Global Peripheral Vascular Stents Market Growth Expected to be Driven by Increasing Prevalence of Peripheral Artery Disease (PAD)
Valley Cottage, NY -- (SBWIRE) -- 11/01/2018 -- According to the latest market report published by Future Market Insights, titled 'Peripheral Vascular Stents Market: Global Industry Analysis 2013 – 2017 and Opportunity Assessment 2018 – 2028', the global peripheral vascular stents market is expected to expand at a CAGR of 6.6% over the forecast period 2018–2028.
FMI estimates that the global market for peripheral vascular stents is to be valued at US$ 2,822.5 Mn in 2018 and is expected to expand at CAGR of 6.6% over 2018–2028, to reach US$ 5,324.1 Mn by 2028 end. Based on product type, the self-expanding stents segment dominated the global peripheral vascular stents market, with over 52.1% value share in 2017. The segment is expected to grow at above 6.6% CAGR over the forecast period.North America is expected to maintain its dominance in the global market due to regulatory approval of several new products such as drug eluting stents in the U.S., Europe and Japan. Increasing awareness of peripheral surgeries and prevalence of peripheral artery disease in developing countries such as India and Brazil remains the major factor driving the demand for peripheral vascular stents. Increasing in number end users and growing number of ambulatory surgical centres are the other major factors expected to drive the growth of the global peripheral vascular stents market.
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An intravascular stent is a synthetic tubular mesh structure used for permanent implant in graft or native vasculature. A stent is basically designed to provide mechanical radial support after assigning; the support is meant to improve vessel patency over the life of the device. After the stent is placed in the intended location, it is expanded by a balloon or self-expanding mechanism.
Global Peripheral Vascular Stents Market: Segmental Forecast
The global peripheral vascular stents market has been segmented on the basis of product type, artery type, end user and regions. Globally, the self-expanding stents is expected to be the most attractive segment from the manufacturers' point of view. Although there is a high demand for drug eluting stents and the segment leads in terms of market volume in the forecast period, high price of drug eluting stents would lead to low revenue contribution of the product type segment. Among all the artery types, high demand of peripheral stents is expected to come from iliac artery segment due to growing prevalence for peripheral artery disease in many countries across the globe.
Global Peripheral Vascular Stents Market: Regional Analysis
In terms of value, the global peripheral vascular stents market is expected to expand at 6.6% CAGR over the forecast period of 2018–2028. With nearly 48.5% market share, North America dominated in the global peripheral vascular stents market in 2017, partly due to penetration of newly approved drug eluting stents in the U.S. Western Europe is expected to be the second large market globally, with the U.K., Italy, France and Germany being countries with high growth rates. APEJ is expected to be the second large market for peripheral vascular stents, primarily due to improving immunization access and availability of cost-effective surgeries.
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Global Peripheral Vascular Stents Market: Competition Tracking
The market for peripheral vascular stents is consolidated with few players contributing over 55% of revenue share. The key players identified in the global market include Medtronic Plc., Becton, Dickinson and Company, Cardinal Health, Inc., B. Braun Melsungen AG, MicroPort Scientific Corporation, Boston Scientific Corporation, BIOTRONIK SE & Co. KG, Abbott Laboratories, W.L. Gore & Associates Inc., and Cook Medical Inc., among others. Acquisition of established products to gain immediate growth is the key strategy adopted by key players in the market.