PUBLISHER: Grand View Research | PRODUCT CODE: 1405813
PUBLISHER: Grand View Research | PRODUCT CODE: 1405813
The global stents market size is expected to reach USD 18.46 billion by 2030, registering a CAGR of 3.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market's growth can be attributed to the increasing prevalence of chronic diseases, such as peripheral vascular diseases (PVDs) and coronary artery diseases (CAD). As per the American Heart Association (AHA) and their Heart Disease and Stroke Statistics - 2022 Update, cardiovascular disease (CVD) was responsible for around 19.05 million global fatalities.
Moreover, according to estimates by the European Commission, the number of new cancer cases is expected to reach 2.74 million in 2022, a 2.3% increase from 2020. Additionally, cancer deaths are predicted to rise by 2.4% when compared to 2020. As per the Australian Institute of Health and Welfare report, there were 25,000 hospitalizations for asthma in 2020-21, with a rate of 100 per 100,000 population. The rate among children aged 0-14 was significantly higher at 225 compared to 68 for those over 15. The escalating prevalence of chronic diseases is expected to boost the demand for stents.
Furthermore, physical inactivity, smoking, and chronic stress, among others, can collectively contribute to the development of chronic diseases. For instance, according to the Centers for Disease Control and Prevention (CDC) report, smoking is responsible for around 90% of lung cancer-related deaths and about 80% of chronic obstructive pulmonary disease (COPD) deaths. Additionally, the increasing adoption of unhealthy lifestyles is expected to escalate the market growth.
As per the CDC report, in 2021, approximately 11.5% of U.S. adults aged 18 years or older, which amounts to almost 12 out of every 100 people, are smokers. This indicates that an estimated 28.3 million adults residing in the U.S. smoke cigarettes. Additionally, more than 16 million Americans are affected by smoking-related diseases. This indicated the growing demand for the market. Moreover, the increasing initiatives undertaken by key market players will supplement market growth. In April 2023, Terumo started a new clinical study for the Ultimaster Nagomi sirolimus-eluting coronary stent system in patients undergoing complex PCI.