Coronary Stents Market

Coronary Stents Market Size (2023 to 2028)

As per our research report, the global coronary stents market size is forecasted to grow to USD 14.86 billion by the end of 2028 from USD 10.30 billion in 2023. This market is estimated to showcase a CAGR of 7.6% during the forecast period. In 2022, 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 Market Share Insights:

• Based on the type, the bare-metal stents segment had the largest market share of the coronary stents market in 2022.

• Based on the Material, the metallic stents segment had the largest market share of the coronary stents market in 2022.

• The North American coronary stents market dominated the market in 2022.

Coronary stents are small metal tubes placed in coronary arteries to supply blood to the heart. Stents 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 boost the growth rate of the coronary stents market. 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.

Furthermore, the increasing adoption of minimally invasive surgeries, the growing aging population, the rising number of improvements in the healthcare infrastructure in developing countries, and favorable reimbursement policies for coronary stent procedures boost the growth rate of the market. Increasing number of funding and favorable initiatives by several governments for the R&D to develop effective and innovative coronary stents, growing awareness among people regarding the potential benefits of stent procedures, increasing demand for drug-eluting stents, and increasing number of percutaneous coronary intervention (PCI) procedures further fuelling the growth rate of the coronary stents market.

MARKET RESTRAINTS:

Risks associated with stent thrombosis and restenosis are key factors restraining the growth of the coronary stents market. The high costs of procedures associated with coronary stents are limiting the market’s growth rate. Stringent regulatory requirements for approval of new stents hamper the market growth. In addition, unfavorable reimbursement coverage in some countries, the presence of alternative treatment options such as medication and bypass surgery and side effects associated with using coronary stents such as bleeding, infections, and allergic reactions inhibit the market growth. Furthermore, the scarcity of skilled healthcare professionals to perform coronary stent procedures in some countries, resistance from patients to adopt stent procedures and an increasing number of recalls of coronary stent products due to safety concerns impede the market growth.

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

The COVID-19 pandemic has shown a significant negative impact on the growth of the coronary stent market during the pandemic term. During the COVID-19 pandemic, elective surgeries such as coronary stent procedures were kept on hold and priority was given to COVID-19 patients, which resulted in the reduced demand for coronary stents and negatively on the market growth. As per the study conducted by the American College of Cardiology in 2020, more than 50% of cardiologists had to cancel or postpone elective procedures, including coronary stent procedures, due to the COVID-19 pandemic. The global supply chain for medical devices, including coronary stents, has been severely disrupted by the COVID-19 pandemic which affected market growth negatively. The COVID-19 pandemic has propelled the need for effective treatment options for CVDs including CADs and this has resulted in growing investments in R&D activities to develop new and effective coronary stents. Currently, the impact of the COVID-19 pandemic is gradually and the coronary stents market is predicted to recover quickly and register a healthy CAGR during the forecast period.

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 – By Type:

• Bare Metal Stents

• Drug-Eluting Stents

• Bioabsorbable Stents

Based on type, the bare-metal stents segment is expected to hold the largest share of the global coronary stents market during the forecast period owing to the growing patient population suffering from CVDs. Bare metal stents are much more cost-effective compared to drug-eluting stents and bioabsorbable stents and due to this, the adoption of these stents is growing rapidly. The same is contributing to the segmental growth. The wide availability of bare metal stents in the developing countries and increasing aging population are further fuelling the segment’s growth rate. Furthermore, the growing number of advancements in stent design has resulted in improved bare metal stents with a lower risk of restenosis promoting the segmental growth.

The bioabsorbable stents segment is anticipated to register a promising CAGR during the forecast period. Factors such as the growing awareness among patients and healthcare providers regarding the potential benefits of bioabsorbable stents such as reduced risk of restenosis and improved patient outcomes and rapid adoption of technological developments to develop effective and innovative bioabsorbable stents drive the segmental growth.

The drug-eluting stents segment is expected to grow at a moderate CAGR during the forecast period.

Coronary Stents Market – By Mode Of Delivery:

• Balloon Expandable Stents

• Self-Expanding Stents

Based on the mode of delivery, the balloon expandable stent segment is estimated to account for the most substantial share in the global market during the forecast period owing to the increasing investments in healthcare centers by private and public organizations. In addition, the growing adoption of balloon-expandable stents by the interventional cardiologists, increasing awareness among the healthcare providers in the developing countries regarding the benefits of balloon expandable stents such as precise placement and favourable reimbursement policies for balloon expandable stents further contributing to the growth of the segment.

On the other hand, the self-expanding stents segment is estimated to register a healthy CAGR in the worldwide market during the forecast period.

Coronary Stents Market – By Material:

• Metallic stents

  • Cobalt chromium

  • Platinum chromium

  • Nickel-titanium

  • Stainless steel

• Other Stents

By material, the metallic stents segment is predicted to account for the major share of the global coronary stents market during the forecast period due to the increasing preference from the healthcare providers for metallic stents and growing healthcare expenditure, especially in the developing countries. Metallic stents have high durability and strength and considering these, the healthcare providers primarily prefer them in the treatment procedures. The wide availability of metallic stents and favourable reimbursement policies for metallic stents further boost the segment’s growth rate. Under the sub-segments, the cobalt-chromium segment had the largest share of the coronary stents market in 2022 and is expected to continue the lead during the forecast period owing to the high strength, flexibility, and biocompatibility of cobalt-chromium stents. The platinum-chromium segment is anticipated to grow at a promising CAGR during the forecast period owing to their excellent radiopacity and lower risk of restenosis.

Coronary Stents Market – By End-User:

• Hospitals

• Cardiac Centers

• Ambulatory Surgical Centers

Based on the end-user, the hospital segment had the major share of the global coronary stents market in 2022 and is expected to register the highest CAGR throughout the forecast period. The growth of the hospital segment is driven by the growing number of hospitals in the developing and underdeveloped countries, increasing number of investments by governmental and non-governmental organizations for the development of healthcare infrastructure, the developed infrastructure of cardiology hospitals.

The ambulatory surgical centers segment is expected to register rapid growth during the forecast period.

Coronary Stents Market – By Region:

• North America

• Europe

• Asia Pacific

• Latin America

• The Middle East and Africa

Geographically, the North American coronary stents market was the largest regional segment in the worldwide market in 2022 and is expected to be the top shareholding regional segment throughout the forecast period. The growth of the North American is majorly attributed to the presence of advanced healthcare infrastructure, rising adoption of technologically advanced stents, favourable reimbursement policies for coronary stents in the North American countries and the growing patient population suffering from heart diseases. In addition, rapid adoption of technological developments to develop advanced and effective coronary stents and increasing healthcare expenditure further favour the market growth in North America. Furthermore, the growing aging population and the presence of major market participants propel the regional market growth. The U.S. occupied the leading share of the North American market in 2022 and is expected to continue to hold the major share of the North American throughout the forecast period owing to the rapidly growing population of CVDs. An estimated 18.2 million adults in the United States had CAD in 2018.

The Europe coronary stents market captured a substantial share of the worldwide market in 2022 and is expected to grow at a promising CAGR during the forecast period. The rising incidence of cardiovascular diseases in countries such as Germany, France, and the UK, the presence of sophisticated medical infrastructure in the European countries and the presence of skilled healthcare professionals in Europe majorly drives the European market growth. The growing awareness about the benefits of minimally invasive cardiac procedures and increasing demand for bioresorbable stents further fuelling the growth rate of the European market. An estimated 3.9 million people died of CVDs in Europe in 2018. Germany is one of the promising regional markets for coronary stents in Europe and is expected to occupy major share of the European market during the forecast period.

The APAC coronary stents market had a considerable share of the worldwide market in 2022 and is expected to register the highest CAGR among all the regions during the forecast period. The growth of the APAC market is driven by the growing aging population, increasing patient count of CVDs in India and China, growing healthcare spending, rising investments by the governments to promote the healthcare infrastructure and increasing demand for advanced medical devices and technologies are majorly driving the APAC market growth. An estimated 30 million people in India are suffering from CAD. China accounted for the major share of the APAC market in 2022, followed by Japan and India.

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.