Coronary Stents Market
Global coronary stents market is estimated to be valued at US$ 11,971.0 million in 2023 and is expected to exhibit a CAGR of 7.93% during the forecast period (2023-2030).
Stents are tubular devices used to treat coronary artery disease by inserting them into the artery supplying blood to the heart to keep the artery open. Percutaneous coronary intervention is the medical procedure in which it is employed (PCI). At the present day, more than 90% of PCI procedures involve the use of coronary stents. Treatment with stents has been found to lessen the severity of angina pectoris (chest discomfort), increase survival rates, and lessen the negative impacts of acute myocardial infarction.
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Worldwide Market for Coronary Stents: Key Players
In terms of market share, the following companies hold significant positions in the global coronary stents industry: Medtronic, iVascular, Alvimedica, Alta Biomaterials, Japan Medical Device Technology Co., Ltd., Veritas Bioventions Pvt Ltd, Nano Therapeutics Pvt Ltd, Abbott, SLTL Group, Translumina Therapeutics LLP, DSM, Arterius, Terumo Corporation, SMT, Boston Scientific Corporation, Cook, Biotronik.
Analysts’ Views on Worldwide Market for Coronary Stents
Rising rates of coronary artery disease are fueling need for coronary stents that will likely push the industry forward in the years to come. For instance, a research of 3,906 adults found that the incidence of coronary artery disease was 17.0% in February 2022, as reported in the scientific journal Springer Nature.
Worldwide Market for Coronary Stents- Driver
An uptick in product approvals from government agencies
Growing product supports by controlling agencies are anticipated to fuel the growth of the market for coronary stents in the predicted period due to their widespread use in the treatment of coronary artery disorders. Manufacturer of medical equipment Biosensors International Group, Ltd., for instance, announced in May 2022 that their product BioFreedom Ultra had been approved by the Japanese Pharmaceuticals and Medical Devices Agency (PMDA) and that their product BioFreedom had been approved by the United States Food and Drug Administration (US FDA).
Coronary artery disease is becoming increasingly common.
The growing incidence of coronary artery disorders, which coronary stents are used to treat, is likely to fuel market growth throughout the forecast period. According to one report from Clinical Trials Arena, a top news outlet covering medical trials approach and operations, coronary artery disease (CAD) is still the highest mortality rate in the United States.
Worldwide Market for Coronary Stents- Regional Analysis
It is anticipated that North America would be the market’s most lucrative area in the predicted time frame. This is attributable to the fact that leading companies in the region are increasingly relying on product launches and other forms of organic expansion tactics to increase their market share and fuel the product portfolio expansion, which in turn is anticipated to fuel the expansion of the market in the predicted period. For example, in March 2022, Shockwave Medical, Inc., a leader in the advancement of Intravascular Lithotripsy (IVL), in treating severely calcified cardiovascular disease, declared the worldwide access on a commercial scale of the Shockwave M5+ peripheral IVL catheter following clearance from the European Union’s Common Market (CE Mark) and the United States’ Food and Drug Administration (FDA).
Growth tactics, like product introduction by main companies in the region to extend product portfolio, are likely to fuel the growth of the market throughout the projection period, making Europe the second largest region. For instance, the Cypher sirolimus-eluting stent from Johnson & Johnson Private Limited, a global leader in cardiology and endovascular technologies, was approved for use in treating newly diagnosed coronary artery lesions in Europe in April 2022.
Worldwide Market for Coronary Stents– Impact of Coronavirus (COVID-19) Pandemic
The 2019 coronavirus epidemic (COVID-19) is an extremely contagious respiratory illness brought on by the SARS-coronavirus 2. (SARS-CoV-2). Up until October 10, 2022, the WHO estimates that 40 million individuals would have been affected worldwide.
Nonetheless, the worldwide market for coronary stents was negatively impacted by the COVID-19 epidemic as the figure of surgical procedures performed dropped. For example, in July 2020, a survey indicated that all hospitals have had to prioritize urgency caused by the daily surgical procedures treatments and pursue alternatives to surgery if at all possible, as stated in an article posted in the PubMed Central, a biomedical and life sciences magazine.
Worldwide Market for Coronary Stents Segmentation
The market report for coronary stents worldwide is divided into product type, technology, application, end user, and region
Based on Product Type, three major types of stents are present in the market: bare metal, drug-eluting, and bio absorbable. Increases in product launches by key players in the market are primarily responsible for the drug eluting stents segment’s anticipated dominance of the market for coronary stents throughout the projected period.
Based on Material, metallic (stainless steel, titanium nitride oxide, silicon carbide, platinum chromium, cobalt chromium, and others) and polymeric (non-degradable/permanent stents, degradable/temporary stents) are the two main categories in this industry. The rising popularity of polymeric stents for treating of coronary artery disease positions this subsector to grow at a faster clip than the others over the projection period.
Based on End User, markets for coronary stents can be broken down by three types of facilities: hospitals, specialty clinics, and ambulatory surgical centers. Due to rising demand for coronary stents to treat coronary artery diseases, the hospitals sector is anticipated to hold the largest market share in the predicted period.
Based on Region, in terms of geography, the market for coronary stents can be broken down into the following regions: North America, the Middle East, Europe, Asia Pacific, Latin America, and Africa. This is largely because to the increased adoption of inorganic development tactics, like collaboration, by the main companies in North America, which is likely to lead to the region’s market dominance throughout the projection period.
The rising number of clinical studies is likely to fuel the expansion of the worldwide market for coronary stents throughout the predicted period, with the product type segment holding the most potential of any of the market’s sub segments. One such example is the March 2021 completion of a clinical trial to guarantee the security and effectiveness of BIOFLOW-V, an Orsiro Sirolimus Eluting Coronary Stent System used in the therapies of coronary artery lesions, by medical device manufacturer Biotronik, Inc. in conjunction with the non-profit academic research organization Biam Institute for Clinical Research and the not-for-profit healthcare organization Medstar Health Research Institute.
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| The market size value in 2023 |
Worldwide Market for Coronary Stents Cross Sectional Analysis
Due to the increased acceptance of organic growth tactics, like new introductions, by the main companies in the market to extend their product portfolio, the drug eluting stents sector has had a leading position in the North American region. Cook, a medical device business that designs, makes, and sells its own products, for instance, announced in January 2022 that its newest drug-eluting stent had been granted breakthrough device status by the FDA.
Due to an increase in clinical studies for polymeric coronary stents, this region is likely to be a major growth driver for the Worldwide Market for Coronary Stents during the forecast period. Example: In October 2020, the cardiology journal Diagnostic and Interventional Cardiology (DAIC) reported that those suffering from acute coronary syndrome who received drug-eluting stents (DES) constructed with durable polymers did not fare worse than those who received DES created with biodegradable polymers, according to a randomized clinical trial (ACS).
Worldwide Market for Coronary Stents: Key Developments
DSM, a purpose-led global science-based company, declared on 8 February 2023 that it would be collaborating with Svelte, a privately held company aimed at providing novel products in the market for coronary stents, to develop DISCREET bioresorbable coating technology for use with SLENDER IDS and DIRECT RX drug eluting systems (DES)
Abbott, one of the largest multinational pharmaceutical companies in India, announced in July 2021 that its product Xience Skypoint had been approved by the FDA, the Conformité Européene (CE) mark, which is the European Union’s (EU) mandatory conformity marking for regulating the goods sold within the European region, and the Japanese Pharmaceuticals and Medical Devices Agency (PMDA) for the widest possible expansion of its availability.
Indicated for the dilatation of stenosis or coronary artery or bypass graft occlusions, including small vessels; for residual stenosis after treatment with balloon or endoprosthesis; and for pre- and post-dilation of coronary endovascular prosthesis, essential pro will be released worldwide by iVascular on June 15, 2020.
NiTiDES, a highly revolutionary self-expanding drug eluting stent (DES) eluting a Sirolimus based formulation termed Amphilimus, was released on May 31, 2021 by Alvimedica, a maker of coronary stents, balloon catheters, diagnostic and guiding catheters.
Growth in the worldwide market for coronary stents is anticipated throughout the projected period on the back of rising product releases and approvals from regulatory bodies, which will expand the market’s access to new opportunities.
Worldwide Market for Coronary Stents: Restraint
Stent placement through angioplasty in the coronary arteries is a costly procedure.
The increased cost of angioplasty for insertion of coronary stents used in the treatment of coronary artery disease may be a major factor that can hinder the growth of the worldwide market for coronary stents throughout the forecast period. The average cost of an angioplasty in the United States was estimated to be $28,200 in June 2021, according to a report issued by Statista, a renowned online statistics organization.
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Table of Contents with Major Points:
Executive Summary
- Introduction
- Key Findings
- Recommendations
- Definitions and Assumptions
Executive Summary
Market Overview
- Definition of Coronary Stents Market Market
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Trends and Developments
Key Insights
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Coronary Stents Market Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
Conclusion
Appendix
- Data Sources
- Abbreviations
- Disclaimer
TOC Continued…!
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