The growth of this market is majorly driven by the technological advancements in stents, increasing number of angioplasty procedures, rising burden of vascular diseases, increasing demand for minimally invasive procedures, and rising geriatric population. However, the presence of alternative treatment methods for vascular diseases, stringent regulations for product approval, and numerous cases of product failure and product recalls are expected to restrain the growth of the vascular stents market during the forecast period of 2016 to 2021.
The global 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% during the forecast period.
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This report segments the vascular stents market based on product, type, mode of delivery, material, end user, and region.
Based on type, the market is segmented into bare-metal stents, drug-eluting stents, and bioabsorbable stents. The drug-eluting stents segment is expected to account for the largest share of the vascular stents market in 2016. This can primarily be attributed to the advantages of drug-eluting stents over bare-metal stents, such as lower risk of restenosis and other related complications.
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 growing regulatory approvals for balloon-expandable stents and the high usage of these stents in angioplasty procedures.
Based on region, the vascular stents market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America was the largest market for vascular stents in 2016. However, the Asian market is projected to register the highest growth during the forecast period.
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The key players operating 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).