leading market share in 2016. However, peripheral stents is anticipated to surpass in terms of growth rate by 2015. On the basis of application, coronary artery held the leading market share in 2016; going forward, the segments is anticipated to continue to lead over the forecast period. Geography-wise, Europe emerged as the most lucrative market for arterial stents in 2016.
Efficacy of Arterial Stents for Coronary Artery Disorders a Boon for Market
Technological advances and introduction of innovative arterial stents such as bioresorbable stents coupled with increasing prevalence of atherosclerosis and several other arterial disorders are majorly fuelling the growth of arterial stents markets. Arterial stents are minuscule tube-shaped devices that are placed in the artery during an invasive procedure called Percutaneous Coronary Intervention (PCI) or angioplasty. The arterial stents are placed in the arteries permanently that work to open the arteries and to improve blood flow. The formation of fatty deposits called plaques blocks arteries and obstructs blood flow. This requires stents to be placed inside the arteries to reduce chest pain and improve survivability of patients. The interventional cardiologists inserts the stent inside the blocked arteries to keep them open.
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Proven efficacy of arterial stents for the treatment of peripheral and coronary artery diseases, and increasing use of novel materials such as nitinol and Co-Cr for the manufacture of stents are some other key factors benefitting the market's growth. Apart from this, improved reimbursement policies for PCI are expected to bode well for the growth of arterial stents market.
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Lack of Modern Healthcare Facilities in Emerging Economies Limits Adoption
However, on the flip side, rising investments for research and development of venous stents by both public and private companies is likely to slow the adoption of arterial stents. Further, lack of well-qualified interventional cardiologists along with rising preference for bypass surgery for cardiovascular diseases in developing countries due to lack of modern healthcare facilities are likely to challenge the growth of arterial stents market over the forecast period.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research