NEWARK, Del, May 02, 2023 (GLOBE NEWSWIRE) -- As per Future Market Insights’ latest industry analysis, the valuation for the global venous stents market was around US$ 921.4 Million in 2022 and is projected to exhibit a CAGR of 8.4% over the forecast period, with an estimated valuation of US$ 2.2 Billion in 2033.
The venous stent market is highly driven by factors including the growing burden of venous disease, the increasing number of ageing population and heavy investment by manufacturers on research and development to develop technologically advanced products.
The global prevalence of chronic venous disorders is one of the key drivers for the venous stents market. The condition affects a large population base, by affecting a range of veins from small changes in reticular veins to an extensive venous ulcer, which eventually leads to severe disability.
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According to the published article on chronic venous diseases (CVD) epidemiology in the Annals of Surgery Journal 2020, a significant portion of the world's population suffers from CVD, which is a prevalent illness. The estimated prevalence of CVD is often between 60 and 80%.
Technological developments in stent technology is another primary factor impacting venous stent market's growth. Companies have been making a huge investment to develop innovative products that uses cutting-edge technologies, in order to deliver comfort to the patient safely and effectively. Inserting venous stents require minimal incision and the growing demand for minimally invasive surgeries over traditional surgical techniques among surgeons as well as the patient pool has given way to the growth of venous stent market. Further, insurance coverage for Nitinol stents has been provided by various insurance companies, thus promoting its adoption rate.
For instance, in October 2020, Medtronic received FDA approval for the Abre venous self-expanding stent system
Key Takeaways:
- Nitinol material held the market share of 89.5% in the global market in 2022 because of its benefits over other materials and increasing popularity in treating venous diseases.
- Chronic Deep Vein Thrombosis (DVT) has a market share of 41.6% in the global market in 2022 owing to the increasing prevalence of chronic DVT.
- Open cell stent design held 88.1% value share globally in 2022 as it allows for greater flexibility and conformability to the shape of the vein.
- Introducer size no – 09 dominated the global market with a value share of 45.4% in 2022 as it is large enough to accommodate larger stents, necessary in cases where the stenosis (narrowing) in the vein is severe.
- Hospitals held a market share of 34.9% in the global market in 2022 as they employ skilled healthcare professionals and adoption of advanced technology.
- North American region dominated the global market with the U.S. contributing around US$ 301.9 Million in 2022 due to increasing technological development and increasing healthcare expenditure.
“Growing geriatric population, use of minimally invasive procedures, rising prevalence of venous disorders, advancements in venous stent development, and government investments in new product development factors are driving the global venous stents market.”, Says an analyst at Future Market Insights.
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Market Competition:
The key players in the market are actively working to improve their positions through product approvals, partnerships, acquisitions, launches, collaborations, and agreements with both existing and up-and-coming market participants. A manufacturer's chances of capturing a sizable market share are significantly increased by acquisitions and partnerships.
A Few Examples of Strategies Acquired by the Key Players:
- In July 2021, BIOTRONIK obtained Food and Drug Administration USFDA approval for novel peripheral self-expanding stent Pulsar-18 T3. This new, improved stent is beneficial for endovascular treatments.
- In March 2022, Cordis Corporation got USFDA approval for S.M.A.R.T. RADIANZ Vascular Stent System. This novel stent has use on radial peripheral procedures. It allows for the precise, effective implantation of stents in the superficial femoral (SFA) and iliac arteries.
Key Players:
- Becton, Dickinson and Company
- Cook Group Inc.
- Boston Scientific Corporation
- Medtronic
- Koninklijke Philips N.V. (Vesper Medical Inc.)
- Optimed Medizinische Instrumente GmbH
- plus medica GmbH & Co. KG
- Abbott Laboratories, Inc.
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What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the venous stents market in its latest study, presenting a historical demand assessment of 2018 to 2022 and projections for 2023 to 2033. The venous stents market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
Key market segments covered in the venous stents industry research:
Material: Nitinol, Elgiloy
Indication: Chronic Deep Vein Thrombosis, Post-Thrombotic Syndrome (PTS), May-Thurner’s Syndrome (MTS), Pelvic Congestion Syndrome (PCS), Others
Stent Design: Braided, Open Cell, Closed Cell, Hybrid
Introducer Size: Size 6, Size 7, Size 8, Size 9, Size 10
End User: Hospital, Ambulatory Surgery Centers, Specialty Clinics, Cardiac Catheterization Labs
Region: North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe, Central Asia, Russia & Belarus, Balkan & Baltic Countries, Middle East and Africa
Browse Detailed Summary of Research Report: https://www.futuremarketinsights.com/reports/venous-stents-market
Table of Content (ToC):
1. Executive Summary | Venous Stents Market
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations
2.3. Inclusions and Exclusions
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Development/Innovation Trends
4. Value-Added Insights
4.1. Product Adoption Analysis
4.2. Product USP/Features Analysis
4.3. Regulatory Landscape, By Key Countries
4.4. Reimbursement Scenario
4.5. Recent Product Approvals/Launches
4.6. Supply Chain Analysis
4.7. Porter’s Analysis
4.8. Technological Assessment (TOC Continue...)
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