August 21, 2019 — Increasing incidence of cardiovascular diseases worldwide is creating growth opportunities for the global cardiovascular stents market, predicts Fortune Business Insights in a new study.
The study is titled, “Cardiovascular Stents Market: Global Market Analysis, Insights and Forecasts, 2018 – 2025”. As per Fortune Business Insights, the market is prognosticated to exhibit a 6.6 percent compound annual growth rate (CAGR).
In terms of stent type, the drug-eluting stents (DES) segment is expected to hold the dominant position in the market. This dominance is attributable to key companies introducing next-generation drugs for DES, and is likely to continue in the coming years.
With respect to end users, the hospitals segment holds dominance in the global market as it registers the highest consumption of cardiovascular stents.
The global market derives growth from a number of factors such as increasing focus on research and development (R&D). Besides this, increasing regulatory approvals from organizations such as the U.S. Food and Drug Administration (FDA) have contributed significantly to the global cardiovascular stents market.
Furthermore, newer drug discoveries as a result of emphasis on R&D have favored the growth of the global cardiovascular stents market and are likely to boost the market in the coming years, backed by contributions from government as well as private organizations.
In 2017, coronary stenting procedures were the most common treatment among cardiovascular patients, with a market share of 66.9 percent. The rising number of cardiovascular diseases worldwide is expected to drive the global market, as per analysts at Fortune Business Insights.
Besides this, huge investments made by market players in research and development on environmental and bioresorbable coronary stents is also anticipated to boost the market.
Generally unhealthy lifestyles and irregular eating habits have led to an increase in the prevalence of health-related concerns, including chronic diseases such as diabetes, obesity and heart disorders. The surging cases of heart disorder is continuously fueling the demand for new cardiovascular treatments including angioplasty, which will ultimately increase the demand for cardiovascular stents, according to the report.
However, the market may face challenges due to the presence of alternative treatment methods for vascular diseases. The complexity of cardiovascular stent implantation may cause patients to opt for other treatment options and this may restrict growth in the market. Besides this, high-profile incidents of product recalls and failures may also hamper the market in future, according to Fortune Business Insights. Nevertheless, the emerging market for cardiovascular stents and their rapid ascent is likely to boost growth opportunities for the market in the long run.
The North American market has emerged as the dominant market segment worldwide as of 2017. This is mainly due to the presence of better medical facilities and skilled professionals in the developed nations of Canada and the U.S, according to the report. North America is likely to remain dominant in the coming years as well, on account of ongoing clinical trials on novel stents in the U.S. and various regulatory approvals for cardiovascular stents.
At the same time, the Asia Pacific is projected to show the most growth during the report period on account of improved distribution of cardiovascular stents in emerging economies such as China and India. In order to improve their accessibility, price capping of stents has been introduced in these developing nations and this will help the market gain momentum.
For more information: www.fortunebusinessinsights.com