The Global Coronary Stents Market Set to Grow at a Robust Pace Owing to Rising Prevalence of Cardiovascular Diseases

The Global Coronary Stents Market Set to Grow at a Robust Pace Owing to Rising Prevalence of Cardiovascular Diseases

 Coronary stents help improve blood flow and prevent arteries from closing up again after an angioplasty treatment. There are different types of coronary stents available in the market including bare-metal stents, drug-eluting stents, and bioresorbable stents. Drug-eluting stents release medications that stop tissue from regrowing inside the arteries of patients. The increasing adoption of minimally-invasive treatments and rapid technological advancements in medical devices are further fueling the demand for coronary stents across the globe.

The Global Coronary Stents Market is estimated to be valued at US$ 11,971.0 Mn in 2023 and is expected to exhibit a CAGR of 7.93% over the forecast period from 2023 to 2030.

Key Takeaways

Key players operating in the coronary stents market are 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. Key players are focusing on new product launches and regional expansion strategies to gain a competitive edge in the market. For instance, in 2021 Medtronic launched Resolute Onyx drug-eluting stent in Europe and other key markets.

The rising affordability of minimally-invasive procedures and increasing awareness about early detection of cardiovascular diseases are expected to open new opportunities for players in the coronary stents market. Additionally, advancements in bioresorbable stents that dissolve in the body after completing their function are likely to gain more traction going forward.

Geographically, North America dominated the Coronary Stents Market Size in 2020 owing to the robust healthcare infrastructure and continuous technological developments. However, Asia Pacific is projected to witness the fastest growth during the forecast period due to rising healthcare expenditure, growing medical tourism industry, and improving access to healthcare facilities in emerging economies.

Market drivers

The increasing prevalence of cardiovascular diseases such as coronary heart disease, heart attacks, and strokes among the growing geriatric population globally is a major factor driving the demand for coronary stents. It is estimated that over 17.9 million people die annually from cardiovascular diseases, with 80% of these deaths occurring in low and middle-income countries. This rising burden of heart diseases is encouraging more patients to undergo stent implantations, thereby supporting market growth.

PEST Analysis

Political: The coronary stents market is regulated by government and regulatory bodies like the FDA in the United States. Any changes in regulations can affect the approval, usage and adoption of coronary stents.

Economic: Growth in the overall economy as well as disposable incomes is expected to drive the demand for healthcare services and increase the number of people opting for coronary procedures globally.

Social: Rising awareness about heart health and disease prevalence is increasing the social acceptability of procedures involving coronary stents for treatment of cardiac conditions.

Technological: Developments in material science and manufacturing techniques are allowing manufacturers to produce stents with enhanced deliverability and compliance. Several bioabsorbable and drug eluting stents are also being researched.

Geographical regions with high market concentration:

North America accounts for the largest share of the coronary stents market in terms of value. This can be attributed to factors like the rising prevalence of CAD, growing geriatric population, availability of reimbursement, and development of advanced stents. The United States dominates the market in the region owing to the high adoption of sophisticated stents and large volume of percutaneous coronary intervention (PCI) procedures performed annually.

The fastest growing region for the coronary stents market:

Asia Pacific is projected to be the fastest growing region during the forecast period owing to large population bases in countries such as India and China along with growing healthcare expenditures. Rising awareness, improving access to healthcare facilities, increasing discretionary incomes, and expanding health insurance coverage will also aid the market growth in the Asia Pacific region over the next few years.

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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)