Asia Pacific Stents Market size exceeded USD 6.7 billion in 2020 and is set to observe 4.9% growth rate between 2021 and 2027.
Growing prevalence of cardiovascular disease is one of the major causes of death across the Asia Pacific region. Stents are been used extensively to treat the coronary artery disease. It is used to hold coronary artery open that maintains the blood flow after an angioplasty. This factor drives the market demand in the region.
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Surgical interventional techniques have undergone a huge change with advancement in minimally invasive techniques. This technique can be performed with less complexities, less pain, and smaller incisions that benefits patient and surgeons for more accurate procedures. As there is minimal stitches and cuts, the recovery is quick, and patients need not visit hospital frequently for follow-up sessions. These factors will increase the demand of minimally invasive procedure, fueling the Asia Pacific stents industry expansion.
APAC Market, By Material
Metal segment will show significant growth of 4.6% during the forecast timeframe. During the application of stents in surgical procedure, it is necessary to check the hypersensitivity of material. Metals stents are biocompatible to avoid corrosion, immune response, and radio opaque.
APAC Market, By Type
Balloon-expandable stents market size is expected to cross USD 5.8 billion by 2027. This stent is used in coronary circulation as they are protected from extrinsic compression by rib cage and sternum. Balloon expandable stents can be positioned and deployed with precision. They are constructed by various method that influences its characteristics and design.
APAC Market, By Product
Vascular stents segment accounted for USD 6.2 billion revenue in 2020. Vascular stents are further divided into coronary stents, peripheral stents, and neurovascular stents. The coronary stents are further classified into bare metal stents, drug eluting stents and bioresorbable stents. Introduction of novel drugs in eluting stents by manufacturers and their various benefits in the region has increased the demand of eluting stents in the market. Drug eluting stents consist of polymer coating, antirestenotic drug and standard metallic stent that is mixed with polymer and released over time.
APAC Market, By End-use
The hospital segment dominated around 74% market share in 2020. Well-equipped medical facilities and infrastructure is growing the preference of patients towards hospitals. Cost effective treatment provided by various government hospitals will boost the market revenue. Additionally, availability of skilled healthcare professionals will spur the segment growth.
APAC Market, By Country
Japan market value for stents was more than USD 1.9 billion in 2020 attributed to high demand for minimally invasive procedures that have various benefits such as faster recovery, reduced pain, and small incisions. Additionally, presence of well-established players in the country will further help to meet the growing demand for advanced stents in the country. Growing number of geriatric populations in the country will show positive impact on the market size in the region.
Competitive Industry Landscape
Prime APAC stents market players include Abbott Laboratories, Boston Scientific Corporation and Medtronic, among others. Companies undertake various strategies such as mergers, collaborations, new product launch, acquisitions, geographic expansions to strengthen their market share. For instance, July 2019, Terumo Corporation announced the release of MISAGO Rx that is self-expanding peripheral stent used in iliac arteries.