The global coronary stent market is segmented into product type such as drug eluting stent, bare metal stent and bioresorbable vascular stent. Among these segments, drug eluting stent segment is expected to occupy top position in overall coronary stent market during the forecast period. This can be attributed to the advantages of drug eluting stent over other coronary stent such as lower chances of complications. However, bare metal stents are anticipated to witness significant growth during the forecast period owing to its lower cost as compared to other coronary stents.
Global coronary stent market is expected to flourish at a significant CAGR during the forecast period. Moreover, the global coronary stent market was estimated at USD 8.6 Billion in 2015. Rapid growth of aging population and increasing cardiovascular diseases across the globe are fostering the growth of the global coronary stent market.
North America captured largest market share of coronary stent in 2016. Further, North America is projected to continue its dominance over the forecast period. High prevalence of coronary heart diseases in the United States is fueling the demand for coronary stents. According to a U.S. health agency “Center for Disease Control and Prevention”, more than 370,000 people die of coronary heart disease annually. Further, continuous effort of the U.S. government to prevent heart diseases and strokes through various action plans and policies is anticipated to accelerate the growth of coronary stent market. Asia Pacific is anticipated to showcase lucrative growth in coronary stent market during the forecast period. Factors such as increasing penetration of coronary disease among urban population and favorable government initiatives are expected to strengthen the growth of coronary stent market in Asia Pacific region. In India, coronary disease prevalence rate has rose from 4% to 11% among urban population in the past five decades. This fact coupled with recent initiatives of government of India such as reduction in the price of coronary stent is likely to drive the growth of coronary stent market.
High Prevalence of Coronary Heart Disease
Growing cases of cardiovascular diseases in the world is major factor behind the growth of coronary stent market. According to World Health Organization, more than 17.7 million people die every year from cardiovascular diseases. Further, the cases of cardiovascular diseases are projected to increase in the upcoming years. Consequently, the demand for coronary stent is projected to witness growth during the forecast period.
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Government Initiatives and Policies
Several government policies and initiatives to reduce the mortality due to cardiovascular diseases are anticipated to foster the growth of coronary stent market. Moreover, similar initiatives launches by health organizations to raise the awareness are anticipated to accelerate the growth of coronary stent market during the forecast period.
However, high cost of treatment and lack of awareness in undeveloped nations are some of the factors which are likely to inhibit the growth of the global coronary stent market in the near future.
The report titled “Coronary Stent Market: Global Demand, Growth Analysis & Opportunity Outlook 2023” delivers detailed overview of the global coronary stent market in terms of market segmentation by product type, by raw material, by end use and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global coronary stent market which includes company profiling of Terumo Corporation, Boston Scientific Corporation, Medtronic, Vascular Concepts, B. Braun Melsungen AG, Biotronik, Abbott Laboratories, Biosensors International Group, Ltd., Hexacath and Stentys SA. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global coronary stent market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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