by The Coronary Stents market is estimated to be valued at US$ 1,303.5 Mn in 2023 and is expected to exhibit a CAGR of 13.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Coronary Stents market involves the use of medical devices that are inserted into blocked or narrowed coronary arteries to restore blood flow in patients with cardiovascular diseases. These stents provide support to the blood vessels, preventing their collapse, and keeping them open. They are commonly used in the treatment of coronary artery disease and are available in various materials such as metal, polymer, and biodegradable materials. The market is driven by the increasing prevalence of cardiovascular diseases, such as heart attacks and strokes, globally. Additionally, technological advancements in stent design and materials, including drug-eluting stents and bioresorbable stents, are expected to further boost market growth.
Market Dynamics:
The growth of the Coronary Stents market is primarily driven by two factors. Firstly, the increasing prevalence of cardiovascular diseases, such as coronary artery disease, leading to a rising demand for stent implants. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death globally, accounting for over 17 million deaths each year. Secondly, technological advancements in stent design and materials have improved the efficacy and safety of stent implants. Drug-eluting stents, which release medication to prevent restenosis, and bioresorbable stents, which dissolve over time, are gaining popularity due to their improved outcomes and reduced long-term risks. These advancements have enhanced patient outcomes and increased the adoption of coronary stents, driving market growth.
Segment Analysis:
The Coronary Stents Market can be segmented based on product type, material, end-user, and region. Based on product type, drug-eluting stents (DES) dominate the market. DES are coated with drugs that help prevent the re-narrowing of the artery after stent placement, reducing the risk of restenosis. DES have gained popularity due to their higher efficacy compared to bare-metal stents (BMS). The use of DES has increased significantly as they offer better clinical outcomes, such as lower rates of target lesion revascularization and reduced mortality. As a result, the DES segment dominates the market and is expected to grow at a high rate over the forecast period.
PEST Analysis:
The political landscape impacts the coronary stents market in terms of healthcare regulations and reimbursement policies. Economic factors such as healthcare expenditure and insurance coverage play a crucial role in the adoption of coronary stents. Social factors such as the increasing prevalence of lifestyle diseases and the aging population contribute to the growth of the market. Technological advancements, especially in the field of bioresorbable stents and drug-eluting stents, have significantly improved patient outcomes and are driving market growth.
Key Takeaways:
The global coronary stents market is expected to witness high growth, exhibiting a CAGR of 13.2% over the forecast period. This growth can be attributed to increasing cases of cardiovascular diseases, rising geriatric population, and advancements in stent technology. The Asia-Pacific region is the fastest-growing and dominating region due to a large patient pool, growing healthcare infrastructure, and increasing awareness about interventional cardiology procedures. Key players operating in the coronary stents market include Abbott Laboratories, Medtronic, Inc, Biosensors Inc, Terumo Corporation, Boston Scientific Inc., Dickinson and Company, Cook Medicals, B Braun Melsungen AG, SLTL Medical, Endocare, Cardiac Care Products, Invent Bio-med Private Limited, Nano therapeutics pvt ltd, and MIV therapeutics. These players have high market presence, strong distribution networks, and dedicated research and development activities to introduce innovative products.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
