Carotid Artery Stents Market Size, Share & Trends Analysis Report By Type (Drug Eluting Stents, Bare Metal Stents, Bioabsorbable Stents), By Materials (Metals, Polymer), By Mode of Delivery, By End-use, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global carotid artery stents market size was valued at USD 559.7 million in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 3.0% from 2022 to 2030. The rising prevalence of cardiovascular diseases (CVD), such as stroke, ischemic stroke, and transient ischemic attack (TIA), is driving demand for carotid artery stenting (CAS) procedures that require stents, which is the major factor anticipated to fuel the market growth. According to research published in the National Library of Medicine, in June 2021, carotid artery disease (CAD), is the leading cause of death in the U.S. and accounts for about 610,000 fatalities annually (roughly 1 in 4 deaths).

The COVID-19 pandemic affected the supply chain in all industries globally. High caseloads and lockdown restrictions due to the pandemic had a negative impact on surgical procedures. Fewer people visited hospitals and diagnostic centers, and patients with CVDs encountered delays in diagnosis and treatment.

In addition, every significant competitor in the market reported revenue declines in 2020 for their interventional cardiology portfolios, which include carotid stent devices, primarily as a result of the COVID-19 pandemic. However, the impact on Abbott Laboratories’ entire vascular division in 2020, which includes carotid stent devices, was less noticeable in the 2020 annual results, making it the least impacted. Moreover, the market for carotid artery stents is anticipated to reach its full potential over the forecast period as a result of the global vaccination campaigns and the decrease in COVID-19 cases.

The market is expanding owing to technological developments in stents, including drug-eluting stents, the use of biodegradable and bioabsorbable materials in stent construction, and improvements in stent design, including bifurcated stents. The development of stent technology by the key market participants and the introduction of new products are also anticipated to drive market growth. For instance, in April 2022, Transluminal introduced VIVO ISAR, it’s a recent dual drug polymer free coated stent (DDCS), in several foreign markets, consisting of Europe.

The geriatric population (people of age 65 or above) is more susceptible to various chronic diseases, such as CVDs, that necessitate surgical intervention procedures for the disease as CVDs can result in the development of plaque in the arteries. As per the UN, the percentage of people in the world who are 65 or older is expected to increase from 10% in 2022 to 16% in 2050.

Type Insights

Based on type, the market is segmented into drug eluting stents (DES), bare metal stents (BMS), and bioabsorbable stents. In 2021, the DES segment dominated the market with a share of 78.7% due to their significantly lower risk of target vessel revascularization.

The bioabsorbable stents segment is expected to witness the fastest CAGR of 4.3% over the forecast period due to their quick implantation, and accessibility to patients of all ages, particularly children. Biodegradable stents are being created as an alternative to permanent stents to address the issue of in-stent restenosis.

Material Insights

Based on material, the market is segmented into metals and polymer. In 2021, the metals segment dominated the market in terms of the revenue share of 88.8% pertaining to their benefits, including lower rates of stent fracture, flexibility, and biocompatibility. The combination of metal stents with biodegradable polymer to overcome the drawbacks of conventional stents is another factor fueling the segment's expansion.

The polymer segment is anticipated to grow at a CAGR of 5.3% over the forecast period due to its extensive use in cardiology, particularly in carotid vascular intervention as coating matrices for drug-eluting stents and stent platforms (scaffolds).

Mode Of Delivery Insights

Based on the mode of delivery, the market is segmented into balloon-expandable stents, and self-expanding stents. The balloon-expandable stents segment accounted for a considerable market share of 55.5% in 2021. The growing preference for minimally invasive procedures has significantly increased the demand for balloon-expandable stents, which will drive segment expansion.

The self-expanding stents segment is anticipated to grow at the fastest CAGR of 2.9% over the forecast period. Self-expandable stents have smaller delivery systems than balloon-expandable stents, and are more flexible, adapt to the vessel wall, and are simpler to install. As a result, even in complicated arterial stenoses, self-expandable stents can be placed over the wire without slippage.

End-use Insights

Based on end-use, the market is segmented into hospitals, ambulatory surgical centers, and others. In 2021, hospitals accounted for the largest market share of 89.7% due to a growing patient base, an increase in CAS in hospitals, improved healthcare infrastructure, and favorable reimbursement scenarios in both developed and developing countries.

The ambulatory surgical centers are anticipated to grow at the fastest CAGR of 2.8% over the forecast period. Ambulatory surgical centers charge 45%-60% less than hospitals, moreover, it has lower overhead, lower fixed costs, and shorter hospital stays.

Regional Insights

In 2021, North America dominated the market in terms of revenue with a share of 39.5%. The presence of established healthcare infrastructure, fast technology breakthroughs, the rising prevalence of CVD, and the increasing need for MI procedures are the main factors fueling the market's expansion in the U. S. According to the CDC reports, CAD is the most prevalent heart condition and the major cause of mortality in the U.S., claiming more than 370,000 lives each year.

Asia Pacific is expected to expand at the fastest growth of 4.0% during the forecast period. The market is driven by a number of factors, including improved CAD screening, economic expansion, regulatory ramifications, and notably favorable reimbursement in certain countries, including Australia and South Korea. Moreover, this industry is being impacted by growing government investment in healthcare and new initiatives to provide products at affordable prices in cost-constrained regions like India and China.

Key Companies & Market Share Insights

The players operating in the carotid artery stents market are increasingly focusing on acquisitions, mergers, partnerships, and expansion to strengthen their market presence. For instance, in October 2022, Cordis announced its acquisition of MedAlliance a Swiss company of innovative drug-eluting balloons. Through this acquisition, Cordis will have access to the drug-eluting balloon SELUTION SLR (Sustained Limus Release), which has the potential to treat two million patients worldwide by 2027.

In August 2022, Medtronic launched the Onyx Frontier drug-eluting stent (DES), its newest drug-eluting coronary stent. It is built upon the Resolute Onyx drug-eluting stent's acute performance and clinical data; the Onyx Frontier DES provides a novel delivery system. The DES uses the same stent platform as Resolute Onyx DES and has an improved delivery system that is intended to increase acute performance and improve deliverability in the most difficult cases. Some of the key players operating in the global carotid artery stents market include:

• Abbott Laboratories, Inc

• Balton Sp z o.o.

• Boston Scientific Corporation

• Cordis

• InspireMD, Inc.

• Medtronic

• Terumo Europe NV

• MicroPort Scientific Corporation

• Silk Road Medical, Inc.

Carotid Artery Stents Market Report Scope

Global Carotid Artery Stents Market Segmentation

This report forecasts revenue growth and provides an analysis of the latest trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global carotid artery stents market report based on type, materials, mode of delivery, end-use, and region:

• Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Drug Eluting Stents

  • Bare Metal Stents

  • Bioabsorbable Stents

• Material Outlook (Revenue, USD Million, 2017 - 2030)

  • Metals

    • Stainless Steel

    • Nitinol

    • Cobalt Chromium

    • Others

  • Polymers

• Mode of Delivery Outlook (Revenue, USD Million, 2017 - 2030)

  • Balloon-expandable Stents

  • Self-expanding Stents

• End-use Outlook (Revenue, USD Million, 2017 - 2030)

  • Hospitals

  • Ambulatory Surgical Centers

  • Others

• Regional Outlook (USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Singapore

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE