Globally, the incidence of cardiovascular diseases has risen in the past two decades. There are several factors that can be attributed to the steep rise. This has led to surge in demand for healthcare procedures that account as treatment for such ailments. One of the prominent and common procedures includes expanding arteries using arterial stents. The global arterial stents market has experienced steady rise in demand and has registered a prominent growth rate. The market is expected to grow at much higher rate of 9.5 percent CAGR, and is predicted to reach an overall value of USD 17.8bn by the end of 2025.
Further, the global arterial stents market is marked by stiff competition from prominent players. The need for biocompatible stents, reduced cost, improved quality, and efficiency are some factors driving innovation in the global arterial stents market. As a result, many players in the global arterial stents market are investing large sums into research, and are hoping to launch new products. This is expected to aggravate competition in the global arterial stents market. Significant players in the global arterial stents market are Lifetech Scientific Corporation, Boston Scientific Corporation, Abbott Laboratories, Cook Medical, Medtronic plc, and Gore Medical.
Geographically, the global arterial stents market is prominent world-wide. However, well-developed healthcare infrastructure, easy availability of insurance, and rising spending capacity among individuals propels demand in North America. Hence, the TMR report predicts that North America will remain the leader in global arterial stents market. At the same time, Asia Pacific is expected to grow in prominence.
Rising Incidence of Cardiovascular Diseases Pushes Demand
Cardiovascular disease are constantly increasing due to unhealthy eating and lifestyle habits. While the number of cases have risen, technology has also aided easy treatment. Often those with unhealthy eating habits, smoking, and drinking suffer from high cholesterol levels. Thus, it form blocks in arteries restricting flow of blood. In orders to dilate the arteries, cardiologists use stents. This is a common procedure across the world. This aspect drives demand in the global arterial stents market. Further, related aspects like easy availability of public and private health insurances and growing awareness among people also facilitate growth in the global arterial stents market. Moreover, technology plays a crucial role garnering consumption in the global arterial stents market. People have realized that the surgery is no longer complicated, thus are not reluctant about undergoing the procedure. This, as a result, supports growth in the global arterial stents market.
Innovation Stokes Demand in the Global Arterial Stents Market
While there are high quality stents available in the market, one of the common concerns expressed by consumers is high cost of the product. Further, doctors are also keen about stents that are more compatible with the human body. As a result, major players in the global arterial stents market are investing heavily on research to develop stents with better biocompatibility. Further, efforts are also on to roll out cost-efficient products that will increase consumption and in-turn push players in the global arterial stents market to scale up production. – Transparency Market Research