Expandable tubular metallic implants known as coronary stents (CS) are placed inside coronary arteries with stenosis due to underlying atherosclerotic disease. The prevalence of cardiovascular illnesses and heart failure is rising along with the technological developments in medical stents. The market for coronary stents is expanding due to the rising number of disorders, including diabetes and obesity, that can cause heart attacks, as well as the shifting lifestyle preferences in children and adolescents.
In 2022, the market for coronary stents was USD 8.82 billion, and by 2030 it will reach USD 16.14 billion, growing at a 7.82% CAGR during the forecast period.
The global coronary stent market will likely expand due to rising patient pools and hospitalization due to the rising rate of cardiovascular and lifestyle diseases, rising geriatric population, and rising need for treatment of various cardiovascular diseases and conditions. WHO states that cardiovascular disease is the most prevalent factor causing death worldwide.
Market Dynamics
Drivers
Treatments like coronary angioplasty/stenting and coronary artery bypass surgery are minimally invasive since they don’t require large incisions, unlike obtrusive treatments like PCI. These methods are becoming more and more necessary due to their advantages, which include shorter hospital stays, less scarring, less pain, minor surgical trauma, and an earlier return to normal activity. More patients are choosing less invasive procedures in light of these benefits. It thus increases demand for goods like catheters, stents, and balloons.
Restraints
Despite the growing need for treatment options, the difficulty of using coronary stents may limit growth. Furthermore, severe regulatory limitations on product licenses will impede market expansion.
Opportunity
New technologies for producing coronary stents are being developed due to several technical developments that are advancing quickly in the medical industry. For instance, it was claimed in a July 2022 post on the National Center for Biotechnology Information (NCBI) that recent technical developments in the area of coronary stents had improved clinical results.
Market Segmentation
By Type
On the basis of type, the coronary stents market is segmented into Covered stents, drug-eluting stents, bioresorbable stents, bare metal stents, and others.
In 2021, the drug-eluting stents segment ruled the market with a revenue share of nearly 27%. The supremacy of DES as the finest tool for PCI systems is supported by the continuous development and adoption of the most recent devices. The market prospects continue developing and building technologically sophisticated DES, such as XIENCE Skypoint, Resolute Onyx from Medtronic, Synergy from Boston Scientific, and Abbott Laboratories.
By Mode of delivery
On the basis of mode of delivery, the coronary stents market is segmented into self-expandable and balloon expandable.
The expandable self-expandable segment led the market with a revenue share of nearly 57.5% in 2021. It is because self-expandable stents are extremely productive, and numerous companies are operating actively worldwide.
By End-User
On the basis of end-user, the coronary stents market is segmented into Hospitals, ambulatory surgery facilities, specialized clinics, and others.
Hospitals led the market, with a market share of roughly 25% in 2021. It is due to the increasing number of urgent procedures, such as angioplasty, usually conducted in hospital settings.
Regional Analysis
In 2021, the North American region overtook Europe as the leading market for coronary stents, with a revenue share of nearly 34.5%. Obesity is a major factor driving the North American coronary stents market in the United States due to the way of life and eating habits there. Obesity can result in cardiovascular disorders like stroke, ischemic heart disease (IHD), and heart attack.
The market has also grown due to technological developments in coronary stent technologies, such as biodegradable materials and drug-eluting stents. The presence of established players like Abbott & Boston and Medtronic is driving the growth of the market in the area.
The market for coronary stents in Asia Pacific will expand rapidly in revenue. The regional market is driven by improved CAD screening, economic expansion, regulatory revisions. And notably favorable reimbursement in select nations, including Australia and South Korea. Additionally, this industry is being impacted by growing government investment in healthcare. And new initiatives to provide products at cheap costs in cost-constrained regions like India and China.
Key Players
- Boston Scientific Corporation
- Abbott Laboratories
- Medtronic plc
- Biosensors International Group, Ltd.
- Terumo Corporation
- Braun Melsungen AG
- BIOTRONIK SE & Co. KG
- Endologix Inc.
- Cook Medical Inc.
- MicroPort Scientific Corporation
- L. Gore & Associates, Inc.
- R. Bard, Inc. (now part of B.D.)
- Cordis Corporation (a Cardinal Health company)
- Meril Life Sciences Pvt. Ltd.
- STENTYS SA
In 2022, the market for coronary stents was 8.82 billion, and by 2030 it will reach USD 16.14 billion, growing at a 7.82% CAGR during the forecast period. Over the forecast period, demand for coronary stents will be driven by an aging population. And an increase in the prevalence of risk factors. Such as cardiovascular diseases (CVDs), complicated lesions, diabetes, obesity, etc.
