Non-Vascular Stents Market Overview
The Non-Vascular Stents Market size is forecast to reach $1,652.7 million by 2026, growing at a CAGR of 3.2% during the forecast period 2021-2026. Non-vascular stents are used for a variety of applications such as esophageal, biliary, and colonic implantations among others. The growing prevalence of chronic diseases and increasing healthcare spending is the major factor driving the growth of the market. The increasing prevalence of gastrointestinal cancer is set to further enhance the overall market demand for the Non-Vascular Stents Market for the period 2021-2026.
Report Coverage
The report: “Non-Vascular Stents Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Non-Vascular Stents Market.
By Product Type: Gastrointestinal Stents, Biliary Stents, Duodenal Stents, Colonic Stents, Pancreatic Stents, Esophageal Stents, Pulmonary Stents, Urological Stents, and Others.
By Material: Metallic Stents, and Non- Metallic Stents.
By End User: Hospitals, Ambulatory Surgical Centers, and Others.
By Geography: North America, Europe, Asia Pacific, and Rest of the World.
Key Takeaways
North America dominated the Non-Vascular Stents Market in 2020 owing to the increasing incidences of carcinoma eye disease, central airway construction, and alternative chronic diseases. The Non-Vascular Stents Market scope for different regions will be provided in the final report.
Favorable government initiatives to be used for such medical devices and increasing healthcare expenditure are likely to aid in the market growth of the Non-Vascular Stents Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Non-Vascular Stents Market report.
Stringent government laws in some developing countries and safety issue are poised to create hurdles for the Non-Vascular Stents Market.
Non-Vascular Stents Market Segment Analysis – By Product Type
The Gastrointestinal Stents held the largest share in the Non-Vascular Stents Market in 2020 and is estimated to grow at a CAGR of 4.4% during the forecast period 2021-2026. The largest share is attributed to the growing incidence of gastrointestinal cancer, such as cancer of the stomach, esophagus, gall bladder, pancreas, liver, small intestine, bowel, and anus, coupled with increasing preference of patients for minimally invasive surgeries. Ureteral stents are small tubes inserted into the ureter to treat or prevent a blockage that forestalls the flow of urine from the kidney to the bladder. It is mostly used for the treatment of kidney stones. A gastrointestinal stent has been developed for palliation of obstructive symptoms in malignant obstruction of the gastrointestinal tract. Although plastic stent was initially used for malignant gastrointestinal obstruction, it had many limitations like the problem of insertion technique, high complication rate, and poor compliance. The Esophageal Stents are set to be the highest growing segment and are estimated to register the highest CAGR during the period 2021-2026.
Non-Vascular Stents Market Segment Analysis – By Material Type
The Metallic Stents held the largest share in the Non-Vascular Stents Market in 2020. The metallic stent holds open a structure within the alimentary canal to permit the passage of food, chyme, stool, or other secretions associated with digestion. It offers an extended but still limited stent patency duration of about 4-6 months. Metallic stents are not removable after the primary few days of deployment since the stents become embedded within the tumor tissue which can grow into each mesh opening. It uses plastic endoprosthesis in the percutaneous treatment of malignant biliary obstruction for palliation. Increasing usage and application of metallic stents alongside technological advancement is increasing the expansion of the market. The Non-Metallic Stents are set to be the highest growing segment and are estimated to register the highest CAGR during the forecast period 2021-2026.
Non-Vascular Stents Market Segment Analysis – Geography
North America dominated the Non-Vascular Stents Market with major share of 49.8% in 2020. This is owing to the increasing incidences of lung cancer, glaucoma, central airway construction, asthma, and alternative chronic diseases. It is an essential component of the armamentarium of the general and pediatric surgeon to have knowledge of abdominal wall hernias and of protrusions along with the robust healthcare infrastructure, increasing the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the increasing medical technology sector and favorable government initiatives for use of such medical devices.
Non-Vascular Stents Market Drivers
Increasing Prevalence of Chronic Diseases
The increasing prevalence of chronic diseases is increasing the growth of the Non-Vascular Stents Market. Conditions such as chronic obstructive pulmonary disease, central airway obstruction, and asthma need the use of pulmonary stents, to open narrowed airways and ease the respiration process. According to WHO, more than three million people die each year from chronic obstructive pulmonary disease worldwide, and 90% of these deaths in low and middle-income countries. In the U.S., every year, kidney disorders kill more people than prostate or breast cancer. Gastrointestinal diseases are treated with palliation with the use of non-vascular stents. Thus, increasing the growth of the Non-Vascular Stents Market during the period 2021-2026.
Advancements in Technology and Increasing Demand for Minimally Invasive Procedures
Advancements in technology and increasing demand for minimally invasive procedures is increasing the growth of the Non-Vascular Stents Market. Increasing advancements in technology and material are aiding in the development of specially designed stents for use in various indications. The development of biodegradable polymers and bio-absorbable scaffolds are increasing the use of stents in pulmonary, gastrointestinal, urological, and biliary structures. Nitinol is increasingly being utilized in non-vascular self-expandable stents, as it offers superelasticity and therefore is beneficial to the stent placement in difficult segments of an internal tract. It is associated with faster recovery time, thus reducing a patient’s hospital stay. Furthermore, reduced hospital stay, in turn, is set to lower the risk of contracting hospital-acquired infections such as bloodstream infection, and urinary tract infection among patients. Thus, increasing the growth of the Non-Vascular Stents Market during the forecast period 2021-2026.
Non-Vascular Stents Market Challenges
Stringent Government Laws in Some Developing Countries and Safety Issue
Some of the factors that are set to impede the growth of the Non-Vascular Stents Market are the stringent government laws in some developing countries and safety issues. The high cost of non-vascular stents is also set to hamper the growth of the Non-Vascular Stents Market during the forecast period 2021-2026.
Non-Vascular Stents Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Non-Vascular Stents Market. In 2020, the Non-Vascular Stents Market share is consolidated by the top ten players present in the market. Non-Vascular Stents Market, the top 10 companies are Medtronic, Boston Scientific Corporation, C.B. Bard, ELLA-CS, S.R.O., EndoChoice, Merit Endotek, Glaukos Corporation, Synchron Med Inc., and Cook Medical among others.
Acquisitions/Product Launches
In July 2020, Medtronic acquired Medicrea, a fully dedicated spinal implant company focused on introducing reliable and innovative technologies to the global marketplace.
In May 2020, Boston Scientific Corporation launched TAXUS Element Paclitaxel-Eluting Coronary Stent System which represents the Company’s third-generation drug-eluting stent (DES) technology. This product is designed especially for coronary stenting, delivering both strength and flexibility.