(Photo Courtesy: www.euroinvestor.com)
The future growth of the non-vascular stent market by 2021 will be slower in the US than almost every other major market, due in part to an increasingly difficult regulatory process and the medical device excise tax, but primarily as a result of clinical factors and unmet needs still to be addressed, says research and consulting firm GlobalData.
The company's report states that the US market for non-vascular stents, which includes enteral, airway, urinal tract, and pancreatic and biliary stents, was valued at $205.5 million in 2013.
It is projected to expand at a modest Compound Annual Growth Rate (CAGR) of 3.3 percent to approximately $265.8 million by 2021.
By comparison, the average CAGR across the 10 major markets, namely the US, France, Germany, Italy, Spain, UK, Japan, Brazil, China, and India, will be 4.5 percent, and only Italy will witness slower growth than the US over the forecast period, with a CAGR of 3.2 percent.
Ms Priya Radhakrishnan, GlobalData's director of medical devices, says restraints such as pricing pressures and regulatory hurdles will continue to have an impact on this market.