The vascular stent market is projected to reach USD 17.68 billion by 2021 from USD 12.21 billion in 2016, at a CAGR of 7.7% from 2016 to 2021. The growth of this market is majorly driven by factors such as technological advancements in vascular stents, increasing number of angioplasty procedures, rising burden of vascular diseases, increasing demand for minimally invasive procedures, and rising geriatric population.
On the basis of product, the market is segmented into coronary stents, peripheral stents, and EVAR stent grafts. Peripheral stents are further segmented into carotid stents, renal artery stents, femoral stents, iliac stents, and other peripheral stents. EVAR stent grafts are further segmented into abdominal aortic aneurysm and thoracic aortic aneurysm. The coronary stents segment accounted for the largest share of the vascular stent market in 2016. The large share of this segment can primarily be attributed to the rising incidence of coronary artery disease and technological advancements in coronary stents.
On the basis of type, the market is segmented into bare-metal stents, drug-eluting stents, and bioabsorbable stents. The drug-eluting stents segment accounted for the largest share in 2016 primarily due to the advantages these stents offer over bare-metal stents, including lower risk of restenosis and other related complications.
On the basis of mode of delivery, the vascular stent market is segmented into balloon-expandable stents and self-expanding stents. The balloon-expandable stents segment is estimated to register the highest growth during the forecast period due to the growing regulatory approvals for balloon-expandable stents and the increasing number of research activities focusing on improving the balloon-expandable stent technology.
On the basis of material, the market is segmented into metallic stents (cobalt chromium, platinum chromium, nickel titanium, and stainless steel) and other stents. The other stents segment is projected to grow at the highest CAGR during the forecast period. The high growth in this segment is attributed to the growing utilization of polymers and copolymers for the development of bioabsorbable stents.
On the basis of end user, the market is segmented into hospitals & cardiac centers and ambulatory surgical centers. The hospitals & cardiac centers segment dominated this market in 2016 as the majority of patients opt to undergo angioplasty procedures in hospitals, owing to which the demand for vascular stents is higher in this end-user segment.
Vascular Stent Market, by Region, 2021 (USD BILLION)
In 2016, North America was the largest market for vascular stents, followed by Europe. However, the Asian market is expected to grow at the highest CAGR during the forecast period. Factors such as the large population base, growing prevalence of cardiac diseases, rising adoption of advanced technologies, and low manufacturing costs for medical devices in emerging Asian countries are driving the growth of this market.
Key players in the Vascular Stent Market include Medtronic, plc (Ireland), Abbott Laboratories (U.S.), Boston Scientific Corporation (U.S.), BIOTRONIK SE & Co. KG (Germany), B. Braun Melsungen AG (Germany), Terumo Corporation (Japan), STENTYS SA (France), MicroPort Scientific Corporation (China), Meril Life Sciences Pvt. Ltd. (India), Vascular Concepts (India), W. L. Gore and Associates (U.S.), C. R. Bard (U.S.), Endologix, Inc. (U.S.), Lombard Medical Technologies (U.K.), Translumina GmbH (Germany), and JOTEC GmbH (Germany).
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