Market Size of Stents Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Stents Market Analysis
The stents market is expected to grow from USD 6.20 billion in 2023 to USD 7.98 billion in 2028, registering a CAGR of 5.5% during the forecast period.
The impact of COVID-19 in its initial phase was adverse due to the cancellations of elective procedures, including surgeries worldwide. For instance, according to an article published by BMJ Journals in April 2021, a study was conducted in Europe, which showed that the COVID-19 pandemic significantly impacted the care of patients with cardiac diseases, which impacted the market's growth. However, the market started to gain traction owing to the resumption of surgical procedures worldwide. The number of cardiac surgical procedures and stent implantations is projected to grow during the forecast period, positively impacting the market's growth.
The high burden of heart-related diseases is expected to increase the number of angioplasties, thereby augmenting market growth during the forecast period. In addition, the growing geriatric population and technological advancements in stent development are actively affecting the market's growth.
According to the World Population Prospects 2022, the percentage of the population aged 65 years and older is estimated to be 10% in 2022, and it is expected to reach 16% by 2050. Atrial fibrillation is a major heart rhythm disorder among older people, which leads to coronary stent implantation for treatment. The surge in the geriatric population is projected to propel the market's growth during the forecast period.
Additionally, as per the data of the World Stroke Organization, in 2022, almost 5 million new atrial fibrillation and flutter cases are diagnosed yearly. The prevalence of atrial fibrillation in all ages is expected to reach 60 million in 2022. The high burden of atrial fibrillation will augment the stents market during the forecast period.
The prevalence of chronic illnesses has increased over the decade. According to the AHA, in 2021, peripheral artery disease (PAD) affected more than 200 million people worldwide and was associated with high mortality and morbidity in 2021. With the aging global population, PAD may likely become increasingly common during the forecast period. Statistics show that the number of PAD patients is increasing at a faster pace, which is ultimately driving the market for stents.
Additionally, as per a scientific study published by the AHA in 2021, lower extremity peripheral artery disease (PAD) affected more than 230 million individuals worldwide in 2021, and it is linked to an elevated risk of several unfavorable clinical outcomes (including cardiovascular diseases like coronary heart disease and stroke and limb outcomes like amputee status). Since the treatment of PAD requires stents, the increased incidence of PAD is ultimately projected to boost the stents market during the forecast period.
Furthermore, the advancements in technology and the increasing number of product approvals, partnerships, and acquisitions by key players are helping the market grow. For instance, in March 2022, Cordis received FDA approval for its Smart Radianz Vascular Stent System, a self-expanding stent designed explicitly for radial peripheral procedures. Such technological advancements are projected to boost the utility of stents worldwide for effective underlying treatments.
Therefore, owing to the abovementioned factors, such as the high burden of heart-related diseases, the advancements in technology, and the increasing number of product approvals, partnerships, and acquisitions by key players, the market studied is expected to grow over the forecast period. However, a stringent approval process for stents and high product recalls will likely impede the market's growth.
Stents Industry Segmentation
As per the report's scope, a stent is a metal or plastic tube inserted into the lumen of an anatomic vessel or duct to keep the passageway open. The Stents market is segmented by product (coronary stents (drug-eluting stents, bare-metal coronary stents, and bioabsorbable stents), peripheral stents (iliac stents, femoral-popliteal stents, renal and related stents, and carotid stents), and stent implants), material (metallic biomaterials, polymeric biomaterials, and natural biomaterials), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, South America). The report also covers the estimated market sizes and trends for 17 countries across major global regions. The report provides the market sizes and forecasts regarding value in USD.
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Stents Market Size Summary
The stents market is poised for significant growth over the forecast period, driven by the increasing prevalence of heart-related diseases and technological advancements in stent development. The market experienced initial setbacks due to the COVID-19 pandemic, which led to the cancellation of elective surgeries globally. However, the resumption of surgical procedures has spurred market recovery. The rising geriatric population, particularly those suffering from atrial fibrillation and peripheral artery disease, is expected to further propel market expansion. Technological innovations and the approval of new stent systems, such as drug-eluting stents, are enhancing treatment efficacy and driving demand. Despite challenges like stringent approval processes and product recalls, the market is anticipated to grow steadily.
North America is expected to dominate the stents market, supported by a robust healthcare infrastructure, a strong presence of industry players, and increased awareness of available technologies. The region's growing geriatric population and the rising incidence of lifestyle diseases are key factors contributing to market growth. Engagement in research and development by major market players is fostering innovation in stent technology, further boosting market prospects. The competitive landscape is characterized by the presence of both global and regional companies, with key players like Boston Scientific Corporation, Abbott, and Medtronic leading the market. Recent regulatory approvals and product launches are expected to enhance market accessibility and affordability, particularly in emerging markets.
Stents Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Prevalence of Chronic Diseases
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1.2.2 Increasing Geriatric Population
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1.2.3 Technological Advancements in Stent Development
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1.3 Market Restraints
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1.3.1 Stringent Approval Process for Stents
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1.3.2 High Product Recalls
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Buyers/Consumers
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1.4.2 Bargaining Power of Suppliers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD)
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2.1 By Product
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2.1.1 Coronary Stents
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2.1.1.1 Drug-eluting Stents
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2.1.1.2 Bare-metal coronary Stents
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2.1.1.3 Bioabsorbable Stents
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2.1.2 Peripheral stents
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2.1.2.1 Iliac Stents
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2.1.2.2 Femoral-popliteal Stents
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2.1.2.3 Renal and Related Stents
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2.1.2.4 Carotid Stents
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2.1.3 Stent Implants
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2.2 By Material
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2.2.1 Metallic biomaterials
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2.2.2 Polymeric biomaterials
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2.2.3 Natural biomaterials
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Stents Market Size FAQs
What is the current Stents Market size?
The Stents Market is projected to register a CAGR of 5.5% during the forecast period (2024-2029)
Who are the key players in Stents Market?
Boston Scientific Corporation, Medtronic PLC, Abbott Laboratories, Becton Dickinson and Company and B. Braun SE are the major companies operating in the Stents Market.
