ALBANY, New York, Feb. 14, 2019 /PRNewswire/ -- The TMR report projects the global non-vascular stents market to register an impressive CAGR of 5.0% from 2017 to 2025. By the end of 2025, the market will be worth US$730.5 mn, predicts the report.
Among various products in the market, the demand for gastroenterology stents is expected to remain high in the next few years, owing to the growing cases of colorectal and esophagus cancer, globally. Region wise, North America is expected to account for the leading share in the global non-vascular stents market in the coming years. This is attributed to a flourishing healthcare infrastructure and rising healthcare allocations in the region.
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Rising Demand for Minimally Invasive Procedures to Fuel Global Non-vascular Stents Market
Non-vascular stents are a type of medical devices that are mainly used in medical applications such as biliary, bronchial, esophageal, tracheal, and colonic implantation. Such devices employ minimally-invasive surgical procedures. Thus, these devices help in reducing pain and makes for faster recovery. Non-vascular stents are also utilized in the treatment of urological, pulmonary, and gastrointestinal diseases. Increasing incidence of chronic obstructive pulmonary disease (COPD), rising healthcare infrastructure worldwide, and growing expenditure on healthcare in developing economies are the major factors driving the global non-vascular stents market. COPD is mainly caused by the lung cancer, excessive smoking, high exposure to harmful chemicals, and tracheobronchial malacia.
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Furthermore, growing cases of gastrointestinal cancer, apart from COPD, burgeoning population with chronic diseases such as pancreatic cancer, and colon/colorectal cancer are boosting the global non-vascular stents market. Along with this, increasing governments' investment in research and development to develop technologically advanced stents are also fueling the growth in the global non-vascular stents market. Increasing trend of introducing medical reimbursement policies by governments is further propelling the demand in the global non-vascular stents market.
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High Cost of Metallic Stents Hinders Global Non-vascular Stents Market Growth
Some of the challenges hindering the growth of the global non-vascular stents market are high costs of metallic stents and stringent regulations in using medical stents. Nonetheless, growing instances of prostatic hyperplasia and kidney stones in aging population is believed to help industry players overcome these challenges in the near future.
Transparency Market Research (TMR) notes that the global non-vascular stents market is categorized by the presence of several large and small players operating in it. Thus, the market bears a highly fragmented vendor landscape. The rivalry between the potential players is likely to increase as they aim at adopting several strategies to offer technologically-advanced products.
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Out of the various strategies adopted by players in the global non-vascular stents market to stay ahead of the competitors, launching new products and constant product innovation have gained popularity. The global non-vascular stents is expected to grow steadily due to the existence of potentially large players who are merging with regional players to cement their position in newer areas. Some of the leading players in the global non-vascular stents market are Taewoong Medical, Allium Medical Solutions, Olympus Corporation, Cook group Incorporated, and Medi-Globe Corporation.
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The review is based on a market research report by TMR, titled, "Non-vascular Stents Market - (Product - Pulmonology Stents, Urology Stents, and Gastroenterology Stents (Enteral Stents, and Biliary and Pancreatic Stents); Material - Metallic Stents and Non-metallic Stents; End User - Hospitals and Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025".
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