The lung stent market expansion will be augmented by the extensive R&D investments funded by the public and private organizations for the advent of the non-vascular stent and growing incidences of COPD globally. As per the ODPHP, currently, there are more than 25 million people in the U.S suffering from asthma, along with 14.8 million adults being affected by COPD.
The substantial rise in respiratory disorders augmenting lung stent surgery will accelerate industry growth. According to a Global Market Insights, Inc., forecast, global lung stent market size is projected to surpass US$348 million by 2026.
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The complexity of these respiratory disorders and substantial investments has encouraged the modification of non-vascular stent. For example, the FDA in the United States has recently approved the use of a 3D printed lung stent that has been developed compatible with the patient’s airway. With the extensive inflow of funds mainly to upgrade R&D activities, the introduction of numerous radioactive stent and the biodegradable stent is in-line to facilitate patients.
The laryngeal stent segment accounted for a significant revenue share at US$6 million in 2019. The increased utilization of laryngeal stent to broaden the airway post-surgical reconstruction will lead to considerable segment growth. The product is also used to maintain lumen in the management of laryngeal trauma or cancer resection.
The laryngeal stent also helps in treating a laryngeal fracture, subglottic stenosis, and laryngeal stenosis and is highly effective in the treatment of severe respiratory disorders related to the larynx. The widespread applications of the product in treating numerous medical conditions will foster segment expansion.
A high preference for minimally invasive surgeries to treat respiratory diseases would spur lung stent business growth in the coming years. The increased number of respiratory disorders associated with lung cancer has influenced the high adoption of minimally invasive surgeries among patients in a view to eliminating pain and incision caused during conventional surgeries.
Lung stent market share from the adult patient segment is estimated to grow at 14.7% CAGR in the upcoming years. There escalating prevalence of COPD in a large pool of adult patients due to smoking habits. Unhealthy lifestyles and stress cause high adoption of smoking habits among the adult population. As per the National Center for Biotechnology Information (NCBI), the prevalence of COPD in working adults aged between 40 to 70 years is estimated at around 4%.
The self-expandable lung stent segment is projected to grow at 14.7% CAGR up to 2026. These self-expandable stents are highly preferred in the management of post-intubation tracheal stenosis, benign tracheal stenosis, and central airway obstruction.
The self-expandable lung stents are safe and effectively utilized in the treatment of numerous respiratory disorders such as non-small cell lung cancer and dyspnea. Also, these stents are also used post-lung placement procedures to provide extended support to the patients.
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Brazil, with an annual valuation of more than US$2 million dominated the Latin America lung stent industry in 2019. The growing number of patients affected by airway complications will augment regional industry expansion. The burning of sugarcane leaves on a large scale in the country could be one of the prime reasons propelling a high number of respiratory disorders, resulting in rising demand for lung stent placement.
Reportedly, nearly 40% of the Brazilian population are getting benefits from healthcare programs funded by private and public organizations. This has led to high demand for stent placement procedures in the nation. The presence of several initiatives undertaken by the government in a bid to simplify the regulations and supply of lung benefiting COPD patients could lead to regional business growth in the forthcoming years.
Prominent companies in the global lung stent industry include Stening SRL, Novatech SA, Micro-Tech (Nanjing) Co., Ltd., Merit Medical Systems, Inc., Boston Medical Products, Inc., EFER ENDOSCOPY, Cook Group, Hood laboratories, and Boston Scientific Corporation, among others.
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