Market Challenges And Opportunities
Global Lung Stent Market Drivers:
- Growing demand for minimally invasive procedures: The demand for minimally invasive procedures is a major factor contributing to the rising growth of the global lung stent market. In recent years, there has been a significant shift towards minimally invasive techniques across various medical disciplines, as they offer considerable advantages over traditional open surgeries. Minimally invasive procedures are associated with less pain, fewer complications, a lower risk of infection, a shorter hospital stay, and a quicker recovery time for patients. Lung stenting procedures performed through bronchoscopy or thoracoscopy allow treatment of various lung conditions in a minimally invasive manner. This has boosted the adoption of lung stents, which are placed using small incision sites or naturally occurring openings to widen or keep open the airways. For example, lung stents are often used to relieve central airway obstructions caused by lung cancer, COPD, or other tumors. They help restore airflow and improve breathing in patients. The non-invasive nature and favorable outcomes have led to lung stents becoming the standard of care for treating various lung diseases involving airway obstructions.
- Increasing risk factors such as smoking: The rising prevalence of lung cancer due to smoking is a major factor contributing to the growth of the global lung stent market. According to the American Lung Association, 2022, cigarette smoking is the primary cause of lung cancer, accounting for approximately 80-90% of lung cancer deaths. Their data estimates that over 1.8 million new lung cancer cases were diagnosed in 2020 alone in the U.S. Of these cases, over 80% were directly caused by cigarette smoking. The World Health Organization, 2022 reports that globally, close to 11% of all cancers are lung cancers. Tobacco use has risen sharply in developing nations, increasing the risk of lung cancer exponentially. China accounts for over 1/3 of the world's cigarette consumption, with smoking rates still rising among men. India too has seen a meteoric rise in cancer incidence attributable to widespread smoking. The WHO data predicts that lung cancer rates will continue to surge in the coming decade across Asia and Africa due to increased smoking prevalence and a lack of awareness.
- Technological advancements in stent designs: Technological advancements are significantly impacting the lung stent market. Lung stents are small tubes inserted into the airways of the lungs through minimally invasive procedures to help keep them open for airflow in conditions like lung cancer and chronic obstructive pulmonary disease (COPD). New stent designs allow better improvement in lung functioning for patients. New self-expanding stent designs made of nickel-titanium alloy or stainless steel provide better radial force to precisely expand the airways on placement and ensure they remain open even years after implantation. This drastically improves symptoms and quality of life for patients. Recent innovations in material coatings are also a major boost. Stents coated with drug eluting capabilities now slowly release chemotherapy drugs or antibiotics at the site over months, aiding in the treatment of cancer or infections directly inside lungs. This localized drug delivery ensures a high dose at the site with minimal systemic side effects.
- Growing healthcare expenditure: The rising healthcare costs across the globe are placing a significant burden on individuals and national economies. According to data from the World Bank, global healthcare spending increased from US$ 7.8 trillion in 2019 to US$ 8.3 trillion in 2021, and is projected to rise further in the coming years. As healthcare expenditures balloon, governments and private insurers are seeking cost-effective solutions to treat chronic conditions. One disease area experiencing tremendous growth in treatment needs is lung disease. Conditions such as chronic obstructive pulmonary disease (COPD) and lung cancer have risen in prevalence in recent years due to aging populations and increasing pollution levels. Treating severe lung diseases typically requires invasive procedures and lengthy hospital stays that contribute heavily to the overall disease burden.
Global Lung Stent Market Opportunities:
- Development of biodegradable and resorbable stents: The development of biodegradable and resorbable stents could be a great opportunity in the lung stent market going forward. Conventional metal stents cause various complications for patients as they are permanent implants that require additional procedures for removal. However, biodegradable stents dissolve naturally in the body over time without requiring removal, thus eliminating the need for additional invasive procedures. This reduces risks, recovery times, and the cost of treatment for patients. Biodegradable stents are typically made of polymers that break down slowly and harmlessly in the body. As the stent degrades, it gets replaced by the patient's natural tissues thereby restoring the natural pathway of airflow over the long run without leaving any foreign material permanently implanted. Manufacturers are innovating newer bioresorbable materials that can fully degrade within 6-24 months based on the application and properties desired. For example, a study by American scientists published in 2021 found a polymeric blend that fully degraded within 12 months when implanted for lung cancer treatment in animal models.
- Emerging economies in Asia Pacific and Latin America: The emerging economies in Asia Pacific and Latin America present a huge opportunity for growth in the lung stent market. These regions have a very young population with rapidly improving healthcare access and infrastructure. Diseases like lung cancer, COPD, and pulmonary embolism require procedures like lung stent placement to relieve blockages and improve breathing. While still not as advanced as developed markets, the public healthcare systems and medical device availability in these regions have expanded vastly in recent years. Governments have increased healthcare spending to meet the demands of their growing populations. For example, India's national health budget nearly doubled from 2014 to 2020, according to government reports. This has resulted in more advanced hospitals, trained pulmonologists, and expanded insurance coverage.
- Adoption of hybrid stents: The use of hybrid lung stents presents a major growth opportunity in the lung stent market. Hybrid stents integrate both metal and polymer components to offer the benefits of both types of stents. They provide the structural stability and precision of placement of metal stents while avoiding long-term issues associated with permanent metal implants inside the body. The polymer portion is designed for biodegradability and enhanced sealing abilities. This can help reduce complications like migration or granuloma formation over time as compared to traditional metal stents. Recent advances have made hybrid stents a viable alternative for a wider range of lung conditions. New fabrication techniques allow for thin, flexible designs that can navigate complex airway anatomies better than before. Some hybrid stents also feature surface modifications and drug elution capabilities for targeted therapy. As such, they are being increasingly used for treatment of benign indications beyond just malignant airway obstructions. According to the American Thoracic Society, in 2021, cases of benign tracheobronchomalacia rose 15% between 2018 and 2020. This growing patient pool could adopt hybrid stents as a preferred minimally-invasive treatment option.
Global Lung Stent Market Restraints:
- High costs associated with stent placement procedures: The high costs associated with stent placement procedures pose a major challenge for the growth of the lung stent market. Stent placement is an invasive surgical procedure that requires specialized equipment and a team of experienced medical professionals like pulmonologists, radiologists, and thoracic surgeons. This makes the procedure quite expensive. According to the National Hospital Ambulatory Medical Care Survey conducted in 2020, the average hospital costs for bronchoscopic stent placement procedures in the U.S. ranged from US$ 15,000 to US$ 30,000 excluding the costs of follow-up visits, medications, and management of complications, if any. These elevated medical costs put the procedure out of reach for many patients, especially those who are uninsured or underinsured.
- Risk of stent migration or obstruction: The risk of stent migration or obstruction is one of the major challenges restraining the growth of the lung stent market. Stent migration refers to the unwanted movement of the stent from its original placement site in the lungs, while obstruction means blockage of the airways by the stent over time. Both of these occurrences can have severe health consequences for patients. Lung stents are placed either through minimally invasive procedures such as bronchoscopy or through open chest surgery to keep airways open in conditions like lung cancer. However, the lungs are dynamic organs that undergo continuous contraction and expansion during breathing. This makes lung stents more prone to migration from their original site over time as compared to other parts of the body. Migration can block other airways or cause other complications. Similarly, lung tissue continuously grows around the stent, making it difficult for air to pass through. This gives rise to obstruction issues.
- Alternative treatment options available: Alternative treatment options available for lung conditions are one of the major factors restraining the growth of the lung stent market. There are several non-invasive options available that can help improve lung function and airflow without requiring the surgical implantation of stents. For example, procedures like bronchodilator therapy, pulmonary rehabilitation programs, and lung volume reduction surgery are becoming more prevalent choices for patients over stents. Bronchodilator therapy using inhalers can help relax and widen airways, making it easier to breathe for many patients. It has shown success in improving symptoms for a range of lung conditions. Pulmonary rehabilitation programs are also gaining popularity as they take a holistic approach to lung health. These programs involve exercise training, breathing techniques, nutrition counseling and education on lung self-management. According to data from the Centers for Disease Control and Prevention, pulmonary rehabilitation has been shown to reduce hospitalizations and healthcare costs while improving quality of life and functional status in many patients with COPD or other chronic lung diseases when compared to usual care. The use of minimally invasive lung volume reduction surgery is another alternative that allows diseased portions of the lung to be surgically removed, making breathing easier without the permanent implantation of a device.
Recent Developments
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