The Coronary Stent Market is predicted to reach USD 15.18 billion by 2024 owing to factors include technological advancements, rising load of CAD, growing number of PCI procedures (percutaneous coronary intervention), increasing geriatric population and increasing demand for user-friendly procedures. A coronary stent is a miniature tube that is used to open a narrowed artery during the PCI (percutaneous coronary intervention) procedure. This treatment comprises insertion of balloon-tipped tube in the artery which is transported to the blockage location. The stent enlarges and forms a platform after the balloon inflates. This helps the artery to open and stabilize the blood flow to the heart. The Coronary stents are used in the treatment of cardiac disorders like angina pain, myocardial infarction and coronary artery disease. The Coronary Stent Market is expected to grow significantly with CAGR of 6.2% in the forecast period.
The Coronary Stent prevents the heart attack that is caused by the narrowing of coronary arteries. The stent is made of cobalt alloy or stainless steel tube and is attached to small balloons that support to proper blood flow and take care of the vessel wall. The coronary heart disease treatments comprise balloon angioplasty, pharmaceuticals, stenting of coronary artery bypass grafting. Stenting is regarded efficient for the heart patients in comparison to the bypass heart surgery. It is free of any major operation since it can be performed with the support of local low sedation and anesthesia.
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The main driver for the growth of coronary stent industry is the rising prevalence of heart diseases. Owing to the rising elderly population across globe, particularly in the developed economies, the market expects wide opportunities in the different parts of the world. Other factors that drive the market are the genetic diseases like obesity that is prevailing in all the age groups due to the changing unhealthy lifestyle and the technological advancements of bio-absorbable stents.
The main reason for maximum amount of deaths caused by the heart diseases across the globe is the CAD (Coronary artery disease). Nevertheless, the number of Coronary Artery Disease patients has decreased due to the increasing number of PCIs (percutaneous coronary interventions). This procedure makes use of wide range of coronary stents which again drives the industry growth. Besides, the expansion of BVS (bio resorb able vascular scaffold) and the emergence of the coronary stent market offer considerable growth opportunities. Moreover, the alternative treatment methodologies of CAD, numerous cases of product failure and strict regulations for product approval will restrict the market growth in the forthcoming years.
The coronary stent industry is categorized on the grounds of product type, delivery modes, material, end-user and geographic region. On the grounds of product type, the market is divided into drug-eluting stents, bare-metal stents and bio absorbable stents. In the forecast period, the drug-eluting stents section is predicted to capture maximum share of the market. This is because the drug-eluting stents possess more benefits than the bare-metal stents and bio absorbable stents. The benefits can be stated as reduced risk of restenosis and other major disorders. On the grounds of delivery modes, the coronary stent market is divided into self-expanding stents and balloon-expanding stents. The balloon expandable stents is predicted to capture larger market share due to the factors like increasing regulatory approvals for balloon-expandable stents, greater use of these stents and growing research activities to enhance technology.
Geographically, the Coronary Stents Market is divided into Europe, North America and Asia, and the rest of the world. North America is estimated to capture comparatively larger market share followed by Europe. Asia is projected to capture the coronary stents industry with a good pace in the coming years. Other factors for the growth of the market in Asia include growing population base, prevalence of heart disease, focus of major players, increasing adoption of modern technologies and lower manufacturing costs in the area.
The prominent and emerging market players of coronary stent market are Abbott Laboratories, Boston Scientific Corporation, Biosensors International Group, Ltd., B. Braun Melsungen AG, Terumo Corporation, Medtronic, plc, BIOTRONIK SE & Co. KG, STENTYS SA, MicroPort Scientific Corporation, Meril Life Sciences Pvt. Ltd., Translumina GmbH, and Vascular Concepts.
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