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. Technological advancements in stents, increasing number of angioplasty procedures, rising burden of vascular diseases, increasing demand for minimally invasive procedures, and the rising geriatric population are the major factors driving the growth of the market. Moreover, the development of bioresorbable vascular scaffolds and expansion in emerging markets are expected to offer potential growth opportunities to market players in the coming years. However, the presence of alternative treatment methods for cardiac diseases, stringent regulations for product approval, and numerous cases of product failure and recalls are expected to restrain the growth of the market during the forecast period.
The vascular stent market is categorized on the basis of product, type, mode of delivery, material, end user, and region. Based on product, the market is categorized into coronary stents, peripheral stents, and EVAR stent grafts. The coronary stents segment dominated the market in 2016 majorly due to the rising incidence of coronary artery disease and technological advancements in coronary stents.
North America was the largest market for vascular stents in 2016, with the U.S. accounting for a major share of this regional market. 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 cardiovascular diseases, rising adoption of advanced technologies, and low manufacturing costs for medical devices in emerging Asian countries are expected to drive the growth of the Asian market in the coming years.
Several global as well as local players are operating in the vascular stent market, making it highly fragmented. Various players are offering several products across different subsegments of this market. Key players in this 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).