Coronary stents (CS) are expandable tubular metallic implants that are inserted into coronary arteries when they become clogged owing to an underlying atherosclerotic disease.
The market for coronary stents in 2022 was USD 8.28 billion, and by 2030, it will be worth USD 16.14 billion, expanding at a 7.82% CAGR during the forecast period.
The market will expand due to the rising rate of coronary artery disorders, positive patient outcomes from stenting, and ongoing improvements to coronary artery stents. The high cost of coronary stent treatments may hamper market growth. However, an increase in the demand for coronary stents in developing nations will offer profitable growth prospects in the future.
Market Dynamics
Drivers
The rising frequency of coronary artery disorders necessitates the usage of coronary stents for treatment, which will drive market expansion. Per World Health Organization (WHO) report published in February 2023, cardiovascular diseases (CVDs) are the prominent cause of mortality globally, accounting for nearly 17.9 million lives per year.A growing number of product approvals by regulatory bodies are boosting the market growth rate. For instance, the U.S. Food and Drug Administration (FDA) approved Biosensors International Group, Ltd.'s Biolimus A9 coated polymer-free coronary stent systems in April 2022. This firm develops and markets critical care catheter systems and related devices.
Restraints
The market growth is hampered by several factors, including injury to the artery where the sheath was inserted, neointimal hyperplasia, allergic reactions to the contrast agent used during the procedure, injury to a heart artery, excessive bleeding necessitating a blood transfusion, heart attack, stroke, or death.
Opportunity
New technologies for producing coronary stents are being developed due to numerous technological developments that are advancing quickly in the medical industry. For instance, it was claimed in a July 2022 post on the National Center for Biotechnology Information (NCBI) that recent technological developments in the area of coronary stents had improved clinical outcomes.
Market Segmentation
By Type
On the basis of type, the coronary stents market is segmented into Covered stents, drug-eluting stents, bioresorbable stents, bare metal stents, and others.
In 2021, the drug-eluting stents segment ruled the market with a revenue share of nearly 27%. The supremacy of DES as the finest tool for PCI systems is supported by the continuous development and adoption of the most recent devices. The market prospects continue developing and building technologically sophisticated DES, such as XIENCE Skypoint, Resolute Onyx from Medtronic, Synergy from Boston Scientific, and Abbott Laboratories.
By Mode of delivery
On the basis of mode of delivery, the market is segmented into self-expandable and balloon expandable.
The expandable self-expandable segment led the market with a revenue share of nearly 57.5% in 2021. It is because self-expandable stents are extremely productive and presence of a large number of manufacturers around the world.
By End-User
On the basis of end-user, the market is segmented into Hospitals, ambulatory surgery facilities, specialized clinics, and others.
Due to the increasing number of urgent procedures such as angioplasty, which are usually conducted in hospital settings due to the advanced facilities required for such demanding procedural interventions, hospitals led the market, with a market share of roughly 25% in 2021.
Regional Analysis
In 2021, the North American region overtook Europe as the leading market for coronary stents, with a revenue share of nearly 34.5%. Obesity is a major factor driving the North American coronary stents market in the United States due to the way of life and eating habits there. Obesity can result in cardiovascular disorders like stroke, ischemic heart disease (IHD), and heart attack.
The market has also grown due to technological developments in coronary stent technologies, such as biodegradable materials and drug-eluting stents. The presence of established players like Abbott & Boston and Medtronic is driving the growth of the market in the area.
The market for coronary stents in Asia Pacific will expand rapidly in terms of revenue. The regional market is driven by improved CAD screening, economic expansion, regulatory revisions, and notably favorable reimbursement in select nations, including Australia and South Korea. Additionally, this industry is being impacted by growing government investment in healthcare and new initiatives to provide products at cheap costs in cost-constrained regions like India and China.
Key Players
Boston Scientific CorporationAbbott LaboratoriesMedtronic plcBiosensors International Group, Ltd.Terumo CorporationBraun Melsungen AGBIOTRONIK SE & Co. KGEndologix Inc.Cook Medical Inc.MicroPort Scientific CorporationL. Gore & Associates, Inc.R. Bard, Inc. (now part of B.D.)Cordis Corporation (a Cardinal Health company)Meril Life Sciences Pvt. Ltd.STENTYS SA
The market for coronary stents in 2022 was USD 8.28 billion, and by 2030, it will be worth USD 16.14 billion, expanding at a 7.82% CAGR during the forecast period. Over the forecast period, demand for coronary stents will be driven by an aging population and an increase in the prevalence of risk factors such as cardiovascular diseases (CVDs), complicated lesions, diabetes, obesity, etc.
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Minimally Invasive Surgical Instruments Market Report - The global minimally invasive surgical instruments market will witness a robust CAGR of 7.21%, valued at $22.38 billion in 2021, expected to appreciate and reach $43.76 billion by 2030, confirms Strategic Market Research.
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