NEWARK, Del, April 22, 2024 (GLOBE NEWSWIRE) -- The peripheral vascular stent market value is expected to rise from US$ 4,267.70 million in 2024 to US$ 8,878.00 million by 2034. This market is analyzed to surge ahead at a CAGR of 7.60% over the next decade.
The demand for peripheral vascular stents is erupting as more people suffer from cardiovascular diseases (CVDs). These diseases are severe and are one of the leading causes of death worldwide. For patients with high-risk cardiovascular disease, the execution of stents has become a top device used to treat obstructive coronary disease.
Increasing use of peripheral vascular stents to alleviate symptoms of obstructive coronary artery diseases is propelling market growth. Industry participants are thus incessantly producing innovative and breakthrough stent technologies to ensure a leading position in market competition.
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Key players are conducting several studies and clinical trials, as well as seeking medical approvals for stents that could meet or transcend the high standards set by similar products by market leaders. This is expected to advance the market forward.
Analysts at FMI have estimated that Brazil is going to expand at a promising CAGR of 7.50% over the forecast period. The country is expected to be sought by leading market contenders as it’s a destination point for those seeking interventional cardiology.
As a result, players are acquiring a greater stake in Brazilian companies to reap higher returns in the future. Other key markets that are being considered in Latin America are Columbia, Bolivia, Argentina, and Venezuela.
“Key players are investing in research and clinical trials as well as looking for market approvals for newly developed peripheral vascular stents. Going forward, markets in Asia Pacific and Latin America are expected to be go-to destinations for industry players,” Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Peripheral Vascular Stent Market Report
- The peripheral vascular stent market generated a revenue of US$ 2,822.50 million in 2019. The market size expanded to US$ 4,008.50 million in 2023, expanding at a CAGR of 7.30%.
- By product type, the self-expanding stents are commonly used. The share of this segment is expected to be 52.40% in 2024.
- Based on artery type, the iliac artery is expected to accumulate 47.40% of the market share in 2024.
- The United States is predicted to be a prominent player in the forecast period as well. The country has been estimated to showcase a CAGR of 5.90% throughout the forecast period.
- In Asia Pacific, China is projected to exhibit promising growth, expanding at a CAGR of 10.30% through 2034.
- In Europe, France and the United Kingdom are expected to lift Europe’s position, registering CAGRs of 6.80% and 6.40%, respectively, through 2034.
- GCC countries are anticipated to emerge as budding markets for peripheral vascular stents. This region has been predicted to record a 7.60% CAGR till 2034.
Key Developments in the Peripheral Vascular Stent Market
- In July 2023, the United States FDA produced a letter to healthcare providers that stated that based on the available data and analysis, excessive risk of mortality risk linked with paclitaxel-coated devices to operate on peripheral arterial disease (PAD) is no longer valid. In consequence of this letter, Boston Scientific shows continued support to physicians and patients through their life-changing technologies.
- In October 2021, Boston Scientific Corporation revealed positive data for Eluvia™ Drug-Eluting Vascular Stent System during a clinical trial presentation at a meeting held in Las Vegas.
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Competitive Landscape in the Peripheral Vascular Stent Market:
Biosensors, Abbott, Boston Scientific, Biotronik, Stryker, Medtronic, Terumo, and B. Braun are identified as powerful players in the peripheral vascular stent market. Their growth is stimulated by the increasing count of cardiovascular surgeries performed alongside minimally invasive techniques.
Medical equipment manufacturers are using market penetrative strategies to gain a large foothold in the industry. The launch of the self-expanding Eluvia drug-eluting stent (DES) system, in the historical period, is a top strategy adopted by market players. This launch served a double benefit as it helped the company extend its PAD portfolio as well as utilize a new drug-polymer combination for the sustained release of the drug paclitaxel.
In the quest to gain a larger foothold in the market, stent makers and medical device manufacturers are investing in research and innovations to elevate their portfolios. ETH Zurich researchers have released a new method to develop malleable microstructure production utilizing indirect 4-D printing.
This latest technology has the potential to develop malleable microstructure production utilizing indirect 4-D printing. Moreover, the government support for certain studied and analyzed product offerings is also encouraging players to expand in this market.
In emerging markets, stent manufacturers are acquiring and merging with other competing players to enhance their position.
Top Key Companies in the peripheral vascular stent market:
- Medtronic Plc.
- Cardinal Health, Inc.
- B. Braun Melsungen AG
- MicroPort Scientific Corporation
- Boston Scientific Corporation
- BIOTRONIK SE & Co. KG
- Abbott Laboratories
- W.L. Gore & Associates Inc.
- Cook Medical Inc.
- Others
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Market Segmentation of Peripheral Vascular Stent:
By Product Type:
- Self-Expanding Stents
- Balloon-Expanding Stents
- Covered Stents
- Drug-Eluting Stents
Based on Artery Type:
- Carotid Artery
- Fem-Pop Artery
- Iliac Artery
- Infrapop Artery
Peripheral Vascular Stents Market by End User:
- Hospitals
- Ambulatory Surgical Centers/Outpatients
Different Regional Markets are as Follows:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
About the Healthcare Division at Future Market Insights
The healthcare domain at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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