(PharmaNewsWire.Com, July 21, 2020 ) The increase in the prevalence of lung cancer & chronic respiratory disorders globally, combined with the increasing preference for minimally invasive procedures are some of the factors contributing to the growth of this market. However, the associated complication of using these stents and an increase in the availability of alternative treatments might hamper the growth of the airway/lung stents market.
The lung stent market is projected to reach $120 million by 2024 from $87 million in 2019, at a CAGR of 6.7%.
Market Dynamics
+ Drivers
+ Rising Prevalence of Lung Cancer and Respiratory Diseases + Increasing Preference for Minimally Invasive Procedures + Continuous Growth in the Healthcare Industry + Increasing Life Expectancy + Rising Healthcare Expenditure + Growing Geriatric Population
The market is segmented based on the type, material, product, end user, and region. Based on the type, the tracheobronchial segment accounted for the largest share of the airway stent/lung stent market in 2018. The large share of this segment can be attributed to the higher adoption trends seen in the tracheal and bronchial stents for use in the treatments of respiratory disorders.
Based on material, the airway stent/lung stent market is divided into metal, silicone, and hybrid stents. In 2018, metal stents accounted for the largest share in the airway stent/lung stent market. The advantages associated with metal stents, such as ease of insertion, thinner walls as compared to silicone lung stents, a lower risk of dislodgment or migration, and ability to adapt to the twisted airway are driving the growth of this segment.
The airway stent/lung stent market is segmented into expandable and non-expandable stents. The expandable stents segment is expected to hold the largest share in 2019. The large share of this segment can be attributed to the higher preference of these stents by surgeons owing to advantages such as easy insertion in bronchoscopy procedures, lower risks of stent-induced complications, and small size.
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