The lung stent market is expected to witness lucrative growth over the forecast period owing to the increasing demand for MIS (Minimally Invasive Surgeries) for the treatment of chronic conditions including lung cancer, glaucoma, chronic obstructive pulmonary disease, central airway obstruction, asthma, etc. The elevated prevalence of these conditions due to a sedentary lifestyle and polluted environmental conditions is attributing to the high demand for these products in the coming years.
Increasing R&D investments by the public and private organizations for the development of non-vascular stents is further fueling the market growth. For instance, in January 2020, the U.S. FDA approved 3D printed airway stent which is made to fit the patient’s airway. This study was conducted by Cleveland Clinic and it is estimated that around 30,000 stents will be implanted by the end of 2020 in the U.S. alone. This shows the potential demand for lung stents in the near future. However, the availability of other substitute treatment options and complications related to the use might affect the adoption of these stents.
The airway stent market is categorized based on the material, type, product, and end-use. The material segment further classified into the silicone airway, metallic airway, hybrid, and stents. Due to associated benefits including easy to use, low risk of migration with the use of metal stents hold the largest revenue share in 2019. Tracheobronchial stents held the dominant share in type segment in 2019 owing to the high adoption of the bronchial & tracheal stents to treat respiratory disorders. Rising preference of surgeons towards the expandable rather than non-expandable stents contributing towards its dominant share as of now. In addition, the advantage with its use such as ease of insertion, small size, and low risk of complications induced by stents are further fueling the demand for expandable stents over the forecast period.
North America airway stent market accounted for the largest revenue share as of 2019 and it is expected to maintain its dominance throughout the forecast period. The presence of major manufacturers, well-established healthcare infrastructure, and high awareness amongst the surgeons resulted in the increasing adoption of these stent in this region.
Some key participants in this industry are Boston Scientific Corporation, Micro-Tech (Nanjing) Co., Ltd., Merit Medical Systems, Inc., Taewoong Medical Co., Ltd., Stening SRL, Cook Medical, Novatech SA, E. Benson Hood Laboratories, Inc. and ENDO-FLEX GmbH. The airway stent/lung stent market players are focusing on increasing their geographical presence by various strategies including mergers & acquisitions, collaboration, and new product developments to sustain the competition.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.