The global lung stent market involves insertion of small tubes known as stents into air passages of the lungs to keep them open for patients suffering from lung cancer or other lung diseases. Stents are used to treat conditions like tracheobronchomalacia and bronchostenosis that cause narrowing or collapse of airways. Made of metal or silicon materials, lung stents improve breathing by widening the airway and preventing further blockage. The demand for lung stents is rising due to increasing incidence of lung cancer, chronic obstructive pulmonary disease (COPD) and other respiratory disorders.
The Global Lung Stent Market is estimated to be valued at US$ 206.5 million in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the global lung stent market are Boston Scientific, Cook Medical, Medtronic, Taewoong Medical, Hospitech, Bess, Endo-Flex, Efer Endoscopy, W. L. Gore & Associates, BD, Edwards Lifesciences, Healthy Medical Corporation, Pulmonx Corporation, Meril Life Sciences Pvt. Ltd and C. R. Bard Inc. Key players are focusing on developing customized lung stents to treat complex airway abnormalities. For instance, Boston Scientific offers customized Nitinol stents like Esophageal Stents and Tracheobronchial Stents.
The growing demand for minimally invasive procedures and rising lung cancer incidence globally is propelling the Global Lung Stent Market Growth. According to the National Cancer Institute, lung cancer is the second most common cancer in the world, with over 2.1 million new cases reported annually. Expanding aging population vulnerable to chronic respiratory diseases is another factor fueling the demand.
Geographic expansion into emerging nations is another key strategy adopted by leading players. Latin American and Asia Pacific markets offer high growth potential owing to improving healthcare access and increasing disposable incomes in these regions.
Market Key Trends
Customized stents are gaining prominence to treat complex lung conditions. 3D printing and computer-aided designs are enabling manufacturers to produce patient-specific stents tailored as per the size and contours of individual airways. This significantly improves treatment efficacy and outcome. Pulmonx Corporation is a leader in designing customized Zephyr valves using 3D printing for severe emphysema. Going forward, advanced technologies will facilitate production of highly customized stents on a large scale to address unmet needs in the lung stent market.
Porter’s Analysis
Threat of new entrants: New entrants face high costs for establishing manufacturing facilities and obtaining regulatory approvals. Bargaining power of buyers: There is a moderate bargaining power of buyers due to the availability of substitutes. Bargaining power of suppliers: Suppliers have low bargaining power due to the availability of alternative suppliers in the market. Threat of new substitutes: There is a moderate threat of new substitutes as stent alternatives such as bronchodilation and drug therapy exist. Competitive rivalry: The market is moderately competitive due to the presence of major players.
Geographical regions with the highest lung stent market share in terms of value are North America and Europe as these regions have advanced healthcare infrastructure and a growing elderly population with lung diseases. The Asia Pacific region is expected to experience the fastest growth during the forecast period due to rising lung cancer incidence, increasing healthcare spending, growing awareness, and improving medical technologies in countries such as China and India.
Explore More Articles – Commercial Display Market
The new report by Expert Market Research titled, ‘Global Lung Stent Market Report and Forecast 2021-2026’, gives an in-depth analysis of global lung stent market, assessing the market based on its types, materials, products, end-uses and major regions.
The sample report shall be delivered to you within 24 hours.Request a free sample copy in PDF or view the report summary@ https://www.expertmarketresearch.com/reports/lung-stent-market/requestsampleThe key highlights of the report include:Market Overview (2016-2026)Historical Market Size (2020): USD 86.75 millionForecast CAGR (2021-2026): 6%Forecast Market Size (2026): USD 116 millionGrowing endoscopic therapy adoption and rising minimally invasive surgery preference.
Additionally, increasing funding on healthcare infrastructure is further promoting the development of well equipped, well-furnished, and advanced healthcare facilities.Industry Definition and Major SegmentsA stent is a hollow pipe that enables the user to breathe better.
It can be put into the airway to widen the narrowed passageway.The global lung stent industry can be broadly categorised based on segments like:Type:Tracheobronchial StentsLaryngeal StentsMaterial:Metal StentsNitinol StentsStainless Steel StentsSilicone StentsHybrid StentsOthersProduct:Self-Expandable StentsNon-Expandable StentsEnd-Use:HospitalsAmbulatory Surgery CentresThe regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.Explore the full report with the table of contents@ https://www.expertmarketresearch.com/reports/lung-stent-marketMarket TrendsSimple repositioning and removal of silicone stents, increased hardness, high mechanical strength, and improved flexibility are the characteristics that distinguish this sector from the others.
The dominant position of North America is due mainly to the presence of a number of major hospitals, solid healthcare facilities, increased disease prevalence, growing elderly population and higher health care costs.Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours.
Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.Key Market PlayersThe major players in the market are Boston Scientific Corporation, (NYSE: BSX), Taewoong Medical Co., Ltd., Micro-Tech (Nanjing) Co., Ltd., Bess Aktiengesellschaft (Bess AG), E. Benson Hood Laboratories, Inc., Merit Medical Systems, Inc., Cook Group, Efer Endoscopy and among others.
The 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", 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.Browse 137 market data Tables and 34 Figures spread through 164 Pages and in-depth TOC on "Airway Stent/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"Get Free PDF - https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=32315890The tracheobronchial stents segment is expected to account for the largest share of the airway stent/lung stent market in 2019.Based on type, the airway stent/lung stent market is categorized into tracheobronchial and laryngeal stents.
In 2019, the tracheobronchial segment is expected to account for the largest share of the airway/lung stent market.
The large share of this segment can be attributed to the high adoption of tracheal and bronchial stents in the treatment of lung cancer and other chronic respiratory diseases.The self-expandable stents segment is estimated to hold the largest share of the airway stent/lung stent market in 2019.Based on the product, the airway stent/lung stent market is segmented into expandable and non-expandable stents.
Of this, the expandable stents segment is estimated to hold a larger share of the market in 2019, due to the higher preference of these stents by surgeons due to advantages such as easy insertion in bronchoscopy procedures, lower risks of stent-induced complications, small size, and their easy removal.Hospitals will account for the largest share of the airway stent/lung stent market in 2019.The airway stent/lung stent market is segmented into hospitals and ambulatory surgical centers.
