The Global Lung Stent Market comprises various types of stents such as metal, silicone and hybrid stents which are used to relieve airway obstructions caused due to lung cancer, COPD and other respiratory diseases. Lung stents provide palliative treatment by re-expanding collapsed airways and restoring lung functionality. Self-expandable metal stents (SEMS) are commonly used in the treatment of malignant airway obstructions.
The Global Lung Stent Market is estimated to be valued at US$ 236.87 Mn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 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. The key players are focusing on new product launches, strategic collaborations and regional expansions to gain market share.
The rising prevalence of lung cancer and COPD worldwide presents significant growth opportunities in the market. According to WHO, lung cancer is the leading cause of cancer deaths globally. Moreover, smoking rates continue to rise in developing nations. This is expected to drive the demand for lung stents during the forecast period.
The market is witnessing increasing penetration in emerging economies such as China, India, Brazil and Mexico. This can be attributed to growing healthcare infrastructure, increasing disposable incomes and rising awareness about palliative care options for respiratory diseases in these countries. The key players are focusing their efforts on these high potential markets to leverage lucrative business opportunities.
Market drivers
The Global Lung Stent Market Demand is primarily driven by the growing prevalence of lung cancer worldwide. According to Globocan 2020 report, around 2.21 million new cases of lung cancer are reported annually. Moreover, continual innovations in lung stents with better compatibility, biocompatibility and easy insertion properties are augmenting their adoption rate. Favorable reimbursement policies for lung stents as a palliative care option for lung cancer and COPD patients in developed countries is another key factor stimulating market revenue growth.
PEST Analysis
Political: The political factors influencing the market include government support for healthcare infrastructure development and regulations regarding product approval and pricing. New regulations related to medical device standards and pricing policies can impact the market either positively or negatively.
Economic: Rising healthcare expenditure and increasing per capita income are driving the economic growth of this market. However, economic uncertainties and financial crises could negatively impact the market.
Social: An aging population base and rising prevalence of lung cancer & respiratory diseases are the key social drivers of this market. Rising health consciousness is raising demand for lung stenting procedures. Social reluctance against surgery can restrain the market growth.
Technological: Advancements in stent material, designs and manufacturing processes are widening the scope for minimally invasive procedures. New technology such as drug-eluting stents and valveless stents are expanding application areas. Development of bioabsorbable stents with resorbable materials presents new opportunities.
The market in terms of value is currently concentrated in North America, Western Europe and Asia Pacific countries. North America holds the largest share owing to highly developed healthcare infrastructure, high patient awareness and presence of leading market players in the region. However, Asia Pacific is emerging as the fastest growing regional market due to growing healthcare expenditure, rising incidence of respiratory disorders and increasing preference for minimally invasive procedures.
Regionally, the market is currently witnessing robust growth in China, India and Southeast Asian countries. The lung stent market in the Asian countries is growing at an above-average CAGR compared to mature Western markets. This can be attributed to rising aging population, developing healthcare infrastructure, improving access and affordability of healthcare services. The surge in medical tourism is also fueling the demand for lung stenting procedures in Asia.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
