In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Stent delivery system provides efficient delivery of stents into the body to the target blocked passages. Stents are thin tubes made up of plastic or metal which open up obstructed blood vessels, thereby ensuring a proper flow of blood in the area. Stent delivery systems are highly efficient and deliver the stent in a safe manner. A stent is inserted into the delivery system which then enters the target location where the stent is safely placed, opening up the blood vessel.
Blood vessels can get blocked due to plaque deposition, which forms as a result of excessive cholesterol in the body. This can lead to various cardiovascular diseases including coronary artery disease among other heart disorders.
Coronary heart disease, being the most common type of heart disease led to the death of around 366,000 people in 2015, as suggested by Centers for Disease Control and Prevention. The growing cases of coronary artery disease among the population is a major factor estimated to increase the demand for stents in the market, thereby raising the demand for stent delivery system as well.
The stent delivery system market is anticipated to record a substantially high CAGR over the forecast period i.e. 2019-2027. The market is segmented by product, by diameter length, by end user and by region. The product segment is further segmented into over-the-wire (OTW) delivery system, rapid exchange (RX) delivery system and others, out of which, the rapid exchange delivery system segment is anticipated to hold the largest share in stent delivery system market on account of its attributes such as increased precision of stent placement along with provision of optimal force that ensures smooth delivery. The growing usage of stents for treatment of various cardiovascular diseases and heart risks is a major factor supporting the growth of stent delivery system market.
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Advances in medical technology, including stent delivery technology, are estimated to increase the demand for safe and efficient stent delivery systems that reduce the risk of complications after the treatment. Additionally, the easy to use technique and high flexibility of the system, which decreases friction and ensures accurate placement of stent inside the body is also estimated to propel the market growth during the forecast period.
Cardiovascular diseases, being the number one cause of death, are estimated to cause 31% of all deaths every year globally according to the W.H.O. The increasing cases of cardiovascular diseases among people leading to growing requirement of stents for surgical procedures such as angioplasty is anticipated to support the market growth during the forecast period.
Data by American Heart Association presents that in 2016, cardiovascular disease accounted for 840,678 deaths in the U.S., which approximately turned out to be 1 in every 3 deaths in the country.
Increasing incidences of obesity which results in growing cardiovascular diseases among the population is another growth driver that is anticipated to boost the growth of the stent delivery system market.
The cost of surgical procedures involving stent delivery is high which might not be affordable for a large number of patients. It is estimated that more than 75% of deaths by cardiovascular diseases occur in low and middle income regions.
Moreover, the lack of highly skilled surgeons required for performing the procedure is another factor estimated to restrain the market growth during the forecast period.
Our in-depth analysis of the stent delivery system market includes the following segments:
On the basis of regional analysis, the stent delivery system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in North America is anticipated to hold the largest market share in stent delivery system market on account of expanding healthcare industry as well as increasing advancements in technology in the region. According to the data by National Health Expenditure Accounts (NHEA), the total expenditure on health as share of the U.S.’s GDP was observed to be 17.9% in 2017.
The second largest market share is estimated to be held by Europe region. This can be attributed to the growing demand for better medical equipment by hospitals and patients in the region. The highest growth rate of stent delivery system market is anticipated to be observed in Asia-Pacific region on account of increasing research activities and growing developments in the healthcare infrastructure.
The stent delivery system market is further classified on the basis of region as follows: