Prominent participants in the global non-vascular stents market are C. R. Bard, Inc., Boston Scientific Corporation, Cook Group Incorporated, Merit Medical Systems, Inc., Taewoong Medical Co., Ltd., Abbott Laboratories, Olympus Corporation, ELLA – CS, Medi-Globe Corporation, CONMED Corporation, M.I.TECH, and Allium Medical Solutions Ltd. At present the market is characterized by stiff competition between numerous local players and a few dominant international players. It has been noticed that the smaller local players have managed to dent shares of their global counterparts, and hence are posing a challenge to them.
As per a report by Transparency Market Research, the global non-vascular stents market will expand at a steady pace by growing at a CAGR of 5.0% from 2017 to 2025. At this rate, the market will likely become worth US$730.5 mn by 2025 from US$475.0 mn in 2016.
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Superior Healthcare Facilities Catapult North America Market to Forefront
Depending upon the type of products, the global non-vascular stents market can be segmented into urology stents, pulmonology stents, and gastroenterology stents. Among them, the urology stents segment is predicted to outpace all others vis-à-vis growth rate owing to growing number of kidney calculi and end-stage renal disease patients, globally. A common trend of benign prostatic hyperplasia in elderly demographics is also projected to boost growth in the segment in the next couple of years. The urology stents segment is expected to rise at a CAGR of 6.9 % between 2017 and 2025.
Geographically, the key segments of the global non-vascular stents market are North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. North America, at present, dominates the market with a leading share on account of a superior healthcare infrastructure, high healthcare expenditure per capita, high incidence of obstructive diseased patients, and favorable medical reimbursement policies of both the government and private players.
COPD Serving to Majorly Fuel Growth
At the forefront of driving demand in the global non-vascular stents market is the rising instances of chronic obstructive pulmonary disease (COPD) resulting from lung cancer, smoking, tracheobronchial malacia, and exposure to harmful chemicals. “Rising occurrence of colorectal cancer and gall stone diseases in developed countries is likely to boost the demand gastroenterology stents during forecast period. High prevalence of kidney stones and benign prostatic hyperplasia in elderly will also push up demand for global urology stents, thereby boosting the overall non-vascular stents market,” explains the lead analyst of the TMR report.
Product Development Proves Beneficial to Market
Further, growing spends on healthcare in developing countries, mushrooming hospitals and ambulatory surgical centers, and helpful medical reimbursement policies by governments and private insurance companies is also slated to catalyze growth in the global non-vascular stents market in the next couple of years. Thrust on research and development to come up with better products having improved designs, better materials, and minimally invasive stenting procedures are bolstering the market as well. The development of biodegradable stents to thwart complications of tissue in growth and stent migration is a case in point.
Proving counterproductive to the global non-vascular stents market, on the other hand, is the expensiveness of metallic stents along mandates by governments and regulatory authorities to better quality and lower process of medical devices.