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Global Coronary Stents Market Size, Share, Trends, COVID-19 Impact, Growth Forecast Report – Segmented By Type (Bare-metal Stents, Drug Eluting Stents & Bioabsorbable Stents), Mode Of Delivery (Balloon-expandable Stents & Self-expanding Stents), Material Type, End-User and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Industry Analysis (2024 to 2029)

Published: March, 2023
ID: 2584
Pages: 175
Formats: report pdf report excel report power bi report ppt

Global Coronary Stents Market Size (2024 to 2029)

As per our research report, the global coronary stents market size is forecasted to grow to USD 15.98 billion by the end of 2029 from USD 11.08 billion in 2024. This market is estimated to showcase a CAGR of 7.6% during the forecast period. In 2023, 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. 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.

Global Coronary Stents Market Drivers:

An increasing number of patients suffering from coronary artery disease across the world is amplifying the market growth rate. Patients suffering from coronary artery disease (CAD) are treated using a percutaneous coronary intervention (PCI) procedure. The coronary stent is the major module used in this treatment procedure where the growing number of patients with this disease is escalating the market growth rate. According to a recent survey by the British Heart Foundation, 1 out of 6 deaths are due to CAD. In 2019, around nine million people were killed due to CAD, and this number is estimated to grow at a faster rate.

The growing prevalence of minimally invasive procedures is escalating the demand for the coronary stents market. The usage of minimally invasive procedures in emergency surgery has been growing at a higher rate over the past couple of years. Growing focus on the adoption of innovative procedures with the latest technology is greatly prompting the growth rate of the market. In addition, the growing prominence of reducing human errors while performing surgeries and the rapid adoption of minimally invasive procedures to reduce these errors are ascribed to boost the market growth rate. These procedures require very few hospitals stays, which mainly boosts the usage of minimally invasive procedures. This attribute is likely to promote the market share to an extent. 

The launch of ambulatory surgical centers is additionally to fuel the market size. The growing need to increase the operation theatres and increasing focus on new equipment are ascribed to bolster the market size. Ambulatory surgical centers put an end to several challenging factors, such as delays in schedules and slow operating rooms. With the growing population, the need for the adoption of these new centers is accelerating across the world. 

The launch of innovative products is mostly eliminating the procedural complexities, which enhances the patient’s recovery time and is likely to leverage the growth rate of the coronary stent market. Many companies are investing more in the development of advanced products to ensure patient safety and treatment efficiency. The growing geriatric population is leveling up the number of patients suffering from cardiovascular diseases globally. For instance, in 2019, according to the World Health Organization, cardiovascular disease was responsible for 32% of mortalities around the world. 

The shifting trend towards innovative treatment procedures is creating growth opportunities for the coronary stents market. Growing disposable income in developed and developing countries is also an attribute that enhances the opportunities for the market. The launch of new products and receiving approval from the government authorities is also a factor deemed to project growth opportunities for the market. 

Global Coronary Stents Market Restraints:

However, the high cost of treatment procedures in developed countries is slowly degrading the market growth. Coronary artery disease can be treated with other procedures, which is cost-effective, and this factor is to limit the market share. 

Along with this, side effects associated with minimally invasive procedures among some people are restraining the market demand. In 2020, with the worst hit of the COVID-19 outbreak, the coronary stents market share was completely reduced due to lockdown restrictions. In the initial phase of COVID-19, the market demand for coronary stents was very low, and most of the surgical procedures were postponed. The key players in the coronary stents market announced there was a huge revenue fall in 2020 with reduced demand for coronary stent devices. However, the demand for the coronary stents market escalated by the end of 2020 and the revenue started to grow enormously with the increasing need for the treatment of cardiovascular diseases across the world. 

The risk associated with the implantation of the stent and growing product failures while performing treatment procedures are great challenges for market growth. 

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

The COVID-19 pandemic hit the shares of the coronary stent market in a negative way in 2020. When the pandemic hit, there were lockdown restrictions to curb the transmission rate. During this time, only emergency surgeries were performed, where the cardiac surgery rate in adults was reduced by 53.1% in 2020-2021. However, by the end of 2021, the coronary stent market shares started to rise with the lowered cases of COVID-19. According to the Ministry of Health, surgical procedures increased by 11% compared with the number of surgeries in 2020. 

In addition, the COVID-19 pandemic led to an increase in the number of patients suffering from heart-related issues. Thus, increasing the growth rate of the market.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2023 to 2029

Base Year

2023

Forecast Period

2024 to 2029

Segments Covered

By Type, Mode of delivery, material, End-User, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis; DROC, PESTLE Analysis, Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leader Profiled

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).

 

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.

Global Coronary Stents Market – By Type:

  • Bare Metal Stents
  • Drug-eluting Stents
  • Bioabsorbable Stents

The drug-eluting stent segment is leading with the dominant shares of the market owing to the launch of novel drugs in eluting stents. The launch of drug-eluting stents by top leading players and the high distribution of this product is majorly surging the segment demand.

The bioabsorbable stents segment is set to hit the highest growth rate during the forecast period. Elderly people are more likely to suffer from chronic diseases like heart attacks and others. Hence, the growing aging population is propelling the demand for the use of minimally invasive procedures that are straightly gearing up the shares of the bioabsorbable coronary stent market shares.  

According to the World Health Organization, the number of the aging population is to reach 1.6 billion by 2050.

Global Coronary Stents Market – By Mode of Delivery:

  • Balloon-expandable Stents
  • Self-expanding stents

The balloon expandable stents segment is dominating the shares of the coronary stent market with increasing awareness over the use of minimally invasive procedures.

The self-expanding stents segment is likely to hit the highest growth rate by the end of the forecast period. The growing positive rate of surgeries with the use of self-expanding stents is majorly prompting the growth rate of the segment. Also, the increasing number of research activities in healthcare is elevating the growth rate of this segment.

Global Coronary Stents Market – By Material:

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

The metallic stents segment is leading with the dominant shares of the market owing to rising demand for the launch of innovative products in favor of patient safety. Rapid urbanization and a growing economy are factors anticipated to accelerate the growth rate of this segment. The cobalt chromium segment is esteemed to have the fastest growth rate in the coming years.

Global Coronary Stents Market – By End-User:

  • Hospitals
  • Cardiac Centers
  • Ambulatory Surgical Centers

The hospital's segment is gaining traction over the market shares owing to the rising number of patients and the growing need to increase the number of hospitals. Innovative infrastructure and quick adoption of advanced technologies are surging the demand of the hospital segment. The cardiac centers segment is likely to hit the highest CAGR in the near future with the growing number of cardiac arrest cases among young people. Sudden cardiac arrest deaths are increasing among young people in recent times. In the US, around 2000 people under 25 years of age died due to cardiac arrest.

Global Coronary Stents Market – By Region:

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

North America's coronary stents market held the dominant shares owing to the growing number of heart-related diseases due to the adoption of a sedentary lifestyle. The US and Canada are two major countries contributing the highest shares of the market. In the US, according to the Centers for Disease Control and Prevention (CDC) survey, more than 17.5 billion people are suffering from cardiovascular diseases, and the count is aggressively increasing year on year. On-going R&D activities to develop innovative product is gearing up the market demand in North America. A higher consumption rate of cigarettes is likely to increase heart-related diseases in the US. Particularly in the US, 28.3 million adults consume cigarettes, which means there is an increasing chance of getting heart-related issues among young people in the coming years.

Europe's coronary stents market segment is holding the second position in leading the significant shares with the increasing investments by government officials in order to promote quality healthcare facilities.

Asia Pacific coronary stent market growth rate is set to reach the highest CAGR by the end of 2029. The growing population in emerging countries like India and China is majorly to level up the market growth in this region.

Latin America, the Middle East & Africa are setting up growth opportunities for the coronary stent market.

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 2023, Abbott developed an OCT (Optical Coherence Tomography) using artificial intelligence that got approval from the FDA. This system helps in scanning the coronary arteries and placing the stent in the correct position, which increases the blood flow to the heart muscle. The launch of this product is set to rule out the complications in the angiography procedure.
  • In 2023, Microport Scientific Corporation announced that it is all set to deliver high-quality medical solutions to India. Firehawk, a target eluting stent that got approval in more than 80 countries, is set to launch in India. This product has a high success rate in life-saving medical therapies and is used in patients every 15 seconds across the world.
  • In 2021, B Braun collaborated with a Nipro Company named Infraredx to level up coronary artery disease management. These companies collaborated to perform clinical trials on product B. Braun SeQuent® Please ReX™ Drug Coated PTCA Balloon Catheter to get approval from the US FDA (Food & Drug Administration). 

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FAQ's

who are the key players of the global coronary stents market?

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).

Which Region holds the largest revenue share during the forecast period in the global coronary stents market?

The North American coronary stents market is expected to grow significantly and hold the largest revenue share during the forecast period.

what is the compound annual growth rate (CAGR%) of the global coronary stents market during the forecast period?

The global coronary stents market is expected to grow at a CAGR of  7.60% during the forecast period.

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