Stents Market Size

Stents Market Analysis

The stents market is expected to grow from USD 6.20 billion in 2023 to USD 7.98 billion in 2028, registering a CAGR of 5.5% during the forecast period.

The impact of COVID-19 in its initial phase was adverse due to the cancellations of elective procedures, including surgeries worldwide. For instance, according to an article published by BMJ Journals in April 2021, a study was conducted in Europe, which showed that the COVID-19 pandemic significantly impacted the care of patients with cardiac diseases, which impacted the market's growth. However, the market started to gain traction owing to the resumption of surgical procedures worldwide. The number of cardiac surgical procedures and stent implantations is projected to grow during the forecast period, positively impacting the market's growth.

The high burden of heart-related diseases is expected to increase the number of angioplasties, thereby augmenting market growth during the forecast period. In addition, the growing geriatric population and technological advancements in stent development are actively affecting the market's growth.

According to the World Population Prospects 2022, the percentage of the population aged 65 years and older is estimated to be 10% in 2022, and it is expected to reach 16% by 2050. Atrial fibrillation is a major heart rhythm disorder among older people, which leads to coronary stent implantation for treatment. The surge in the geriatric population is projected to propel the market's growth during the forecast period.

Additionally, as per the data of the World Stroke Organization, in 2022, almost 5 million new atrial fibrillation and flutter cases are diagnosed yearly. The prevalence of atrial fibrillation in all ages is expected to reach 60 million in 2022. The high burden of atrial fibrillation will augment the stents market during the forecast period.

The prevalence of chronic illnesses has increased over the decade. According to the AHA, in 2021, peripheral artery disease (PAD) affected more than 200 million people worldwide and was associated with high mortality and morbidity in 2021. With the aging global population, PAD may likely become increasingly common during the forecast period. Statistics show that the number of PAD patients is increasing at a faster pace, which is ultimately driving the market for stents.

Additionally, as per a scientific study published by the AHA in 2021, lower extremity peripheral artery disease (PAD) affected more than 230 million individuals worldwide in 2021, and it is linked to an elevated risk of several unfavorable clinical outcomes (including cardiovascular diseases like coronary heart disease and stroke and limb outcomes like amputee status). Since the treatment of PAD requires stents, the increased incidence of PAD is ultimately projected to boost the stents market during the forecast period.

Furthermore, the advancements in technology and the increasing number of product approvals, partnerships, and acquisitions by key players are helping the market grow. For instance, in March 2022, Cordis received FDA approval for its Smart Radianz Vascular Stent System, a self-expanding stent designed explicitly for radial peripheral procedures. Such technological advancements are projected to boost the utility of stents worldwide for effective underlying treatments.

Therefore, owing to the abovementioned factors, such as the high burden of heart-related diseases, the advancements in technology, and the increasing number of product approvals, partnerships, and acquisitions by key players, the market studied is expected to grow over the forecast period. However, a stringent approval process for stents and high product recalls will likely impede the market's growth.