Carotid Artery Stent Market Size - Analysis
The carotid artery stent market is estimated to be valued at USD 597.5 Mn in 2024 and is expected to reach USD 775.8 Mn by 2031, growing at a compound annual growth rate (CAGR) of 3.8% from 2024 to 2031.
Market Size in USD Mn
CAGR3.8%
| Study Period | 2024 - 2031 |
| Base Year of Estimation | 2023 |
| CAGR | 3.8% |
| Market Concentration | High |
| Major Players | Boston Scientific Corporation, Cordis, Medtronic, Terumo Europe NV, Silk Road Medical Inc. and Among Others |
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Carotid Artery Stent Market Trends
The carotid artery stent market is expected to gain significant traction in the coming years owing to the rising incidence of cardiovascular diseases across the globe. Among various cardiovascular conditions, the prevalence of ischemic stroke and transient ischemic attack is escalating at an alarming rate. As per WHO, 15 million people suffer from stroke worldwide each year, out of which 5 million people die and another 5 million are permanently disabled.
Early detection and treatment of such severe carotid artery stenosis cases are crucial to prevent debilitating and life-threatening ischemic strokes. The global burden of ischemic strokes and carotid artery diseases is expected to escalate going forward. This will certainly fuel the demand for carotid artery interventions including carotid stenting procedures over the forecast period.
Market Driver - Rising Demand for Minimally Invasive Surgical Procedures
Post-operative complications associated with carotid endarterectomy drove the demand for minimally invasive alternatives. This has propelled the adoption of innovative endovascular techniques like carotid artery stenting which do not necessitate open surgery.
Moreover, stenting can be applied to high-risk patients who are not eligible for open surgery due to comorbidities. The minimally invasive nature and procedural advantages have positioned carotid artery stenting as an attractive alternative especially in elderly population with significant carotid artery obstruction. Hence, the growing demand for minimally traumatic interventions amongst providers as well as patients is serving as a high impact driver for carotid artery stent market.
One of the major challenges faced by the carotid artery stent market is the high costs associated with surgical procedures for treating carotid artery diseases. Carotid endarterectomy surgery is the current standard treatment option which requires significant hospital resources and has a long recovery time for patients. This makes the overall treatment expensive for both patients and the healthcare system.
High medical costs put financial pressure on patients and restrict accessibility to life-saving carotid artery treatments. This challenge of high procedure costs poses a major barrier to the growth of the carotid artery stent market.
Market Opportunity - Technological Advancements, Including the Development of Drug-Eluting Stents
For instance, there is strong ongoing research on developing drug-eluting carotid artery stents that can help reduce issues like restenosis and inflammation. Drug-eluting stents work by slowly releasing antithrombotic or other medications from the stent surface, aiding the healing process after implantation.
Key winning strategies adopted by key players of Carotid Artery Stent Market
Focus on Innovation: Innovation has been the prime strategy for major players to gain an edge in this market. In 2016, Boston Scientific rolled out the SpiderFX Embolic Protection Device with filter technology to capture and remove debris during carotid artery procedures to reduce risk of stroke. Similarly, Abbott introduced new arterial solutions like Ultimaster and Crown Pro stents that offer improved flexibility and conformability.
Aggressive Marketing Strategies: Aggressive marketing campaigns have boosted brand awareness and sales volumes for leading brands. For example, Boston Scientific expanded its advertisements on medical conferences, digital channels, and print media after receiving FDA approval for SpiderFX in 2016. Abbott too ramped up its marketing network worldwide following new product launches. Targeted promotion has created pull for innovative solutions in the market.
Segmental Analysis of Carotid Artery Stent Market
In terms of product type, self-expanding stents is estimated to contribute 47.8% of the market share in 2024, owning to their superior comfort level and ease of installation. Self-expanding stents allow for minimally invasive procedures and cause less trauma to patients during implantation compared to other stent types. They have a mesh-like structure that can be compressed and inserted through a small nick in the skin.
Insights, By End User: Proximity and Single-stage Treatment Attract Patients to Hospitals & Clinics
Integrating diagnostic and therapeutic capabilities under one roof allows providers in hospitals and clinics to diagnose, plan and perform carotid artery stenting in a single visit. This convenience encourages more patients to seek care at hospitals and clinics rather than having to visit multiple places.
Insights, By Technological Development: Superior Healing Benefits Drives Adoption of Drug-eluting Stents
Lesser chances of re-stenosis or re-blockage translates to improved healing outcomes for patients. Their therapeutic drug release mechanism promotes healthier inner lining formation compared to plain metal stents. The superior healing attributes of drug-eluting stents have made them the preferred technological solution among healthcare professionals.
Additional Insights of Carotid Artery Stent Market
- The introduction of technologically advanced stents, such as those that are bioabsorbable, reflects ongoing innovations aimed at improving patient outcomes. However, high procedure costs and potential risks associated with stent usage pose challenges to broader adoption.
- Key players continue to invest in product development and regulatory approvals, positioning themselves to capitalize on market opportunities. As the market evolves, ongoing R&D, strategic acquisitions, and product launches are expected to play pivotal roles in shaping the competitive landscape.
Competitive overview of Carotid Artery Stent Market
The major players operating in the Carotid Artery Stent Market include Boston Scientific Corporation, Cordis, Medtronic, Terumo Europe NV, and Silk Road Medical Inc.
Carotid Artery Stent Market Leaders
- Boston Scientific Corporation
- Cordis
- Medtronic
- Terumo Europe NV
- Silk Road Medical Inc.
Carotid Artery Stent Market - Competitive Rivalry
Carotid Artery Stent Market
(Dominated by major players)
(Highly competitive with lots of players.)
Recent Developments in Carotid Artery Stent Market
- In October 2023, Boston Scientific Corporation received FDA approval for the Carotid WALLSTENT® Monorail® Endoprosthesis. This stent is designed for treating carotid artery disease in patients at high risk for surgery. The Carotid WALLSTENT Monorail system is known for its closed-cell design, which provides excellent lesion coverage and improves blood flow to the brain, making it a leading stenting option in Europe and other international markets. The approval enhances Boston Scientific’s market presence in the U.S. by providing a less invasive alternative to traditional surgery for carotid artery disease.
- In October 2022, Cordis acquired MedAlliance, a medical technology company known for its innovative drug-eluting balloon technology. This acquisition was part of Cordis's strategy to expand its cardiovascular and endovascular technology portfolio, enhancing its product offerings and capabilities in the carotid artery stent market.
Carotid Artery Stent Market Segmentation
- By Product Type
- Self-Expanding Stents
- Balloon Expandable Stents
- Others
- By End User
- Hospitals & Clinics
- Ambulatory Surgical Centers
- Cardiac Centers
- By Technological Development
- Drug-Eluting Stents
- Bioabsorbable Stents
- Biodegradable Stents
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Komal Dighe is a Management Consultant with over 8 years of experience in market research and consulting. She excels in managing and delivering high-quality insights and solutions in Health-tech Consulting reports. Her expertise encompasses conducting both primary and secondary research, effectively addressing client requirements, and excelling in market estimation and forecast. Her comprehensive approach ensures that clients receive thorough and accurate analyses, enabling them to make informed decisions and capitalize on market opportunities.
Frequently Asked Questions :
How big is the carotid artery stent market?
The carotid artery stent market is estimated to be valued at USD 597.5 million in 2024 and is expected to reach USD 775.8 million by 2031.
What are the key factors hampering the growth of the carotid artery stent market?
The high costs associated with surgical procedures and risks associated with stent placement and related complications are the major factors hampering the growth of the carotid artery stent market.
What are the major factors driving the carotid artery stent market growth?
The increasing prevalence of cardiovascular diseases such as stroke and ischemic stroke, and rising demand for minimally invasive surgical procedures are the major factors driving the carotid artery stent market.
Which is the leading product type in the carotid artery stent market?
The leading product type segment is self-expanding stents.
Which are the major players operating in the carotid artery stent market?
Boston Scientific Corporation, Cordis, Medtronic, Terumo Europe NV, and Silk Road Medical Inc. are the major players.
What will be the CAGR of the carotid artery stent market?
The CAGR of the carotid artery stent market is projected to be 3.8% from 2024-2031.