Coronary Stents Market
- The Global Coronary Stents Market has experienced substantial growth in recent years. According to research analysis, the Coronary Stents market size was valued at over ~USD 9 billion in 2022, and it is expected to continue growing at a Compound Annual Growth Rate (CAGR) of around 7.51% from 2023 to 2028.
- The leading companies working in the Coronary Stents Market include Medtronic, Abbott, Boston Scientific Corporation, Biosensors International Group, Ltd., BIOTRONIK SE & Co. KG, B. Braun Melsungen AG, Terumo Corporation, STENTYS SA, MicroPort Scientific Corporation, Meril Life Sciences Pvt. Ltd., and others.
Request for unlocking the CAGR of the Coronary Stents Market
The Global Coronary Stents Market was valued at USD 9.27 billion in 2022, growing at a CAGR of 7.51% during the forecast period from 2023 to 2028, to reach USD 14.28 billion by 2028. The rise in demand for coronary stents is primarily attributed to the rising prevalence of cardiovascular disorders such as stroke, atherosclerosis, and heart attack due to the increasing geriatric population; a growing number of PCI (Percutaneous Coronary Intervention) procedures; increase in demand for minimally invasive surgeries, and technological advancement in the product line, among others.
2020 to 2028
Coronary Stents CAGR
Coronary Stents Market Size
Coronary Stents Companies
Coronary Stents Market Dynamics
One of the key factors influencing the growth of the coronary stent market is the increasing prevalence of various cardiovascular diseases across the globe. For instance, according to the American Heart Association 2022, globally, about 244.1 million people were living with coronary (ischemic) heart disease in 2020.
As per the data provided by British Heart Foundation 2022, in 2019 coronary heart disease remained one of the most prevalent cardiovascular conditions worldwide accounting for about 200 million cases globally.
The increasing number of risk factors such as old age, obesity, smoking, and others causing the development of cardiovascular diseases in one or another way are further driving the market growth for coronary stents. For instance, according to the data provided by the WHO (2022), in 2020, about one billion people across the world were over the age of 60. The elderly population aged 60 and above is expected to double in number representing about 2.1 billion people by 2050.
Thus, the increasing prevalence and mortality rate from the above-mentioned disorders can be either managed or reduced by providing proper treatment using coronary stents, thereby leading to an increased demand for the device. Therefore, the afore-said factor will propel the overall market of coronary stents in the upcoming years.
Certain factors such as increasing product recalls, and stringent regulatory approval processes may pose a minor hurdle to the growth of the coronary stents market.
Coronary Stents Market Segment Analysis
Coronary Stents By Product Type (Bare Metal Stents, Drug Eluting Stents, and Drug-Coated Stents), Material (Metals [Stainless Steel, Cobalt-Chromium (CoCr), Platinum-Chromium (PtCr), and Nitinol] and Polymers), End-User (Hospitals, Ambulatory Surgical Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).
In the Coronary Stents product segment, the drug-eluting stent is expected to hold the largest market share during the forecast period. This is due to the various advantages of drug-eluting stents over bare metal stents and others.
Drug-eluting stents are more effective in the prevention of restenosis than the use of bare-metal stents, the use of newer-generation drug-eluting stents also reduces the rate of stent thrombosis and myocardial infarction. For instance, as per research studies, there was a 0.5% rate of stent thrombosis at 5 years among a relatively low-risk population of patients.
Moreover, recent product approval is also anticipated to further boost the market the drug-eluting coronary stent market. For instance, in 2020, SCITECH Medical received CE Mark approval for its third-generation drug-eluting stent, INSPIRON Coronary Sirolimus Eluting Stent.
Therefore, the aforementioned factors are likely to propel the segmental growth of the coronary stents market.
North America is expected to dominate the overall Coronary Stents Market
Among all the countries, North America is expected to dominate the overall coronary stents market during the forecast period. This domination is due to the rising prevalence of coronary heart diseases and other CVDs, improved healthcare infrastructure, and favorable reimbursement scenarios in the region among others.
The Centers for Disease Control and Prevention (CDC) 2022, estimated that about 20.1 million adults aged 20 and older had Coronary artery disease (CAD) in the US, in 2020. Also, the same source stated that in the United States, someone has a heart attack every 40 seconds. Every year, about 805,000 people in the United States have a heart attack. Out of these, 605,000 are a first heart attack, 200,000 happen to people who have already had a heart attack and about 1 in 5 heart attacks are silent—the damage is done, but the person is not aware of it.
In addition, the presence of key manufacturers such as Medtronic, and Boston Scientific Corporation, among others is also likely to boost the coronary stents market. Furthermore, recent product approval in the region will also contribute to the market growth. For instance, in 2019, German medical device company Biotronik received US Food and Drug Administration (FDA) approval for Orsiro drug-eluting coronary stent (DES) system.
Hence, the above-mentioned factors are contributing in regional market growth during the forecast period.
Coronary Stents Companies
Some of the key market players operating in the coronary stents market include Medtronic, Abbott, Boston Scientific Corporation, Biosensors International Group, Ltd., BIOTRONIK SE & Co. KG, B. Braun Melsungen AG, TERUMO CORPORATION, STENTYS SA, MicroPort Scientific Corporation, Meril Life Sciences Pvt. Ltd., and others.
Coronary Stents Recent Developmental Activities
- In August 2020, Boston Scientific Corporation received FDA approval for its SYNERGY Everolimus-Eluting Platinum Chromium Coronary Stent System (Monorail and Over-The-Wire).
- In October 2020, Biosensors received the CE Mark for BioFreedomUltra, a new drug-coated coronary stent system with a thin strut (84µm) CoCr polymer and Biosensors’ Biolimus A9 drug.
Key Takes Away from the Coronary Stents Market Report Study
- Coronary Stents Market size analysis for current market size (2022), and market forecast for 5 years (2023-2028)
- Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
- Key companies dominating the global coronary stents market.
- Various opportunities are available for the other competitors in the coronary stents market space.
- What are the top-performing segments in 2022? How these segments will perform in 2028?
- Which are the top-performing regions and countries in the current market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for coronary stents market growth in the coming future?
Target Audience Who Can benefited from Coronary Stents Market Report Study
- Coronary Stents providers
- Research organizations and consulting companies
- Coronary Stents-related organizations, associations, forums, and other alliances
- Government and corporate offices
- Start-up companies, venture capitalists, and private equity firms
- Distributors and Traders in Coronary Stents
- Various End-Users who want to know more about the coronary stents market and the latest technological developments in the coronary stents market.