PUBLISHER: Grand View Research | PRODUCT CODE: 1363505
PUBLISHER: Grand View Research | PRODUCT CODE: 1363505
The global intravascular stents market size is expected to reach USD 22.69 billion by 2030, according to a new report by Grand View Research, Inc.., registering a CAGR of 8.0% from 2023 to 2030. The growth of the market can be attributed to the increasing prevalence of peripheral vascular diseases (PVDs) and coronary artery diseases (CAD). According to the American Heart Association (AHA) and their Heart Disease and Stroke Statistics - 2022 Update, cardiovascular disease (CVD) accounted for approximately 19.05 million deaths worldwide.
Additionally, cerebrovascular diseases were responsible for approximately 7.08 million deaths globally during the same year. These alarming statistics underscore the significant burden of cardiac diseases and emphasize the urgent need for effective interventions, such as intravascular stents. The demand for these medical devices is driven by the necessity to address the rising incidence of PVDs and CAD and to provide patients with enhanced treatment options for better cardiovascular outcomes. As a result, intravascular stents play a critical role in managing and treating these prevalent cardiovascular conditions, contributing to the growth of the market.
The increasing prevalence of coronary artery diseases (CADs), which occur when plaque accumulates in the arteries, has led to a growing demand for percutaneous coronary intervention treatments involving stents. This surge in demand is expected to be the primary driver fueling the expansion of the coronary stent market. According to a report released in February 2022 by the Heart and Stroke Foundation of Canada, approximately 750,000 individuals in the country live with heart failure, and around 100,000 new cases are diagnosed annually.
By 2030, the healthcare costs associated with heart failure in Canada are projected to reach up to USD 2.8 billion annually. Consequently, the market for intravascular stents is anticipated to experience rapid growth throughout the forecast period due to the significant number of cardiac patients and the increasing economic burden caused by heart failure in the nation. Furthermore, the market is expected to be supported by the rising prevalence of CAD risk factors, including age, hypertension, diabetes, and others, during the projection period.