Lung Stent Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Tracheobronchial Stents, Laryngeal Stents), By Product Type (Self-expandable, Balloon-expandable, Non-expandable), By Product Material (Metal (Nitinol, Stainless Steel, Others), Silicone, Hybrid), By End-User (Hospitals, Ambulatory Surgery Center, Others), And By Geography - Forecasts From 2022 To 2027

The global lung stent market is projected to grow at a CAGR of 5.97% to reach US$178.472 million by 2027, from US$118.93 million in 2020. 

Primarily used to treat airway and lung diseases, as well as chronic conditions such as asthma, central airway obstruction, chronic obstructive pulmonary disease, glaucoma, and lung cancer, among others. Narrowed or stenotic air passages can also be caused by irregular granulation tissue, lung cancer, metastatic malignancies, infections, TB, lymphoma, or other inflammatory illnesses. In most cases,  tracheobronchial (airway) stents are devices, that are used to splint narrowed airways open.

In addition, chronic diseases like cancer, are a major public health and economic issue whose burden is set to spiral. With over 18 million cases in 2018, we can expect to see 29 million cases by 2040 due to the aging and growth of the population. For both sexes combined worldwide, lung cancer continues to be the most commonly diagnosed cancer (2.1 million, 12% of the total), with 1.8 million deaths estimated globally for the year 2018. Furthermore, indoor air pollution from solid fuel consumption is a problem in low- and middle-income nations (e.g. burning of wood, coal, and other biomass) and is estimated to cause about 3.8 million deaths, including about 285,000 lung cancer deaths, each year. Tobacco usage is the most common avoidable cause of cancer in the world.

Development of Bio-degradable stents

Moreover, granulation of tissue, an infection caused by stents as well as symptoms like central airway obstruction (CAO) are a few of the aspects that have incentivized various companies to invest in product innovation and come up with biodegradable stents, drug-eluting airway stents as well as 3D printed stents. For example: In 2018, Stephen Lawrence Prize-winning developers Anna Liu and Mike Tonkin of London-based Tonkin Liu designed the Shell Lace Stent, an innovative medical device for use in patients' windpipes. The prototype stent is built on the company's distinctive Shell Lace Structure, a single-surface structural technology created and developed for architectural and engineering applications during a decade of study, and prototyped with 3D printing and digital design tools. Further, in January 2020, the U.S. Food and Drug Administration (FDA) cleared patient-specific airway stents developed by Cleveland Clinic physician Tom Gildea, M.D.

Further, the other aspect that will continue to augment the growth of the lung stent market during the forecast period is the increasing demand for minimally invasive surgery to treat chronic conditions affecting the lungs. Factors like government expenditures and favourable policies coupled with the growing capacity of bearing medical expenditures are primarily responsible, besides the aspects of continuous product innovation and the growing burden of disease. in Argentina, all Argentinian citizens and residents, including foreign workers or tourists, can get medical care free of charge in the country. [Source: World Bank. Argentina: facing the challenge of health insurance reform]. Further, with a per capita health expenditure of 1,390 USD, the country is one of the leading spenders on health care in Latin America. [World Health Organization, Global Health Spending Database]

With regards to Switzerland, the ratio between health expenditure and the gross domestic product (GDP) was to the tune of 12.4% in 2017, which in turn makes Switzerland a part of those European countries with the highest ratio and second after the USA, the country that was leading in health expenditure in relation to GDP in 2017. Moreover, in 2017, households financed 65% of health expenditures; mandatory health insurance premiums from households covered 30% of health expenditures.

 Further, the government’s contribution to health expenditure was 29%, with over 6 in every 10 francs of this public funding corresponding to payments from the cantons and communes to hospitals, nursing homes, and home care services.  Additionally, the total health expenditure was 82,774 CHF million in 2017 [Source: Health Pocket Statistics 2019 Federal Statistics Office]. In the case of Portugal, compared to 2017’s nominal expenditure of 3.6% the health expenditure of Portugal increased to 5.1% in 2018.  Both public and private current expenditures increased by 3.6% in 2017.

The relative importance of public current expenditure in financing the Portuguese health system remained at 66.3%. For 2018, an increase in public spending (5.3%) higher than that of private expenditure (4.6%), was foreseen [Source: Instituto Nacional de Estatística – Portugal (Statistics Portugal)]. The expenditure of public hospitals and public providers of ambulatory health care grew by 4.1% in 2017.

On the other hand, the expenditure of private providers, hospitals, and providers of ambulatory health care grew at a faster pace, with increases of 5.5% and 4.4%, respectively. Further, in the People's Republic of China, the premium of primary insurance received by the insurance companies was to the tune of 4,264.5 billion yuan in 2019, which was an increase of 12.2 % over that of the previous year. The total sum of the life insurance premiums amounted to 2,275.4 billion yuan, and health and casualty insurance premiums of primary insurance were to the tune of 824.1 billion yuan.

 Additionally, the insurance companies paid an indemnity worth 1,289.4 billion yuan, of which, life insurance indemnity was 374.3 billion yuan, health and casualty insurance indemnity 264.9 billion yuan, among others. therefore, it outlines the fact there has been room for expenditure pertaining to healthcare in China. Further the per capita disposable income nationwide was 30,733 yuan, an increase of 8.9 % compared to that of the preceding year [Source: National Bureau of Statistics of China]. Thus, from the aforementioned developments, it can be discerned that owing to the burgeoning healthcare sector, and the increase in healthcare-related expenditure borne by both government and private entities, the market for Lung Stents is expected to witness healthy growth during the forecast period.

Key Developments

• May 2022: Medtronic PLC, a worldwide leader in healthcare technology, announced in a press release that the Onyx FrontierTM drug-eluting stent (DES) has been approved by the US Food and Drug Administration (FDA). Onyx Frontier DES, the newest addition of the Resolute DES family, is built on the same best-in-class stent base as Resolute OnyxTM DES, but with an improved delivery system that improves deliverability and acute performance in even the most difficult instances.
• December 2021: Vesper Medical Inc., a US-based medical technology firm that creates minimally invasive peripheral vascular devices, has been acquired by Philips, a global leader in health technology. Vesper Medical will contribute a venous stenting solution to complement Philips' strong IVUS venous imaging service. This will treat the fundamental cause of the persistent deep venous disease (DVD). The Vesper DUO Venous Stent System® is a collection of venous stents for treating deep venous blockage.
• January 2020: Patient-specific airway stents created by Cleveland Clinic physician Tom Gildea, M.D., have been cleared by the US Food and Drug Administration (FDA). Dr. Gildea and his technical team use CT scans and proprietary 3D visualization tools to build patient-specific stents. A 3D printer is used to produce the stent molds, which are then injected with medical-grade silicone. This procedure allows them to tailor a patient's anatomy to perfection.

Impact of the COVID-19 pandemic on Lung Stent Market

The COVID-19 pandemic had an adverse effect on the world economy, due to the suspension of major industry functions. Most organizations reported significant losses due to the implementation of strict lockdown and social distancing rules. However, the lung stent market reported an increase in demand during the COVID-19 pandemic. The demand for lung procedures and treatments increased during the COVID-19 pandemic. This was due to the fact that the virus mostly affects a patient’s lungs. Hence, the market demand during the pandemic remained stable. Moreover, with the increasing cases of lung cancer around the world, mostly due to extensive tobacco usage among other factors, the lung stent market has reported an extensive increase in demand. According to the American Heart Association, tobacco has been estimated to cause about 8.09 million deaths worldwide in 2020. Hence, the market is expected to increase substantially in the forecasted period.

Lung Stent Market Scope:

Segmentation

• By Type
  • Tracheobronchial Stents
  • Laryngeal Stents
• By Product Type
  • Self-expandable
  • Balloon-expandable
  • Non-expandable
• By Product Material
  • Metal
    • Nitinol
    • Stainless Steel
    • Others
  • Silicone
  • Hybrid
• By End-Users
  • Hospitals
  • Ambulatory Surgery Center
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Others
  • Middle East and Africa
    • Israel
    • Saudi Arabia
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Thailand
    • Australia
    • Others