Stent helps in avoiding the heart attacks which is caused by narrowing of the coronary arteries. Stent is a small tube made up of stainless steel or cobalt alloy, tube and is attached onto small balloons which act as a support to reinstate blood flow and support the vessel wall. Methods for the treatment of coronary heart disease includes pharmaceuticals, balloon angioplasty, stenting and coronary artery bypass grafting. Stenting is considered as more comfortable for heart patients as compared to the bypass heart surgery. Stenting does not involve any major operation as it can be performed with the help of local anaesthesia and low sedation.
Market Size & Forecast
Global coronary stent market was valued at USD 8.6 billion in 2015. Owing to the increasing cardiovascular disorders across the globe, the global coronary stent market is anticipated to project a promising compound annual growth rate of 6% over the forecast period.
North America stent market is anticipated to dominate the global market in terms of revenue share by the end of 2016; the market is estimated to project 30% of the global revenue share by 2016 owing to the large patient population and increasing demand of coronary stents in the region.
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Asia-Pacific is expected to reach USD 3.9 billion by 2024, witnessing a strong compound annual growth rate of 7.9% over the forecast period owing to the increasing expenditure in the healthcare sector coupled with the increasing awareness of coronary stent treatment among the heart patients.
Drug eluting stents product type segment is anticipated to reach USD 7.8 billion by 2024; these stents are more popular as compared to the other product type owing to its high mortality and low probability of complications.
Stents which are coated with medication commonly known as drug eluting stents, these are widely used to avoid blockage in the arteries. Many key players in the market are making huge investment to develop next generation stents such as bioresorbable stents and drug filled stents. In the year 2010, the global market for coronary stent was affected by rising issues of stent deformity and pricing pressure. Later the technological innovation in coronary stent has boost the growth of market across the globe
Global Coronary Stent Market is further classified on the basis of region as follows: North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis, Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis, Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis, Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis, Middle East and Africa ( GGC, South Africa, North Africa ) Market size, Y-O-Y growth & Opportunity Analysis.
Growth Drivers and Challenges
Increasing aging population, rise in hypertension, increased consumption of alcohol along with the rising obese population are the factors resulted in the rising prevalence of coronary heart diseases, this will further fuel the demand for stents in the global market. Improved medical facilities coupled with the increasing healthcare expenditure have led the key players to make huge investment in the stent market in order to develop more efficient products.
Various awareness campaigns conducted by government bodies, reform in the government policies along with the increasing healthcare expenditure in the developing countries such as India and China are expected to boost the growth of global coronary stent market over the forecast period.
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Stenting has largely replaced the conventional balloon angioplasty as a preferred mode of percutaneous coronary intervention owing to the introduction of advanced drug eluting stents. Approximately 75% of the coronary interventions are carried out by the use of drug eluting stents and this percentage is anticipated to increase over the forecast period.
Challenge to be faced ahead by the global coronary market is pricing pressure, regulatory issues and complications associated with the implantation of stents.
Terumo Corporation, Boston Scientific Corporation, Medtronic, Vascular Concepts, B. Braun Melsungen AG, Biotronik SE & Co, Abbott Laboratories, Biosensors International Group, Ltd., Hexacath, Stentys SA.
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