Wilmington, Delaware, United States, May 24, 2023 (GLOBE NEWSWIRE) -- The global bare metal stents market is projected to flourish at a CAGR of 5.2% from 2023 to 2031. As per the report published by TMR, the global cancer immunotherapy market is expected to exceed a value of USD 4.8 billion by 2031. The market was valued at over USD 3.1 billion in 2022.
The growing incidences of cardiovascular disorders and coronary artery diseases across the globe are the major factor driving the growth of the bare metal stents market during the forecast period.
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With the increasing demand for cardiology treatment & increasing healthcare expenditure in developing economies, the bare metal stents market is expected to rise over the forecast period.
With increased cholesterol levels, obesity, hypertension, and an increased geriatric population, people are more susceptible to different cardiovascular disorders, the global bare metal stents market is predicted to rise.
Increasing medical tourism and favorable reimbursement policy and increasing demand for advanced products are likely to drive the market growth. The increasing popularity of specialty clinics and increased investment in coronary stent innovations boost the market growth in developing regions.
Key Takeaways from the Market Report
- As of 2023, the bare metal stents market is forecast to reach US$ 3.2 billion
- By product type, the self-expandable stents segment is expected to account for key market share in 2023
- Cobalt Chromium alloy material type to remain popular due to the high tensile strength and improved corrosion resistance
- Based on end-users, the hospital’s segment accounts for a dominant share of the bare metal stents market
- North America is projected to be the lucrative market for bare metal stents
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Bare-metal Stents Market: Prominent Drivers and Trends
- Increased prevalence of cardiovascular disease and other chronic disorders like diabetes, obesity, and the growing aging population is expected to drive the market growth during the forecast period
- Increasing awareness among the population and increasing development of bio-absorbable stents are expected to provide an opportunity for market expansion.
- Technological innovation and an increase in research & development activities in the field of bare metal stents accelerate the growth of the market during the forecast period.
Bare-metal Stents Market: Regional Analysis
- North America is expected to lead the bare metal stents market due to the high rate of adoption of bare metal stents. The presence of well-established healthcare infrastructure and leading market players Abbot Laboratories & Boston Scientific in the region are key factors driving the growth of the market. The rising prevalence of cardiovascular diseases is expected to provide an opportunity for market growth.
- Asia Pacific is expected to exhibit the fastest growth in the bare metal stents market owing to the increased awareness of cardiovascular diseases. The large consumer base in the countries like China and India and the growing geriatric population are fueling the regional market growth.
Competitive Landscape
Transparency Market Research has profiled the following players in its global bare metal stents market report:
- Abbott Laboratories
- Boston Scientific Corporation
- Medtronic Plc.
- Terumo Corporation
- Cook Medical
- B. Braun Melsungen AG
- Biotronic SE & Co KG
- Meril Life Science Pvt Ltd
- Translumina GmBH
- Lepu Medical Technology (Beijing) Co. Ltd.
- Others
The key bare metal stents market players are engaged in regulatory approvals, the launch of new products, and new and strategic collaborations. Companies operating in the bare metal stents market are focusing on research & development activities to gain a competitive edge. Some specific developments are as follows:
- Biotronic launched its Orsiro mission bio absorbable polymer-drug e-luting stents system for improving coronary luminal diameter in patients including those with diabetes mellitus with symptomatic heart disease, stable angina, and unstable angina.
- Meril Life Sciences is an Indian-based global medical device company that is committed to R&D, innovation in manufacturing medical technology, scientific communication, and making these innovations accessible to patients. In February 2020 - Meril Life Sciences receives European Certification for Revolutionary Stent Technology
- In April 2023 – Abbott announces that it has completed the acquisition of Cardiovsculat Systems Inc., a medical device company with an innovative atherectomy system used in treating peripheral and coronary artery disease.
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Bare Metal Stents Market: Key Segments
Product
- Self-Expandable Stents
- Balloon Expandable Stents
Material
- Stainless Steel
- Cobalt- Chromium Alloy
- Other
End-User
- Hospitals
- Specialized Clinics/ Centres
- Ambulatory Surgical Centres(ASCs)
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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