The increasing number of angioplasty procedures; rising burden of vascular diseases, such as coronary artery disease (CAD), peripheral artery disease (PAD), and aortic aneurysm; increasing demand for minimally invasive procedures; and the launch of advanced vascular stents by major companies are the major factors driving the growth of the vascular stents market. Moreover, the development of bioresorbable vascular scaffolds (BVS) and expansion in emerging markets are expected to offer potential growth opportunities to market players in the coming years. Key players operating in this market are focusing on strategies such as product launch and product enhancements; partnerships, collaborations, and contracts; expansions; acquisitions; and certifications.
The vascular stents market is segmented based on product, type, material, mode of delivery, end user, and region. Based on product, the market is segmented into coronary stents, peripheral vascular stents, and EVAR (endovascular aneurysm repair) stent grafts. Peripheral stents are further segmented into carotid stents, renal stents, iliac stents, femoral/fem pop stents, and other stents (peroneal artery stents, tibial artery stents, infrapopliteal stents, and biliary stents). EVAR stent grafts are further segmented into abdominal aortic aneurysm stents and thoracic aortic aneurysm stents. Coronary stents accounted for the largest share of the vascular stents market in 2016. The large share of this segment can primarily be attributed to the high incidence of coronary artery disease and the subsequent growth in the number of PCI procedures.
Based on type, the vascular stents market is segmented into bare-metal stents, drug-eluting stents, and bioabsorbable stents. The bioabsorbable stents segment is expected to register the highest growth during the forecast period. These stents help restore normal vasomotion, improve abnormal endothelial function, and lower the risk of complications, such as thrombosis and inflammation. Considering these advantages, the demand for bioabsorbable stents is high among end users.
Based on the mode of delivery, the vascular stents market is segmented into balloon-expandable stents and self-expanding stents. The balloon-expandable stents segment is expected to grow at the highest CAGR during the forecast period primarily due to the high utilization of these stents in angioplasty procedures. Moreover, the increasing research activities focusing on improving the balloon-expandable stent technology, coupled with the regulatory approvals for balloon-expandable stents, are expected to support the growth of this segment in the coming years.
The Asian market is expected to register the highest growth during the forecast period. Factors such as the large population base, growing prevalence of cardiac diseases, low manufacturing costs for medical devices, and rising adoption of advanced technologies are expected to drive the growth of the Asian vascular stents market.