(PharmaNewsWire.Com, November 13, 2021 ) According to the new market research report Lung Stent Market by Type (Tracheal, Bronchial, Laryngeal Stent), Product (Non-Expandable, Self-Expandable Stents), Material (Metal (Nitinol, Stainless Steel), Silicone, Hybrid), End User (Hospitals, ASCs) - Global Forecast to 2024, published by MarketsandMarkets™, the Airway Stent/Lung Stent Market is projected to reach USD 120 million by 2024 from USD 87 million in 2019, at a CAGR of 6.7%.
Factors such as the rise in the prevalence of lung cancer & chronic respiratory diseases and the growing preference of minimally invasive procedures are expected to drive the growth of the airway/lung stent market. The need for customized lungs stents and the ability to currently print the stents using 3D printing techniques are expected to create growth opportunities for this market.
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.
By product, 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.
Geographically, the global airway stent/lung stent market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to hold the largest share of this market in 2019. The dominant share of North America can mainly be attributed to the presence of several large hospitals, robust healthcare infrastructure, rising prevalence of diseases, growing geriatric population, and rising healthcare expenditure.
The major players operating in the airway stent/lung stent market include Boston Scientific Corporation (US), Taewoong Medical Co., Ltd. (South Korea), Micro-Tech (Nanjing) Co., Ltd. (China), Novatech SA (France), Boston Medical Products, Inc. (US), E. Benson Hood Laboratories, Inc. (US), Merit Medical Systems, Inc. (US), Cook Group (US), EFER ENDOSCOPY (France), ENDO-FLEX GmbH (Germany), Standard Sci. Tech Inc. (South Korea), and Stening SRL (Argentina), among others.
Recent Developments
- In June 2018, Taewoong Medical (South Korea) partnered with Cook Medical (US) to distribute Taewoong’s product portfolio in the US market.
- In May 2018, Merit Medical Systems, Inc. (US) held a worldwide distribution agreement with NinePoint Medical, Inc (US) to market Merit’s gastrointestinal and pulmonary medical devices.
- In July 2015, Micro-Tech (Nanjing) Co., Ltd. inaugurated a wholly-owned subsidiary in the US, Micro-Tech USA, Inc.
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