Venous Stents Market: Current Analysis and Forecast (2021-2027)
Emphasis on Technology (Iliac Vein Stent Technology, Wallstent Technology); Application (Leg, Chest, Abdomen, Others); End-Users (Chronic Deep Vein Thrombosis, Post Thrombotic Syndrome, Others); and Region & Country.
Global Venous Stents Market is expected to reach the market valuation of USD 1,886.4 million by 2027 expanding at a reasonable CAGR of 9.2% during the forecast period (2021-2027). Venous stents are mesh tubes made from alloy which are deployed in the veins to provide them with structural support. They can be of a variety of designs and sizes. Stents are delivered to their target area using a vascular catheter in a compressed state. Stents are usually self-expanding, but some require the assistance of an inflated balloon. Most stents once placed do not move easily and can be very difficult to remove when needed. Furthermore, stents can be designed to deliver medications as well slowly over time. As compared to arterial stents, venous stents are designed with more radial strength as there is less blood pressure along with the venous system. Additionally, venous stents are more elastic as veins contract and dilate more than arteries.
The increasing aging population all over the world and the availability of Medicare reimbursement facilities are increasing the market growth. According to census.gov in the 2030s when baby boomers will be older than 65 years, 21% of the American population will be elderly which is a significant rise from 15% in 2018. In addition to this, the advancement in venous stents technology is also enhancing the market growth in the region. The advancing technologies and the growing elderly populations are the main reasons for the high market growth. More than 6 million Americans are suffering from a chronic venous disease (CVD). CVD is a morphological and functional abnormality in the venous system. Its symptoms include aching, leg heaviness, fatigue, ulceration, and edema. Stenting is performed on CVD patients if an obstruction is greater than 50%. CVD is more common in the elderly and thus the aging population and the sedentary lifestyle in the United States in helping in the increasing growth of the venous stents market.
Prevalence of Venous Insufficiency in age group >50 yrs. (%), 2020
Boston Scientific Corporation, Medtronic Plc, Becton, Dickinson and Company, Plus Medica GmbH & Co. KG, Cook Medical, W. L., Optimed Medizinische Instrumente GmBH, and some other emerging companies such as vesper, Shanghai MicroPort Endovascular MedTech (Group) Co., Ltd. (“Endovastec™”) are some of the prominent players operating in the Venous Stents market. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Insights Presented in the Report
“Amongst Technology, Illiac Vein Stent Technology segment holds the major share”
Based on technology, the venous stents market is bifurcated into Illiac Vein Stent Technology and Wallstent Technology. Illiac vein stent technology is expected to grab a substantial market share in 2020 and is expected to grow significantly during the forecast period owing to its growing popularity which can be attributed to its flexibility, MRI compatibility, good radial force, and inexpensive nature.
“Amongst Application, Legs segment holds the major share”
Based on application, the venous stents market is fragmented into legs, chest, abdomen, and others. The legs segment of the market will grab the major market share in 2020 and is expected to grow at a considerable CAGR in the upcoming years. Key factors that made the leg segment the frontrunner is the increasing prevalence of deep vein thrombosis. An estimated 900,000 people could be affected by DVT in the United States every year. Additionally, about 33% of the people with cured DVT had a recurrence within 10 years.
“Amongst Disease, Chronic Deep Vein Thrombosis segment holds the major share”
Based on disease, the venous stents market is fragmented into chronic deep vein thrombosis, post-thrombotic syndrome, and others. The chronic deep vein segment of the market holds the largest market share in 2020 and is anticipated to grow lucratively during the projected timeframe. The key factor increasing the occurrence of chronic deep vein thrombosis is the increasing geriatric population. Age plays a major factor in this disease as the elderly are more likely to have DVT the aging population is the reason for the growth in the segment. In 2019, 9% of the world population was above 65 years of age. According to the United Nations estimation, there will be 2.1 billion elderly by 2050.
“North America represents one of the largest markets of Venous Stents market”
For a better understanding of the market dynamics of the Venous Stents market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. North America dominated the market in 2020 owing to an increase in awareness among people about venous stents.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
Venous Stents Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Venous Stents market were the three major steps undertaken to create and analyze the adoption of Venous Stents in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Venous Stents market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Venous Stents through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Venous Stents market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as technology, application and disease. Further country-level analyses were conducted to evaluate the overall adoption of Venous Stents in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Venous Stents. Further, we conducted factor analysis using dependent and independent variables such as the rise of geriartric population and awareness among people. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Venous Stents sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Venous Stents market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of Venous Stents across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Venous Stents market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Venous Stents market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and their type of the Venous Stents market.
The main objective of the Venous Stents Market Study
The current & future market trends of Venous Stents were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Venous Stents in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type and their subtypes
- Define and analysis of the regulatory framework for the Venous Stents industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Venous Stents market for the major region
- Major regions studied in the report include North America (the U.S, Canada and Rest of North America), Europe (Germany, United Kingdom, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Others), and the Rest of the World
- Company profiles of the Venous Stents market and the growth strategies adopted by the market players to sustain in the fast-growing market
Deep dive regional level analysis of the industry
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