Peripheral Stent Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Peripheral Stent Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The peripheral stent market is expected to grow at a registered CAGR of 5.5% during the forecast period.

During the pandemic, the number of surgical procedures for peripheral arterial disease (PAD) patients got restricted, and the willingness to seek medical treatment also changed. The number of patients with PAD who underwent surgery was significantly reduced, but the severity of their limb ischemia was significantly higher than the previous year, resulting in a higher rate of perioperative complications. According to an article published by PubMed Central in August 2021, during the early pandemic, the reduced number of regular medical follow-ups and hindered hospital access resulted in more acute and advanced clinical presentations of patients with PAD undergoing surgery. Thus, the COVID-19 pandemic significantly impacted the market initially, however, as the pandemic has subsided, cardiological procedures are taking place normally. Hence the studied market is expected to have stable growth during the forecast period of the study.

The peripheral stent market is expected to grow due to the rise in the prevalence of peripheral diseases, the rise in the geriatric population, and the launch of advanced products. For instance, according to the CDC Report in September 2021, PAD affects both men and women, but African Americans are at a higher risk of developing it. When compared to non-Hispanic white people, Hispanics may have similar to slightly higher rates of PAD. PAD affects approximately 6.5 million people in the United States aged 40 and up. Thus, the rising prevalence of PAD is expected to increase the demand for peripheral stents, thereby boosting the market growth.

Additionally, the senior population, which is more prone to developing peripheral vascular diseases, is anticipated to drive the market growth. For instance, as per UN World Population Prospects 2022 data, the share of the global population aged 65 years or above is projected to rise from 10% in 2022 to 16% in 2050. Also it is estimated that by 2050, the number of persons aged 65 years or over worldwide is projected to be more than twice the number of children under age 5 and about the same as the number of children under age 12.

Furthermore, market players use a variety of strategic initiatives to meet their growth goals and expand their market share. Key companies are launching new products, forming partnerships and collaborations, expanding their local and regional footprints, and pursuing mergers and acquisitions. For instance, in March 2022, Cordis, received FDA approval for its Smart Radianz Vascular Stent System, a self-expanding stent designed explicitly for radial peripheral procedures

The market may be in a position to grow, however, the stringent approval process for a stent may restrain it over the forecast period.

Renal stents are tubes usually placed in the ureter to prevent blockage and allow urine flow from the kidney to the urinary bladder. The renal and related stent segment is expected to grow over the forecast period due to the prevalence of kidney stones and urinary tract infections (UTIs). For instance, according to the study published in the BMC Urology in October 2021, kidney stones are becoming more common worldwide. In Iran, about 5% of women and 12% of men experience kidney stones at some point.

Additionally, atherosclerosis is a disease that often causes the blockage of renal arteries, leading to renal artery stenting procedures. The increasing prevalence of atherosclerosis is a major factor expected to drive the segment's growth. For instance, according to an article published by JAMA Network in June 2022, a study was conducted in Sweden which showed that the prevalence and burden of atherosclerosis in the general population have been very high, and the estimated prevalence of poly-vascular atherosclerosis ranged from 3% to 42%.

To achieve their growth goals and expand their market share, market players employ a variety of strategic initiatives. New products are being launched, partnerships and collaborations are being formed, local and regional footprints are expanding, and key companies are pursuing mergers and acquisitions. For instance, according to the ClinicalTrials.gov updates on May 2022, a clinical trial is being conducted by Adva-Tec to demonstrate safety and device performance of the ADVA-Tec Uriprene Degradable Temporary Ureteral Stents.

North America is expected to hold a significant market share in the peripheral stent market due to the rising burden of peripheral diseases coupled with the rising geriatric population and the product launches by key market players.

According to the data published by Statistics Canada in July 2022, it is estimated that around 7,330,605 people are aged 65 years or older in Canada, and this accounts for 18.8% of the total population. As the geriatric population is more prone to peripheral diseases, the rising geriatric population is expected to raise the demand for peripheral stents, thereby driving market growth in the region.

According to an article published in Circulation Research in June 2021, peripheral arterial disease is estimated to affect 8.5 million adults in the United States, with a prevalence of 7%. The growing prevalence of PAD diseases in the country has boosted the demand for various treatment options, such as peripheral stents. Thereby, it is anticipated to drive the growth of the peripheral stent market over the forecast period.

Additionally, increasing approvals from the United States FDA and product launches by key players are expected to boost the market. For instance, in August 2021, Vascular Flow Technologies Limited, a designer and developer of implantable medical devices to improve cardiovascular system outcomes, reported that a United States Patent for peripheral stent was issued by the United States Patent and Trademark Office.

The peripheral stent market is fragmented in nature. There is a considerable number of companies significantly contributing to the market growth. Product innovation and ongoing R&D activities to develop advanced technologies have helped boost the market's growth. The competition is fierce due to the fragmented nature of the market. The key players in the stents market are adopting various strategic moves to sustain the intense competition. Some players are Abbott Laboratories, B. Braun Melsungen AG, Biotronik SE & Co. KG, Boston Scientific Corporation, Cook Medical, Inc., Cardinal Health, Inc., and iVascular SLU.

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