Coronary Stents Market

Coronary Stents Market Size (2022 to 2027)

As per our research report, the global coronary stents market size is forecasted to grow to USD 13.81 billion by the end of 2027 from USD 9.58 billion in 2022. This market is estimated to showcase a CAGR of 7.6% during the forecast period. In 2020, North America was the most dominant regional market in the global coronary stents market and is expected to continue the same trend throughout the forecast period.

Coronary stents are small metal tubes placed in coronary arteries to supply blood to the heart. Stent help keep arteries open and reduce the chances of narrowing again during coronary heart disease treatment. Also, percutaneous coronary intervention is used to open coronary arteries. The stent is inserted during angioplasty therapy and in an emergency to treat a heart attack disease. A cardiac physician will place the stent over a catheter and directly insert it into an artery in the body during any heart-related procedure. Dual therapy stent is the latest type in the coronary stents market.

MARKET DRIVERS:

The growing incidence of CAD diseases, increasing adoption of technological advancements, and rising aging population worldwide propel the global coronary stents market growth.

The prevalence of coronary artery disease is growing at a rapid pace. According to the stats published by the Centers for Disease Prevention and Control (CDC), an estimated 365,914 people died due to Coronary heart disease in 2017, and around 6.7% of the population aged above 20 have CAD United States. This rising incidence is estimated to boost the global coronary stents market. In addition, the rising geriatric population is another significant factor significantly contributing to the global coronary stents market growth. According to the World Health Organization (WHO), the aged population (60 or above) is expected to be around 2 billion by the end of 2050, 900 million in 2015.

In addition, technological advancements in coronary stents, including bifurcated stents and biodegradable materials, are likely to boost the growth rate of the coronary stents market. Rising disposable income in urban areas merely expands the market's growth. With the introduction of advanced DES and evolving bioabsorbable stents, stent technology is superior to traditional balloon angioplasty. The advances in coronary stent technology and bifurcated stents' use of biodegradable materials have yielded effective and improved results related to CVD treatment. The market participants are active in product development, partnerships, and strategic cooperation. These factors are expected to help the global coronary stents market to scale further during the forecast period.

MARKET RESTRAINTS:

Developed countries with strict regulations about coronary stent use, the falling prices for these devices, and the risks associated with DES include stent thrombosis and significant global coronary stent market challenges. In addition, the disruption of endothelial tissue regeneration and its risk further limit the market growth to a limited extent. In addition, the lack of skilled professionals in the healthcare sector, rising competitive treatment methods for artery diseases, and product failure in real-time application hamper the coronary stent market.

Impact of COVID-19 on the global coronary stents market:

The present outbreak of COVID-19 has affected the coronary stents market in many ways. First, the supplies of raw materials for manufacturing the stents are being affected due to restrictions in the movement. Second, demand for various medical devices is projected to shorten because of delayed elective surgeries. Third, the pandemic has existed as a serious threat globally, causing a death rate and massive strain on healthcare resources—a challenge for health providers to treat cardiovascular disease patients during these challenging times.

The pandemic has affected coronary stents and cardiac surgeries in different ways, like beds, limited ICU beds and ventilators, and limitations in clinical meetings. Patients already suffering from cardiac diseases may be at higher risk for death from the Coronavirus, including aged people. Moreover, the pandemic has threatened heart transplants' safety, and coronary stent implantations are at increased risk. The abstract of coronary stents by secondary companies across many countries has been adversely affected. There has been a reduction in demand for coronary stents, and the stock has not been sold out, negatively impacting the medical sector.

REPORT COVERAGE:

This research report on the global coronary stents market has been segmented and sub-segmented based on the type, mode of delivery, material, end-user, and region.

Coronary stents market Analysis – By Type:

• Bare Metal Stents
• Drug-Eluting Stents
• Bioabsorbable Stents

The bare-metal stents type will lead the global coronary stents market during the forecast period. A rise in cardiovascular problems is expected to accelerate the need for coronary stents. As a result, the market is expected to be followed by bioabsorbable stents, mainly in polylactic acid material.

However, drug-eluting stents are expected to generate significant revenue due to new advanced polymer-based products and advanced technology adoption in hospitals. DES is mainly used for coronary disease and peripheral vascular disease. The DES-based polymer has continued high manufacturing and sales in the market that fuel market growth. The bioresorbable stent segment is expected to grow in the coming years, allowing recovery of vessel vasoreactivity and endothelial functions. Many companies are trying to introduce the next generation of bioresorbable stents that reduce patient compliance.

Coronary stents market Analysis – By Mode of Delivery:

• Balloon Expandable Stents
• Self-Expanding Stents

Based on the mode of delivery, Balloon's expandable stent mode of delivery is expected to account for the most substantial share in the global market owing to the increasing investments in healthcare centers by private and public organizations.

Coronary stents market Analysis – By Material:

• Metallic stents
  • Cobalt chromium
  • Platinum chromium
  • Nickel-titanium
  • Stainless steel
• Other Stents

By material, the metallic stents segment has been growing faster in the past few years with the rise in healthcare expenditure, especially in urban areas.

Coronary stents market Analysis – By End-User:

• Hospitals
• Cardiac Centers
• Ambulatory Surgical Centers

The hospital end-user is estimated to dominate the global market during the forecast period in terms of end-user. Increasing the construction activities of hospitals with the latest equipment is propelling the growth rate of this segment. In addition, improving support from government and non-government organizations through funds is increasing the market's growth rate. Furthermore, the developed infrastructure of cardiology hospitals is propelling the growth of the coronary stent market.

Coronary stents market Analysis – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Regionally, the North American coronary stents market accounted for the largest share of the worldwide market in 2021 and is predicted to continue the domination throughout the forecast period owing to the rapid adoption of the latest technological developments. As a result, the U.S. accounted for most of the North American regional market share in 2020, followed by Canada.

The Asia Pacific coronary stents market is the fastest-growing regional market worldwide. It is expected to showcase the highest CAGR during the forecast period owing to the increasing geriatric population and rise in capital income. India and China are expected to register most of the share in the APAC region during the forecast period.

The European coronary stents market had a substantial share in the global market in 2020 and is projected to grow at a prominent CAGR from 2021 to 2026. The UK is estimated to lead the European market during the forecast period, followed by Germany.

The Latin American coronary stents market is anticipated to grow steadily during the forecast period.

The coronary stents market in MEA is anticipated to have significant growth opportunities in foreseen years with the growing awareness of various treatment procedures.

KEY MARKET PARTICIPANTS:

Notable companies leading the global coronary stents market profiled in the report are Medtronic plc (Ireland), Abbott Laboratories (U.S.), Boston Scientific Corporation (U.S.), Biosensors International Group, Ltd. (Singapore), BIOTRONIK SE & Co. KG (Germany), B Braun Melsungen AG (Germany), TERUMO CORPORATION (Japan), STENTYS SA (France), MicroPort Scientific Corporation (China), Meril Life Sciences Pvt. Ltd. (India), Vascular Concepts (India) and Translumina GmbH (Germany).

RECENT HAPPENINGS IN THE MARKET:

• In August 2019, Meril Life Sciences received European Conformity for stents. These stents are used for treating coronary artery disease and also for the removal of blockages and lesions.
• In April 2019, Biotronik announced the PK Papyrus-covered stent system, used to contact emergency patients with coronary holes in the heart. This device has a reduced number of death cases related to coronary artery holes.
• In May 2019, Medtronic launched the Telescope Guide Extension Catheter, which the FDA approved, and CE. It is to access distal lesions and restore the blood flow through the coronary.
• In February 2018, Medtronic launched a 2.0 mm drug-eluting stent in the market for patients with minor vessel diseases. In addition, the company wants to expand its business in the US Coronary stents market.
• In September 2018, Terumo launched Tensei drug-eluting stent in the Japanese market, already available in the European market.
• In May 2017, Medtronic, a leading medical devices company, launched a resolute onyx drug-eluting stent and received approval from U.S. FDA for adults’ coronary artery disease. The stent is enormous, enabling it to expand for patients with extra-large vessels.