Albany, NY -- (SBWIRE) -- 05/16/2018 -- Prominent market participants in the international market for non-vascular stents are the likes of Allium Medical Solutions Ltd., Abbott Laboratories, C. R. Bard Inc., Cook Group Incorporated, Taewoong Medical Co., Ltd., CONMED Corporation, Olympus Corporation, Boston Scientific Corporation, M.I.TECH, ELLA – CS, Medi-Globe Corporation, and Merit Medical Systems, Inc.
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In the present scenario, the world non-vascular stents market is characterized by intense competition between various local market participants and a few of the leading international participants. It has further been discovered that the smaller local market players have managed to dent shares of their leading global counterparts, and as such are posing a challenge to them.
In accordance with a market research report by Transparency Market Research, the world market for non-vascular stents is anticipated to expand at a steady pace by rising at a growth rate of 5.0% CAGR from the year 2017 to 2025. Expanding at this rate, the said market is likely to become worth around US$ 730.5 mn by the year 2025 from an earlier valuation of around US$ 475.0 mn in the year 2016.
From a geographical standpoint, the region of North America accounts for a lion's share of the market owing to high per capita expenditure on healthcare, favourable medical reimbursement policies by the private players as well as the governments, presence of sound infrastructure pertaining to the healthcare industry, and a large base of patients who are affected with obstructive disease. The revenue of this region is anticipated to be worth around US$ 308.1 mn by the year 2025. The CAGR clocked for this region is anticipated to be around 5.2% over the timeframe of forecast. The region of Europe follows North America when it comes to market share in the world market for non-vascular stents. Rising number of ambulatory surgical centers and hospitals together with soaring prevalence of obstructive disease are estimated to be propelling the growth of this region.
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While taking growth rate into consideration, the region of Asia Pacific is prognosticated to outshine all the other regions with a sound rate of growth of 5.4% CAGR over the period of forecast that extends from the year 2017 to the year 2025. Such growth in the region is powered by the rapid economic growth of the various developing nations of the region, such as India and China with increased allocated budget for the healthcare industry and soaring number of day care surgery centers and hospitals.
Soaring incidences of chronic obstructive pulmonary disease (COPD) is bolstering the demand for non-vascular stents worldwide. Chronic obstructive pulmonary disease or COPD as it is popularly known as result from exposure to harmful chemicals, tracheobronchial malacia, lung cancer, and smoking. As analyzed by the analysts of TMR, soaring incidences of gall stone diseases and colorectal cancer in developed countries is most likely to augment the demand for gastroenterology stents over the timeframe of forecast that extends from the year 2017 to the year 2025. Furthermore widespread prevalence of benign prostatic hyperplasia and kidney stones in elderly populace will further bolster the demand for urology stents across the globe, thereby boosting the world market for non-vascular stents.
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