New York, April 13, 2023 (GLOBE NEWSWIRE) -- The global coronary stents market size is expected to be worth around USD 24.0 Bn by 2032 from USD 12.5 Bn in 2022, growing at a CAGR of 6.9% during the forecast period from 2022 to 2032. During the treatment of coronary artery disease, a coronary stent is located in the coronary arteries that help to source blood to the heart and keep the arteries open; this procedure is known as a percutaneous coronary intervention. Additionally, many percutaneous coronary intervention treatments are involved in the use of coronary stents. This stent is used to increase surviving rate in patients who are suffering from acute myocardial blockage. The coronary stent improves survival rate by reducing adverse events and reducing chest pain in patients, which is also known as angina.
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Key Takeaway:
- By Product Type, the bioabsorbable stents segment has generated a revenue share of 33.2% in 2022.
- By deployment, the self-expanding stents segment has dominated the market, and it is growing at a CAGR of 29% over the forecast period 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 39.4%.
- Europe held a 28.1% revenue share in 2022.
- Asia-Pacific will grow at the highest CAGR from 2023-2032.
Factors affecting the growth of Global Coronary Stents Market?
- Rising geriatric population: Due to the increase in the number of coronary artery patients, there is also an increase in the demand for stent procedures in the market which will help to drive the market growth.
- Technological Advancements: The new and innovative technologies for coronary artery disease are helping to grow the market by an increase in demand for stents for greater convenience and increased market growth.
- Funding policies in developed countries: After COVID-19 government became more aware of the drugs and treatment and provided different funding policies for advanced technologies and improving healthcare facilities in developed countries.
- Availability of Alternative treatments: The availability of alternative treatment methods for coronary artery disease also helps to drive the coronary stents market growth
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Top Trends in Global Coronary Stents Market
Continuous improvements to coronary stents have primarily focused on minute changes like reducing stent strut thickness, making stents more deliverable in tortuous vessels, and launching stents with a longer length and smaller diameter. The improvement includes longer lengths, thinner profiles, and smaller diameters, change this will help the market grow by improving procedures and increasing patient experience. Additionally, the market expansion will be sped up by an increase in advanced technology in the healthcare sector.
Market Growth
An increase in the number of coronary artery diseases, demand from patients for stenting, and an increase in new trends in coronary artery stents are the factors that are responsible for driving the growth of the coronary stent market. However, the increase in demand for coronary stents in developing countries and the increase in awareness about the availability of government policies and insurance is expected to show the largest market growth opportunities for the coronary stents market during the forecast period. The numerous cases, such as product failure and recall products, restrict the coronary stents market growth during the projection period.
Regional Analysis
North America dominated the coronary stents market and generated the largest revenue in the market due to the increase in the number of cardiovascular disease patients and the rise in demand for healthcare services. Obesity and other cardiovascular diseases, such as ischemic heart disease, stroke, and others that result from living a sedentary lifestyle, are driving the coronary stent market in North America. The use of biodegradable materials and technological advancements in coronary stent technologies, such as drug-eluting stents, also contributed to the market's expansion. The coronary stents market opportunity in Asia-Pacific is expanding significantly due to an increase in the geriatric population with coronary artery disease and an increase in the number of cardiac centers. Due to the increase in the weakness of blood vessels and heart muscles, there is an increase in coronary stent disease at a high rate in the elderly population; this thing helps the market growth in the region. An increase in the number of stent implantation procedures and their widespread use also contribute to the market's expansion. In addition, as healthcare costs rise in developing nations in the Asia-Pacific region, the market expands. The rapid growth of the market is evidence of increased funding by healthcare in both the public and private sectors.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | US$ 12.5 Billion |
| Market Size (2032) | US$ 24 Billion |
| CAGR (from 2022 to 2032) | 6.9% |
| North America Revenue Share | 39.4% |
| Europe Revenue Share | 28.1% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Due to the increase in the prevalence of coronary artery diseases, improved patient outcomes with stenting, and the emergence of new trends are some of the factors driving growth in the market for coronary stents. However, the availability of other treatments for coronary artery diseases and the high cost of coronary stent procedures impede the expansion of the market. On the other hand, it is anticipated that the Coronary Stents Market Forecast period will benefit from rising demand for coronary stents in developing nations and increased awareness of the availability of appropriate insurance and reimbursement policies.
The rising incidence of cardiovascular diseases, such as stroke and heart attack, as well as an expanding geriatric population at higher risk for these cardiac diseases, are the driving factors responsible for the expansion of the coronary stents market. The expanding global elderly population and the development of stent technology and materials are major factors that have the potential to significantly benefit the coronary stent market. Due to a number of factors that are responsible for the growing elderly population and the rising prevalence of coronary artery disease, the global coronary stent market is a stable industry. Rising disposable income and expanding government initiatives also contribute to market expansion. In addition, the expansion of technological advancements, such as the development of the 3D printing method, may present an excellent chance for market expansion. Additionally, the growing use of minimally offensive procedures and rising disposable income contribute to the expanding market.
Market Restraints
The increase in demand for the treatment and side effects after using coronary stents might hinder the growth of the market. This Market growth is also hindered due to strict regulations applied by governments. As a result, these factors hinder market expansion during the forecast period. A decrease in demand for coronary stent devices for treatments will directly affect the manufacturing and production of the coronary stent market.
Market Opportunities
The expansion of the coronary stent market is also supported by expanding healthcare sectors in a number of emerging economies, such as China, India, Brazil, and South Africa. The coronary stents utilize novel growth opportunities. It is very necessary to increase investment in research and development in order to improve healthcare industries in these nations. The need to improve the healthcare industries in these nations is driven by the rapidly expanding geriatric population, high patient volumes, and rising awareness among the general public. As a result, governments in these economies are increasing their investments in healthcare infrastructure and facilities. Other development strategies for gaining a competitive advantage in the global market include regional expansion, new product development, industry collaboration, assignment development, and mergers and acquisitions. Due to a large number of coronary stent applications, it is anticipated that increasing investment in this sector will provide opportunities for market expansion.
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Report Segmentation of the Global Coronary Stents Market
Product Analysis
The Global Coronary Stent Market is divided into Drug-Eluting Stents, bare-metal, and Bioabsorbable stents. A bioabsorbable segment is anticipated to experience the highest growth during the forecast period. The drug-eluting stents segment category was the most popular product in the global market, and it is anticipated that this trend will continue throughout the forecast period. This is because it has the important property of stopping restenosis, or the growth of scar tissue in the arterial wall after surgery. Drug-eluting stents deliver an anti-proliferative drug to the target injury to stop excessive neointima growth. It consists of an anti-restenosis medication, a polymer covering, and a typical metallic stent. The anti-retinoic medication is mixed into the polymer and released over several weeks or months following the placement of a drug-eluting stent. Due to the significantly lower risk of target vessel revascularization, drug-eluting stents are preferred over bare-metal stents and other stent types for percutaneous coronary intervention with stenting. This development is expected to have a significant impact on the drug-eluting stent.
Deployment Analysis
Based on deployment, the market for coronary stents is divided into self-expandable and balloon-expandable segments. Self-expanding stents are expected to hold a majority shares of the market with emerging local and regional manufacturing, clinically proven worldwide. In addition, the novel self-expanding stents demonstrate that they can be used to treat acute myocardial infarction and that they actively follow the artery's expansion with nearly perfect apposition. As a result, self-expandable stent clinical efficacy will significantly drive segment growth over the forecast period. During the exploration period, it is expected that the balloon-expandable market will experience secure growth. The rising prevalence of heart disease and expanding research into the development of medical stents by using advanced technology will significantly boost the expansion of the market.
End-User Analysis
Based on end-user, the market is divided into hospitals, ambulatory surgical centers, and others. Due to the increase in the prevalence of coronary artery diseases, government initiatives for the development of medical infrastructure, increased awareness of disease treatment and management, and an increase in sedentary lifestyles, the hospital segment is anticipated to continue dominating the coronary stents market size during the forecast period. The segments include both public and private medical facilities that treat patients. Only surgeries that take place in hospitals are ambulatory. Due to hospital policies and budgets, the need for more surgical rooms and difficulties in acquiring new equipment both increase. Ambulatory surgical centers are being established as a result of these factors. The markets growth is also drive by an increase in the number of procedures for stent implantation and their universal use.
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Market Segmentation
By Product and Service
- Drug-eluting Stents
- Bare-metal Coronary Stents
- Bio absorbable Stents
By Deployment
- Self-Expandable
- Balloon Expandable
By End User
- Hospitals
- Ambulatory Surgical Centers
- Other
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include:
- Abbott
- Medtronic
- Boston Scientific Corporation
- Terumo Corporation
- B Braun Melsungen AG
- Biotronik
- Stentys SA
- MicroPort Scientific Corporation
- R. Bard, Inc
- Cook Medical
- Other Key Players
Recent Development of the Global Coronary Stents Market
- In August 2022: Following the CE Mark's approval, Medtronic introduced the Onyx Frontier drug-eluting stent in Europe in August 2022.
- In May 2022: The FDA granted Medtronic plc approval for the Onyx Frontier drug-eluting stent. The stent's delivery system was developed to improve the stent's deliverability and acute performance
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