The global vascular stents market was worth US$ 8.7 Billion in 2018. A vascular stent is a small wire mesh tube that aids in clearing as well as preventing blockages in blood vessels and arteries. Vascular stenting is also used for the opening of narrowed vessels which helps in significantly reducing the chances of heart attack or chest pain. Vascular stents help in maintaining the patency of stenotic vessels and prevent reblockage as a result of blood accumulation or excessive tissue growth. It also plays a major role in treating patients with cardiovascular diseases such as coronary heart and peripheral vascular diseases which occur as a result of hypertension caused by excessive smoking and high alcohol consumption, unhealthy dietary habits, and low physical inactivity.
Rising geriatric population represents one of the key factors propelling the market growth worldwide. From around 991 Million adults above the age of 60 years in 2018, we expect the total global population of adults above 60 years of age to reach 1.18 Billion by 2024. Furthermore, there has been a rise in the incidence rate of heart-related diseases such as cardiovascular diseases (CVDs), coronary artery disease (CAD), stroke and peripheral artery disease (PAD) which have led to the growing need for heart stent surgeries. This can be attributed to lifestyle choices such as smoking and high alcohol consumption coupled with lack of physical inactivity and unhealthy dietary habits. Increasing inclination toward minimally invasive (MI) procedures is also driving the market growth as the MI vascular stenting procedure ensures shorter hospital stay, quick recovery and greater comfort. The growing adoption of vascular stents in angioplasty and open-heart surgeries along with the introduction of modern surgical procedures and equipment such as drug-eluting stents and bio-absorbable stents has also contributed in driving the market. Looking forward, IMARC expects the market to reach US$ 11.9 Billion by 2024, exhibiting a CAGR of around 5% during 2019-2024.
The report has also analysed the competitive landscape of the market with some of the key players being Medtronic Plc, Abbott Laboratories, Boston Scientific Corporation, Biotronik Se & Co. Kg, Braun Melsungen Ag, Terumo Corporation, Microport Scientific Corporation, Meril Life Sciences Pvt. Ltd., Vascular Concepts Limited, C.R. Bard, Inc., W.L. Gore and Associates, Inc., Endologix, Inc., Lombard Medical, Translumina Gmbh, Jotec Gmbh, etc.
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