Stents Market By Product, By Material, By End-Use, By Region - Global Market Analysis & Forecast, 2024 to 2032

Market Overview

The stents market comprises a range of medical devices used primarily in the field of cardiovascular interventions to treat narrowed or blocked blood vessels. A stent is a small, expandable tube typically made of metal or plastic, which is implanted into a vessel or duct to keep it open. This procedure is often essential in the treatment and management of conditions such as coronary artery disease and peripheral artery disease. Stents are primarily used during angioplasty, a minimally invasive procedure to open blocked arteries and restore normal blood flow to the heart. They are also increasingly used in other areas such as urology, gastroenterology, and neurology for various endovascular and non-vascular applications. The most common types of stents used in medical procedures are coronary stents, vascular stents, and urological stents, each specifically designed for their respective therapeutic areas. The stents market is estimated to grow at a CAGR of 3.7% from 2024 to 2032.The growth of the stents market is driven by factors such as the rising prevalence of cardiovascular diseases globally, advancements in stent technology, and the growing elderly population who are more prone to cardiac conditions. Innovations in stent development, like drug-eluting stents and bioresorbable stents, have significantly improved patient outcomes by reducing the risk of complications like stent thrombosis and restenosis.

Stents Market Dynamics

Driver: Rising Prevalence of Cardiovascular Diseases

The stents market is primarily driven by the increasing prevalence of cardiovascular diseases (CVDs) across the globe. Cardiovascular diseases, including coronary artery disease, are leading causes of morbidity and mortality worldwide. Factors such as aging populations, lifestyle changes leading to higher instances of obesity, and the prevalence of diabetes and hypertension significantly contribute to the rise in CVD cases. The growing incidence of these diseases necessitates more frequent use of stenting procedures to treat blocked arteries. For example, the rising rates of heart attacks have directly increased the demand for coronary stents. This surge in cardiovascular conditions has been a critical factor in driving the expansion and innovation in the stents market, as medical practitioners and healthcare systems seek effective treatment methods to manage the growing burden of heart diseases.

Opportunity: Technological Advancements in Stent Development

An emerging opportunity within the stents market is the technological advancements in stent development. Recent years have seen significant progress in the design and functionality of stents, including the development of drug-eluting stents (DES) and bioresorbable stents. These advancements offer improved outcomes for patients, such as reduced risks of restenosis and stent thrombosis. The development of DES, which slowly release medication to prevent artery re-blockage, represents a significant leap in stent technology. Similarly, bioresorbable stents, which naturally dissolve in the body over time, are gaining traction due to their ability to reduce long-term complications associated with permanent stents. These innovations not only enhance patient care but also open new avenues for market growth as healthcare providers adopt these advanced products.

Restraint: High Costs and Reimbursement Issues

A major restraint for the stents market is the high cost associated with stent procedures, coupled with challenges in reimbursement. The cost of stent implantation, including the stent itself and the associated medical procedures, can be prohibitive, particularly in less developed healthcare systems. This is compounded by the fact that high-end stents, like drug-eluting and bioresorbable variants, are more expensive than bare-metal stents. Reimbursement issues further exacerbate this challenge, as insurance coverage and policies vary widely across different countries and regions. In many cases, patients bear a significant portion of these costs, which can be a barrier to accessing these life-saving treatments. This financial burden can limit the adoption of advanced stent technologies, particularly in developing countries where healthcare spending is limited.

Challenge: Regulatory Hurdles and Safety Concerns

A significant challenge in the stents market is navigating the regulatory hurdles and addressing safety concerns associated with stent implantation. The process of obtaining regulatory approval for new stent technologies is often lengthy and complex, requiring extensive clinical trials to demonstrate safety and efficacy. This can delay the introduction of innovative stent products to the market. Additionally, concerns regarding the safety and long-term effectiveness of certain stent types, such as potential risks associated with drug-eluting stents or the structural integrity of bioresorbable stents, require ongoing research and monitoring. Addressing these safety concerns is crucial not only for regulatory approval but also for maintaining the trust and confidence of healthcare providers and patients in stent technologies. The challenge lies in balancing the need for rapid innovation in stent technologies with the stringent requirements for clinical evidence and safety assurances.

Market Segmentation by Product

In the stents market, segmentation by product type, specifically Vascular and Non-vascular stents, provides insight into differing market dynamics. Vascular stents, including coronary, peripheral, and neurovascular stents, have traditionally held the highest revenue share in the market. This prominence is largely due to the high prevalence of cardiovascular diseases worldwide, where these stents are predominantly used. The wide application of vascular stents in treating coronary artery diseases, peripheral artery diseases, and in procedures like angioplasty and stenting, underscores their revenue dominance. Moreover, continuous advancements in vascular stent technologies, such as the development of drug-eluting and bioresorbable stents, contribute to this segment's substantial revenue. On the other hand, Non-vascular stents, which are used in urology, gastroenterology, and pulmonology, are expected to register the highest Compound Annual Growth Rate (CAGR) from 2024 onwards. The growth in this segment is driven by the increasing prevalence of non-vascular conditions that require stenting, such as urinary tract obstructions and gastrointestinal tract cancers. The expanding elderly population, who are more susceptible to these conditions, along with advancements in non-vascular stent technologies, are key factors contributing to this growth.

Market Segmentation by Material

Regarding the market segmentation by material, comprising Metallic stents and Non-metallic stents, each type offers unique characteristics and applications. Metallic stents, particularly those made from materials like stainless steel and cobalt-chromium alloys, have garnered the highest revenue within the market. Their strength, flexibility, and biocompatibility make them the preferred choice in most vascular stenting procedures. These stents have been extensively used and studied, leading to a well-established safety and efficacy profile, which contributes to their revenue generation. In contrast, Non-metallic stents, including polymer-based and bioresorbable stents, are expected to witness the highest CAGR in the coming years. The growing interest in bioresorbable stents, which can dissolve in the body after fulfilling their purpose, drives this segment's growth. These stents offer the potential to reduce long-term complications associated with metal stents, such as inflammation and late thrombosis, and are particularly appealing in applications where temporary scaffolding is sufficient. The ongoing research and development in this area, aimed at improving the performance and safety profile of non-metallic stents, are likely to propel their increased adoption in various medical procedures.

Regional Insights

In the geographic analysis of the stents market, distinct regional trends and growth patterns are evident. In 2023, North America, particularly the United States, dominated in terms of revenue, primarily due to the high prevalence of cardiovascular diseases, well-established healthcare infrastructure, and the presence of key market players. This region's robust medical device industry, coupled with high healthcare expenditure and favorable reimbursement policies, contributed significantly to its revenue leadership. However, looking ahead from 2024 to 2032, the Asia-Pacific region is expected to witness the highest Compound Annual Growth Rate (CAGR). This anticipated growth can be attributed to the rapidly aging population, increasing prevalence of cardiovascular and peripheral artery diseases, and improving healthcare systems in countries like China and India. Moreover, the expanding medical tourism industry in Asia-Pacific countries, offering cost-effective treatment options, is likely to further drive the demand for stents in this region.

Competitive Trends

Regarding competitive trends and key strategies among top players in the stents market, companies such as Abbott Laboratories, B. Braun Melsungen AG, Biotronik SE & Co. KG, Biosensors International Group, Ltd., Boston Scientific Corporation, Elixir Medical Corporation, Medtronic Plc, Meril Life Science, MicroPort Scientific Corporation, Stryker, Terumo Corporation, W.L Gore & Associates, BD, Conmed Corporation have been prominent in 2023. These companies demonstrated market leadership through innovative product launches, strategic acquisitions, and a strong focus on research and development. Medtronic, for instance, has been instrumental in introducing advanced coronary and peripheral stents, solidifying its position in the market. Boston Scientific Corporation's diverse portfolio and continuous investment in technological advancements have been key to its success. Abbott Laboratories, known for its drug-eluting stents, has consistently focused on expanding its global reach and improving product efficacy. Biotronik’s emphasis on quality and innovation, especially in the field of bioresorbable vascular scaffold systems, has distinguished it in the market.