The Global Lung Stent Market Will Grow At Highest Pace Owing To Growing Prevalence Of Lung Cancer
Author : Ashwini cmi | Published On : 17 Apr 2024
They are deployed in the lung to relieve symptoms caused by narrowing or blockage of the airways from conditions like lung cancer, chronic obstructive pulmonary disease (COPD), and pneumothorax. Advantages of lung stents include improved breathing, ability to resume normal activities, and relief from symptoms like chronic cough and wheezing. The growing global burden of lung diseases and rising demand for minimally invasive procedures are key drivers for the lung stent market.
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. The rising prevalence of lung cancer and other chronic respiratory diseases is fueling demand for lung stents globally. Technological advancements include the development of drug-eluting and bioresorbable lung stents to improve treatment outcomes.
Market Trends
Self-expanding stents are gaining popularity over balloon-expandable stents due to easier deployment. Biodegradable stents are being researched for short-term applications to avoid issues with permanent implants.
Impact of COVID-19 on Global Lung Stent Market Growth
The COVID-19 pandemic has significantly impacted the Global Lung Stent Market Growth growth in multiple ways. Due to lockdowns imposed across countries to contain coronavirus spread, non-essential medical procedures were delayed or postponed worldwide. This led to a steep decline in lung stent procedures performed in 2020 and early 2021, hampering the market growth. However, with rising cases of lung cancer, chronic obstructive pulmonary disease (COPD), and other respiratory issues among COVID-19 recovered patients, the demand for lung stents is expected to rise in the coming years. Post-COVID, to address the backlog created due to delayed treatments, healthcare facilities are focusing on operating at full capacity while adopting necessary safety protocols. This is likely to drive the market going forward. The pandemic has also boosted telemedicine and digital health adoption. Manufacturers are leveraging these virtual platforms to provide online consultations and support to lung patients, aiding their recovery process. In the long run, COVID-19 is projected to have a positive impact on the global lung stent market growth owing to increased awareness about pulmonary health.
Geographical Regions with Highest Value Concentration in Global Lung Stent Market
North America accounts for the largest share of the global lung stent market in terms of value. The region is expected to continue dominating owing to the rising burden of lung cancer and COPD, availability of advanced medical technologies, and growing elderly population susceptible to respiratory disorders. Moreover, presence of leading market players and favorable reimbursement policies drive the demand for lung stents in the U.S. and Canada. Europe holds the second position led by Germany, France, and the U.K. Asia Pacific is emerging as the fastest growing regional market due to improving healthcare infrastructure, rising medical tourism, and increasing spending on chronic illness treatment in China, India, and Southeast Asian countries.
Fastest Growing Region in the Global Lung Stent Market
Asia Pacific is projected to witness the highest growth in the global lung stent market during the forecast period. This can be attributed to growing patient population, increasing healthcare expenditures, expanding medical device industry, and improving access to advanced treatment procedures across major Asian countries. Moreover, rising awareness about pulmonary disorders and their minimally-invasive management using lung stents would supplement the regional market expansion. Other significant factors include significant economic development, growing collaborations between international and domestic players, and favorable government initiatives to modernize healthcare infrastructure and promote foreign investments. China, India, Japan, South Korea, and other developing Southeast Asian nations are expected to drive the Asia Pacific lung stent market at a rapid pace.
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