Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Coronary Stents market.
Trusted Business Insights presents an updated and Latest Study on Coronary Stents Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Coronary Stents market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Coronary Stents Market
The global coronary stents market size was estimated at USD 6.6 billion in 2020 and is expected to witness a CAGR of 3.6% during the forecast period. Rising prevalence of cardiovascular diseases (CVDs), such as stroke and heart attack, along with the growing geriatric population at higher risk of these cardiac diseases is expected to propel the demand for coronary stents over the forecast period 2021-2027.
The WHO in 2017 stated that CVDs are among the major causes of mortality globally. It accounted for nearly 836,546 deaths in U.S. in 2018. i.e. about 1 out of 3 deaths. Therefore, unprecedented growth in the number of CAD prevalence is anticipated to increase the demand for an effective coronary stent for the treatment. This factor is expected to increase demand over the forecast years.
In addition, rising preference for minimally invasive surgeries (MIS) is another factor expected to increase the adoption of coronary stents over the forecast period. The advantages of these procedures include small incision wounds leading to higher patient satisfaction. These procedures also provide shorter hospital stays and facilitate quick recovery.
Furthermore, increased number of percutaneous coronary intervention (PCI) procedures over the past years have contributed to market growth. The Korean Journal of Thoracis and Cardiovascular Surgery in 2016 stated that the fraction of PCI for coronary artery disease (CAD) was 78%, and its country-specific PCI proportion exceeded 96%, which was significantly higher than the world average. Therefore, an increase in the number of PCI interventions and advancements in stenting technology is expected to drive the market for coronary stents.
Stenting technology is increasingly being preferred over conventional balloon angioplasty owing to the introduction of advanced DES and evolving bioresorbable scaffolds. Technological advancements in coronary stents, such as the development of bifurcated stents and the use of biodegradable materials, have led to efficient and improved outcomes pertaining to CVD treatment. Companies are proactively involved in product developments and partnerships and strategic collaborations. The aforementioned factors are expected to propel the growth of the market for coronary stents over the forecast period.
Product Insights: Coronary Stents Market
On the basis of product, the coronary stents market is segmented into bare metal stents, drug eluting stents, and Bioresorbable Vascular Scaffolds (BVS). Drug eluting stents (DES) held the dominant share as of 2019. The growth of this segment is driven by factors such as an increase in the adoption of a sedentary lifestyle that lead to lifestyle diseases such as atherosclerosis. Moreover, increasing geriatric population is another major factor driving the growth of the segment.
Key players in the market for coronary stents are involved in developing technologically advanced DES, which is further boosting the market. For instance, Abbott received U.S. FDA approval for Xience Sierra in May 2018, which is a XIENCE everolimus-eluting coronary stent system. The stent was specifically intended for treating complex arterial blockage. Another innovation by Medtronic in February 2018 was the Resolute Onyx 2 mm, which is currently the smallest DES available in the market.
Bare metal stents (BMS) held a substantial share in the market as of 2019. Though the advancement in DES is replacing the usage of BMS, still it is being used in many PCI procedures due to its low cost and low hospitalization rates. Bioresorbable scaffolds (BRS) is the newest technology introduced in the market after DES. Abbott launched the first bioresorbable vascular scaffold system, Absorb in 2016. However, the company recalled the product globally in 2017 due to some adverse reactions associated with it. Companies are investing to develop newer generation BRS with better patient compliance. For instance, in April 2017, Reva Medical obtained CE mark approval (EU) for Fantom, a drug-eluting bioresorbable coronary scaffold stent.
Regional Insights: Coronary Stents Market
North America was the leading regional market for a coronary stent as of 2019 and is anticipated to witness the same trend over the foreseeable future. Sedentary lifestyle resulting in obesity and other cardiovascular diseases such as heart attack, stroke, and ischemic heart diseases (IHD), are primarily driving the market in North America. In addition, technological advancements in coronary stent technologies, such as bifurcated stents and the use of biodegradable materials, have further augmented market growth. The presence of mature market players such as Medtronic, Abbott and Boston Scientific is fueling market growth in this region.
Asia Pacific is expected to exhibit the fastest growth rate of 5.8% in terms of revenue generation. The market is driven by a large aging population with cardiovascular disease, rising PCI procedures, improving healthcare infrastructure in developing economies, growing healthcare awareness, improved reimbursement scenario, and low manufacturing cost of coronary stents in this region. For instance, in September 2019, OrbusNeich Medical K.K. of Tokyo introduced combo plus coronary stent, which was approved by the Japan Ministry of Health, Labour, and Welfare (MHLW). In November 2019, Meril Life Sciences from India launched Evermine50, an everolimus-eluting coronary stent system.
Coronary Stents Market Share Insights: Coronary Stents Market
The market consists of a blend of numerous global and local players. Abbott is one of the leading players in the market. Although the companys product Absorb failed in 2017, it regained its position after the launch of Xience Sierra. The companies are involved in various strategic collaborations to increase its market share, such as new product launch, strategic collaborations, and regional product launches.
For instance, in June 2019, Boston Scientific acquired Vertiflex, Inc. to improve its portfolio of minimally invasive devices. The emerging companies are also trying to develop technologically advanced products in order to increase market penetration. In December 2017, Medinol received FDA approval for Elunir drug eluting stent, which is expected to increase the companys revenue in the coming years. Few other notable players operating in this space are
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global coronary stents market report on the basis of product and region:
Product Outlook (Revenue, USD Million, 2016 – 2027)
- Bare Metal Stents (BMS)
- Drug Eluting Stents (DES)
- Bioresorbable Vascular Scaffold (BVS)
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