Venous Stents Market Expected to grow at a CAGR of 9.7% during the forecast period 2018 – 2025
The global venous stents market accounted to US$ 829.0 Mn in 2017 and is expected to grow at a CAGR of 9.7% during the forecast period 2018 – 2025, to account to US$ 1,727.4 Mn by 2025.
Europe is the largest geographic market and it is expected to be the largest revenue generator during the forecast period. Europe market is driven by the factors such as, rise in the prevalence of the chronic veins disease and the initiation for the clinical trials for the venous stents in the region.
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According to a new market research study titled ‘Venous Stents Market to 2025 – Global Analysis and Forecasts by Technology, Application and End User. The global venous stents market is expected to reach US$ 1,727.4 Mn in 2025 from US$ 829.0 Mn in 2017. The market is estimated to grow with a CAGR of 9.7% from 2018-2025. The report highlights the trends prevalent in the global venous stents market and the factors driving the market.
Acquisitions and approvals were observed as the most adopted strategy in global venous stents industry. Few of the acquisitions and approvals made by the players in the market are listed below:
2018: In August, 2018, Boston Scientific Corporation signed an agreement to acquire VENITI, Inc. Veniti Inc. is a privately held company that has developed and markets VICI VENOUS STENT System for treating venous obstructive disease.
2018: In July, 2018, C.R Bard received FDA approval for its Covera Vascular Covered Stent. The stent is used for the treatment of narrowing (stenosis) or blockage of blood flow of vein. The stent self-expands against the vein and allows the blood to flow.
- Boston Scientific Corporation
- C. R Bard (acquired by BD)
- Jotech GMBH (acquired by Cryolife, Inc.)
- W.L Gore & Associates
- Optimed Medizinische Instrumente GMBH
- Medica Germany GMBH & Co. KG
- Cordis (acquired by Cardinal Health)
Technological Advancements in Stent Technology
Advancement in the field of stent technology has equally enhanced the market for venous stents. Many industry players have come up with innovative types of venous stents in last few years. The defects and technical shortcomings for performing venous stenting procedures have led to a revolution of the newer nitinol stents. For instance, in January 2018, Medtronic plc. broadcasted an initiation of its investigational device exemption (IDE) study for the Abre, its venous self-expanding stent system. The new abre stent is developed for permanent implant in the iliofemoral vein. Upon placement of the Abre stent, the stent offers optimized balance of strength and flexibility to exert an outward force and open the vein.
Rising Global Geriatric Population
Incidence rates for deep venous thrombosis (DVT) and pulmonary embolism (PE) increases with increasing age in both men and women. Globally the geriatric population is increasing, every country is experiencing the rise in older population. According to the United Nations data from World Population Prospects 2017, 962 million people are aged 60 or over in the world and is expected to reach 2.1 billion by 2050 and 3.1 billion by 2100. It also mentioned that Europe is having the largest share of old aged population about 25%. Thus, the growing geriatric population, increases the applications of venous stents and eventually favors market growth.
The global venous stents market by technology was led by iliac vein stent technology segment. In 2017, the ablation devices segment held a largest market share of 73.9% of the venous stents market, by technology. However, the wallstent technology segment is expected to witness significant growth rate during the forecast period, owing to the advantages of the technology combined with lower risk of complications.
The venous stents market by application was segmented into, legs, chest, and abdomen. The leg segment held the largest share of the market, by application. The chest segment is expected to witness steady growth among the applications, during the forecast period.
The varicose veins disease devices market by disease was segmented into, post thrombotic syndrome, chronic deep vein thrombosis, may-thurner syndrome, hemodialysis/arteriovenous fistulae and other diseases. The chronic deep vein thrombosis segment held the largest share of the market, by disease with a share of around 30.4%. The segment is also expected to dominate during the year 2025.
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