Rockville, Aug. 09, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, The global coronary stents market is valued at US$ 13.7 billion in 2023 and is expected to surge ahead to accumulate a revenue of US$ 38.5 billion by the end of 2033. The North American market is projected to maintain its dominant stance in the global industry across the forecast period (2023 to 2033).
Advancements in medical device technology are increasing at a rapid pace and this is projected to influentially shape the future of the coronary stents market as well. Supportive government initiatives and funding to promote medical research and development are also estimated to push coronary stent companies to innovate more and expand their product portfolio.
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This detailed coronary stents market research analysis by Fact.MR, a market research and competitive intelligence provider sheds light on current and future market trends to give a comprehensive understanding of the global market landscape. Companies such as Abbott Laboratories Inc., Boston Scientific Corporation, Medtronic Inc., Terumo Corporation, B. Braun Melsungen AG, and others have been detailed in this study.
Key Takeaways from Market Study
- In 2023, the coronary stents market stands at a valuation of US$ 13.7 billion.
- Demand for coronary stents is projected to rise at a CAGR of 10.8% from 2023 to 2033.
- The market is anticipated to reach a value of US$ 38.5 billion by 2033.
- Surging prevalence of cardiovascular disorders, expanding senescent population, and increasing investments in the R&D of novel coronary stents are prime market growth drivers.
- Presence of strict mandates for product approval, product failures, and product recalls are estimated to be key constraints for the market players.
- At present, sales of coronary stents in North America account for around 30% share of the global market.
- Sales of drug eluting stents currently account for around 80% of the global market share.
“Established coronary stent manufacturers should solely focus on innovation if they want to stay relevant in the future as start-ups are currently leading the charge of new and advanced products,” says a Fact.MR analyst
Key Companies Profiled in This Report
- Abbott Laboratories Inc.
- Boston Scientific Corporation
- Medtronic Inc.
- Terumo Corporation
- B. Braun Melsungen AG
- C. R. Bard Inc.
- Cook Medical Inc.
- Biotronik SE & Co. KG
- MicroPort Scientific Corporation
Winning Strategy
Coronary stent manufacturers are pushing their research and development to take their offerings into the approval stage, which allows them to commercialize their products faster. Companies are also adopting strategies such as mergers, partnerships, acquisitions, and collaborations to diversify and expand their business presence in the global competitive landscape.
Country-wise Insights:
Why is the US market for coronary stent manufacturers profitable?
Growing Coronary Stent Innovation Investments are Increasing Market Value
The main factors driving the shipment of coronary stents in the United States over the course of the forecast period are expected to be the rising prevalence of cardiovascular illnesses and the growing elderly population.
The National Center for Health Statistics estimates that every year in the United States, coronary artery diseases (CAD) account for 1 in 4 fatalities, with 785,000 persons having their first heart attack and 470,000 suffering from myocardial infarction.
The opening of specialised clinics and increased investments in coronary stent advancements are also contributing to the United States' rising coronary stent sales. Also, the existence of significant coronary stent producers in the US significantly boosts growth.
Key Segments Covered in Coronary Stents Industry Research Report
- By Product :
- Bare Metal Stents
- Drug Eluting Stents
- Bio-absorbable Stents
- By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global coronary stents market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on product (bare metal, drug eluting, bio-absorbable) and five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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