Lung stents are hollow tubes that are surgically implanted in patients suffering from airway obstructions or abnormalities. They help in restoring patency and airflow in the lungs. Stents are commonly used in the treatment of conditions like lung cancer, chronic obstructive pulmonary disease (COPD), and others. Some of the key advantages of lung stents include easy implantation through minimally invasive procedures, immediate relief from airway obstruction, improved lung functioning and efficacy. Growing incidence of lung cancer coupled with rising cases of COPD globally is expected to drive the demand for lung stents.
The Global Lung Stent Market is estimated to be valued at US$ 206.5 million in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the Global Lung Stent Market are Boston Scientific, Cook Medical, Medtronic, Taewoong Medical, Hospitech, Bess, Endo-Flex, Efer Endoscopy, W. L. Gore & Associates, BD, Edwards Lifesciences, Healthy Medical Corporation, Pulmonx Corporation, Meril Life Sciences Pvt. Ltd and C. R. Bard Inc. These companies are increasingly focusing on developing advanced lung stents with enhanced material properties and targeted delivery mechanisms.
The Global Lung Stent Market Growth offers significant growth opportunities in target segments like silicone stents and valve stents. Further, technological advancements in the field of 3D printing, bioresorbable polymers and drug eluting materials are likely to expand the application scope of lung stents over the forecast period.
Recent developments in tissue engineering, bioprinting and targeted therapies are expected to bring revolutionary changes in lung stenting procedures. Adoption of miniature and bioabsorbable stents and valves could transform the treatment of various lung disorders.
Market Drivers
Rising geriatric population worldwide susceptible to respiratory conditions like COPD and lung cancer is a major growth driver for the lung stent market. Growth in healthcare expenditure, increased accessibility and awareness about interventional pulmonology procedures will also propel the market forward. Furthermore, favorable reimbursement policies and ongoing research on degradable stents are likely to augment the adoption of lung stents globally in the coming years.
Current Challenges in the Global Lung Stent Market
The global lung stent market is facing major challenges owing to the increasing prevalence of chronic obstructive pulmonary disease (COPD) and lung cancer across the world. Factors like rising pollution levels, growing tobacco consumption and aging population have contributed to the rising burden of respiratory diseases. This has increased the demand for lung stents to treat conditions like bronchial stenosis and late stage cancers. However, high costs associated with interventional lung procedures and lack of availability of advanced stents in developing nations are posing significant bottlenecks in the growth of this market. Developing universally accepted guidelines for stent selection and delivery techniques is also proving challenging for industry players and physicians.
SWOT Analysis
Strength: Precision placement of lung stents to re-open blocked airways, relieve breathlessness and enhance quality of life. Various material and design options available.
Weakness: Invasive nature of implantation procedure poses risks. Stents are prone to migration, fracture and obstruction over time requiring re-intervention.
Opportunity: Rising respiratory disease burden globally increasing need for minimally invasive lung therapies. New elastomeric and bioabsorbable stent platforms can expand opportunities.
Threats: Strong competition from alternative treatments. Risk of infection and stent failure. Stringent regulatory approval pathway for novel devices.
Geographical Regions with Highest Market Value
North America currently dominates the global lung stent market in terms of value, owing to developed healthcare infrastructure, availability of advanced stents and high disease prevalence in the region. The United States represents the single largest market for lung stents globally. However, Asia Pacific is emerging as an attractive regional market with China, Japan and India experiencing rapid economic growth and increasing healthcare spending.
Fastest Growing Geographical Region
Asia Pacific region is poised to witness the highest growth in the global lung stent market over the forecast period due to rising incidences of lung cancer due to widespread smoking in developing countries. Increasing healthcare expenditure, growing awareness about interventional therapies and large patient pool will majorly support the Asia Pacific lung stent market. Favorable government initiatives to strengthen respiratory care services are also fueling the demand for lung stents across Asia.
The new report by Expert Market Research titled, ‘Global Lung Stent Market Report and Forecast 2021-2026’, gives an in-depth analysis of global lung stent market, assessing the market based on its types, materials, products, end-uses and major regions.
The sample report shall be delivered to you within 24 hours.Request a free sample copy in PDF or view the report summary@ https://www.expertmarketresearch.com/reports/lung-stent-market/requestsampleThe key highlights of the report include:Market Overview (2016-2026)Historical Market Size (2020): USD 86.75 millionForecast CAGR (2021-2026): 6%Forecast Market Size (2026): USD 116 millionGrowing endoscopic therapy adoption and rising minimally invasive surgery preference.
Additionally, increasing funding on healthcare infrastructure is further promoting the development of well equipped, well-furnished, and advanced healthcare facilities.Industry Definition and Major SegmentsA stent is a hollow pipe that enables the user to breathe better.
It can be put into the airway to widen the narrowed passageway.The global lung stent industry can be broadly categorised based on segments like:Type:Tracheobronchial StentsLaryngeal StentsMaterial:Metal StentsNitinol StentsStainless Steel StentsSilicone StentsHybrid StentsOthersProduct:Self-Expandable StentsNon-Expandable StentsEnd-Use:HospitalsAmbulatory Surgery CentresThe regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.Explore the full report with the table of contents@ https://www.expertmarketresearch.com/reports/lung-stent-marketMarket TrendsSimple repositioning and removal of silicone stents, increased hardness, high mechanical strength, and improved flexibility are the characteristics that distinguish this sector from the others.
The dominant position of North America is due mainly to the presence of a number of major hospitals, solid healthcare facilities, increased disease prevalence, growing elderly population and higher health care costs.Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours.
Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.Key Market PlayersThe major players in the market are Boston Scientific Corporation, (NYSE: BSX), Taewoong Medical Co., Ltd., Micro-Tech (Nanjing) Co., Ltd., Bess Aktiengesellschaft (Bess AG), E. Benson Hood Laboratories, Inc., Merit Medical Systems, Inc., Cook Group, Efer Endoscopy and among others.
The report "Lung Stent Market by Type (Tracheal, Bronchial, Laryngeal Stent), Product (Non-Expandable, Self-Expandable Stents), Material (Metal (Nitinol, Stainless Steel), Silicone, Hybrid), End User (Hospitals, ASCs) - Global Forecast to 2024", is projected to reach USD 120 million by 2024 from USD 87 million in 2019, at a CAGR of 6.7%.
Factors such as the rise in the prevalence of lung cancer & chronic respiratory diseases and the growing preference of minimally invasive procedures are expected to drive the growth of the airway/lung stent market.
The need for customized lungs stents and the ability to currently print the stents using 3D printing techniques are expected to create growth opportunities for this market.Browse 137 market data Tables and 34 Figures spread through 164 Pages and in-depth TOC on "Airway Stent/Lung Stent Market by Type (Tracheal, Bronchial, Laryngeal Stent), Product (Non-Expandable, Self-Expandable Stents), Material (Metal (Nitinol, Stainless Steel), Silicone, Hybrid), End User (Hospitals, ASCs) - Global Forecast to 2024"Get Free PDF - https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=32315890The tracheobronchial stents segment is expected to account for the largest share of the airway stent/lung stent market in 2019.Based on type, the airway stent/lung stent market is categorized into tracheobronchial and laryngeal stents.
In 2019, the tracheobronchial segment is expected to account for the largest share of the airway/lung stent market.
The large share of this segment can be attributed to the high adoption of tracheal and bronchial stents in the treatment of lung cancer and other chronic respiratory diseases.The self-expandable stents segment is estimated to hold the largest share of the airway stent/lung stent market in 2019.Based on the product, the airway stent/lung stent market is segmented into expandable and non-expandable stents.
Of this, the expandable stents segment is estimated to hold a larger share of the market in 2019, due to the higher preference of these stents by surgeons due to advantages such as easy insertion in bronchoscopy procedures, lower risks of stent-induced complications, small size, and their easy removal.Hospitals will account for the largest share of the airway stent/lung stent market in 2019.The airway stent/lung stent market is segmented into hospitals and ambulatory surgical centers.
