As per the latest Future Market Insights (FMI) analysis, demand for coronary stents and portable coronary stents will rise exponentially in the coming years. An aging population and a rising prevalence of risk factors such as cardiovascular diseases (CVDs), complex lesions, diabetes, obesity, and others are expected to drive demand for coronary stents over the forecast period.
Added advantages of stenting procedures include substantial improvement of blood flow and prevention of further damage to the heart muscle. It also helps in improving the symptoms of heart disease, such as angina and shortness of breath thereby, reducing the need for coronary bypass surgery. Thus, surgeons prefer stenting, as it is a minimally invasive procedure and post-operative recovery is relatively fast.
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According to the WHO, in 2019, CVDs were among the major causes of mortality worldwide. In 2019, an estimated 17.9 million people died from CVDs, responsible for 32% of all worldwide mortalities. The global Coronary Stents market is expected to grow at a significant CAGR between 2022 and 2032, in comparison to the 7% CAGR registered from 2016 to 2021.
Furthermore, according to research published in the National Library of Medicine in June 2021, one of the CVDs, coronary artery disease (CAD), causes roughly 610,000 fatalities yearly (an estimated 1 in 4 deaths) and is the major cause of mortality in the USA. As a result, the unprecedented rise in CAD incidence is predicted to boost demand for an effective coronary stent device for treatment. This factor is expected to bolster the demand throughout the forecast period.
Increasing Prevalence of Obesity Likely to Augment the Overall Demand
The increasing global aging population is resulting in an increasing patient pool with major cardiovascular diseases. Also, hypertension is emerging as a major public health concern. Aged individuals are more prone to various cardiovascular diseases due to high total serum cholesterol levels.
Also, obesity is one of the major risk factors responsible for various cardiovascular diseases worldwide. Excessive weight or obesity causes abnormal or excessive accumulation of fats inside the artery lumen that causes several health problems such as coronary heart diseases. Hence, weight loss and obesity management are integral parameters to avoid any kind of cardiovascular disease.
According to WHO estimates, each year, 2.8 million deaths across the globe are due to diseases caused by obesity. Thus, the increasing aging and obese population are major factors expected to fuel the growth of the global coronary stents market over the forecast period.
Increasing the Number of Stenting Procedures to Push the Sales
Added advantages of stenting procedures include substantial improvement of blood flow and prevention of further damage to the heart muscle. Patients suffering from coronary artery blockage are prescribed coronary stenting. Angioplasty is the first line of treatment for patients suffering from acute coronary artery blockages.
The number of patients undergoing stenting has been increasing steadily over the last decade. This is due to the emergence of outpatient coronary stenting procedures, which reduces long hospital stays. Further, the usage of bioabsorbable coronary scaffolds in coronary blockage has proven more beneficial over drug-eluting stents.
Therefore, an increasing number of cardiologists referring to stenting procedures for patients suffering from CAD is a major factor expected to fuel revenue growth of the coronary stents market in the near future.
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Some of the leading factors limiting the growth of the market include-
The North American region dominates the coronary stents market share by securing the maximum share during the forecast period. The USA is leading the market size due to the growing number of heart diseases and the rising patient who has CAD during the forecast period. However, the rising adoption of angioplasty among patients is increasing the all-over production of coronary stents, which increases the USA coronary stents market share.
According to National Center for Health Statistics, every year, 1 in 4 deaths in the USA are caused due to coronary artery disease (CAD). Approximately 785,000 people in the USA suffer from their first heart attack, and 470,000 suffer from myocardial infarction. In addition, due to changing lifestyle habits, smoking and pollution are increasing the prevalence of coronary artery diseases in the USA in recent years.
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The Europe region is capturing a significant market share due to rising government initiatives during the forecast period. The United Kingdom coronary stents market is a prominent leader that contributes a significant share in the region by conducting new initiatives and investing in the healthcare sector during the forecast period.
The key manufacturers have increased the United Kingdom coronary stents market size by innovating advanced technology tools to treat patients efficiently in recent years. Moreover, the innovation of the PCI procedure is advanced and most accepted by the healthcare sector in the USA during the forecast period. In addition, this procedure helps to improve survivability and lower chest pain.
The Asia Pacific coronary stents market is one of the fastest-growing regions during the forecast period capturing a high CAGR. Korea is one of the leading countries that increase the coronary stents market growth by growing medical infrastructure during the foreseen time.
The manufacturers in Korea have been developing expensive medical devices and innovating as per end-users' demands to acquire maximum output in recent years. Moreover, these players are launching high-value medical consumables devices for the effective treatment of coronary disease patients, which is likely to increase the Korean coronary stents market size. Coronary stent manufacturers in India have evolved by prioritizing innovation and cost-effectiveness to thrive in a competitive industry.
Japan is another country in the Asia Pacific region that also capture the maximum share in the region during the forecast period. Rising awareness related to coronary treatment and the dropping price of coronary stents increased the Japan coronary stents market growth during the forecast period.
Moreover, the Growing sedentary lifestyle and growing management of the disease are surging the demand for coronary stents in Japan during the forecast period. In addition, the growing center for cardiac disease and rising coronary stent implantation are flourishing the Japanese coronary stents market growth in recent years.
The increasing prevalence of coronary artery diseases (CAD) is likely to augment the market growth
The increasing prevalence of coronary artery disease is fuelling the demand for interventional cardiology treatment in the USA. Patients suffering from long-term CAD are opting for angioplasty as the first line of treatment.
According to National Center for Health Statistics, every year 1 in 4 deaths in the USA are caused due to coronary artery diseases (CAD) and approximately 785,000 people in the USA suffer from their first heart attack and 470,000 suffer from myocardial infarction.
This is due to changing lifestyle habits, smoking, pollution, and other factors. This increasing prevalence of coronary artery diseases and higher healthcare expenditure in lower-middle-income countries is projected to boost the growth of the global coronary stents market over the forecast period.
Favorable Government Support for Healthcare Development to Push the Market Positively
Increased government investment in healthcare and conducting new initiatives to bring in devices at affordable prices in cost constraint markets such as China are influencing this market as well.
For instance, in China, to address inflated pricing and other issues in the delivery of expensive medical supplies, the Chinese government launched a centralized procurement scheme for high-value medical consumables in January 2021.
The government aims to use this initiative to skip the associated suppliers and buy the items straight from the manufacturers, lowering the inflated pricing. As a result, the cost of coronary stents has dropped dramatically in China. The average price of coronary stents has been reduced by 93 % since 2019 to grab the national tender.
Some key startups in the Coronary Stents market include-
The top Coronary Stents market players are constantly upgrading their offerings to help end users. They are investing in partnerships, acquisitions, collaborations, and new product launches to gain a competitive edge in the market. For instance:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.1% from 2022 to 2032 |
| Market Value in 2022 | USD 33.36 Million |
| Market Value in 2032 | USD 51.2 Million |
| Base Year for Estimation | 2021 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, Raw Material, End User, Region |
| Regions Covered | North America; Latin America; Brazil; Western Europe; Eastern Europe; Asia Pacific Excluding Japan; Japan; Middle East and Africa (MEA) |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Abbott; Medtronic; Boston Scientific Corporation; Terumo Corporation; B Braun Melsungen AG; Biotronik; Stentys SA; MicroPort Scientific Corporation; C. R. Bard, Inc.; Cook Medical |
As of 2022, the Coronary Stents market is slated to reach a valuation of USD 33.36 Million.
From 2022 to 2032, sales of Coronary Stents are expected to grow at a 5.1% CAGR.
By 2032, Future Market Insights expects the Coronary Stents market to reach USD 51.2 Million.
1. Executive Summary | Coronary Stents Market 2. Assumptions and Acronyms Used 3. Research Methodology 4. Market Introduction 5. Market Analysis Scenario 6. Market Dynamics 7. Global Market Analysis and Forecast, By Product 7.1. Drug Eluting Stent (DES) 7.2. Bare Metal Stent (BMS) 7.3. Bioresorbable Vascular Stent (BVS) 8. Global Market Analysis and Forecast, By Raw Material 8.1. Cobalt Chromium 8.2. Stainless Steel 8.3. Platinum – Chromium 8.4. Nickel-Titanium 8.5. Polymer 9. Global Market Analysis and Forecast, By End User 9.1. Hospitals 9.2. Ambulatory Surgical Centers 9.3. Cardiac Catheterization Laboratories 10. Global Market Analysis and Forecast, By Region 10.1. North America 10.2. Latin America 10.3. Brazil 10.4. Western Europe 10.5. Eastern Europe 10.6. Asia Pacific Excluding Japan 10.7. Japan 10.8. Middle East and Africa (MEA) 11. North America Market Analysis and Forecast 12. Latin America Market Analysis and Forecast 13. Brazil Market Analysis and Forecast 14. Western Europe Market Analysis and Forecast 15. Eastern Europe Market Analysis and Forecast 16. Asia Pacific Excluding Japan (APEJ) Market Analysis and Forecast 17. Japan Market Analysis and Forecast 18. MEA (Middle East & Africa) Market Analysis and Forecast 19. Competition Landscape 19.1. TERUMO CORPORATION 19.2. Boston Scientific Corporation 19.3. Medtronic 19.4. Vascular Concepts 19.5. B. Braun Melsungen AG 19.6. BIOTRONIK SE & Co. KG 19.7. Abbott Laboratories 19.8. Biosensors International Group, Ltd. 19.9. HEXACATH 19.10. STENTYS SA
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Coronary Stents Market
