Stent Market Outlook
Robust globalization and urbanization trends that have led to unhealthy meal consumption habits are driving stent market size. Stents are used mainly in surgeries pertaining to heart disorders that have been increasing in the last few years due to modern, sedentary lifestyles, unhealthy dietary patterns, rise in mental stress, growing consumption of processed foods, and mounting air & water pollution.
U.S. Stent Market, By Type, 2018 & 2025 (USD Million)
Changing consumer lifestyles have led to rising prevalence of health hazards like obesity, depression, hypertension, and diabetes which are major risk factors accelerating cardiovascular diseases (CVDs). The surging prevalence of CVDs will drive global stent industry share.
As per statistics by the World Health Organization (WHO), more than 75% deaths due to CVDs occur in low-income and middle-income countries and 31% of all deaths worldwide occur because of CVDs. More precisely, four out of five CVD deaths are because of strokes and heart attacks. Identifying the high risk of mortality associated with CVDs, regulatory organizations and leading pharmaceutical companies are putting in their efforts to prevent premature deaths by providing technologically advanced medical devices which will drive stent market size.
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As per estimates by WHO, the prevalence of CVDs is projected to grow by 50% between 2010 to 2030 in China mainly due to rising number of patients with obesity, diabetes, and blood pressure. Considering the fact that China accounts for a population of more than 1.36 billion in 2014, there are huge business opportunities for stent market leaders in the nation.
China’s one-child policy and other stringent norms will increase the geriatric population in the country. The dramatic imbalance between young and aged people may generate more number of health hazards related to CVDs since the elderly are susceptible to such disorders. This trend will further stimulate stent market size. Global Market Insights, Inc., predicts that rise in the elderly population worldwide will augment worldwide stent industry share that will cross more than USD 16 billion by 2025.
Developing and underdeveloped countries will turn out to be game-changers in stent market owing to the prevalence of unhealthy eating habits, consumption of tobacco, lesser physical activities, and sedentary livelihood. WHO analyzes that increasing risk associated with heart related disorders will not only boost the need of technological advancement in the healthcare sector but will generate awareness among the masses. Growing prevalence of CVDs will thus enhance not only stent market but will drive worldwide cardiovascular ultrasound market over the coming years.
The U.S. stent market size will grow significantly over the forecast period. The growth will be driven by the rising demand for minimally invasive medical devices. As per estimates, U.S. held over 30% of the market share in 2018 and may dominate the global stent industry over the coming years. The presence of supportive reimbursement policies and extensive healthcare expenditure will drive the regional growth by 2025.
Stent market is sometimes constrained by the exorbitant product price, though efforts are being made to tackle the pricing trends. For example, in India, since 2018, prices of stents are fixed by the government. It resulted into 85% decrease in the price of stents. As per the data shared by the National Pharmaceutical Pricing Authority (NPPA), earlier hospitals were enjoying profit margins of 650% from each patient, which will now be curbed. Decrease in the device prices will augment India stent market trends over the coming years.
Ongoing development in the healthcare sector and increasing availability of quality products will accelerate the demand for bio-absorbable stents. Moreover, formulas used by the WHO for delivering cost-effective medical products is slated to propel the industry share over the years ahead.
Author Name : Sunil Hebbalkar