Newark, Oct. 16, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 10.25 billion in 2021 global coronary stent market will reach USD 19.98 billion in 2030. The transformation of daily life is primarily to blame for the rise. An inactive lifestyle, high blood pressure, obesity, diabetes, and hypercholesterolemia are risk factors for coronary artery disease (CAD), albeit they have all decreased during the previous 15 years. Risk factors that could result in in-stent restenosis impede growth. Smaller advancements have resulted from ongoing research and development for coronary stents, but these are being given priority. For instance, attempts have been undertaken to make stents easier to distribute in vessels with irregular shapes. The stent's thickness has decreased, and more current models have lengths that are longer or have smaller diameters. These improvements dealt with more intricate percutaneous coronary interventions (PCI).
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Key Insight of the Global Coronary Stent Market
North America will dominate the market during the forecast period.
Significant regional market players have facilitated the local market's growth for atherosclerosis medications. The region's market is expanding in part because of the region's robust and well-established healthcare infrastructure, which provides simple access to medicinal therapies. The rising incidence of cardiovascular problems brought on by the region's numerous fast-food franchises and the high-cholesterol American diet will further increase the need for anti-atherosclerosis medications. The rising number of fat people will drive the market for medications to treat atherosclerosis due to poor nutrition and lack of exercise due to lifestyle changes. The market will expand as a result of the rising number of diabetics. The region's sizable senior population will increase demand for these medications.
In 2021, the drug-eluting stents segment dominated the market with the largest market share of 27% and revenue of 2.75 billion.
The stent type segment is divided into covered stent, drug-eluting stent, bioresorbable stent, bare metal stent, and others. In 2021, the drug-eluting stents segment dominated the market with the largest market share of 27% and revenue of 2.75 billion.
In 2021, the self-expandable segment dominated the market with the largest market share of 57% and market revenue of 5.84 billion.
The mode of delivery segment is divided into balloon expandable and self-expandable. In 2021, the self-expandable segment dominated the market with the largest market share of 57% and market revenue of 5.84 billion.
In 2021, the hospitals segment dominated the market with the largest market share of 25% and revenue of 2.56 billion.
The end-user type segment is divided into speciality clinics, hospitals, ambulatory surgical centres, and others. In 2021, the hospitals segment dominated the market with the largest market share of 25% and revenue of 2.56 billion.
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Advancement in market
Coronary stent prices are now under control, given the cap price set by the National Pharmaceuticals Pricing Authority (NPPA). The cost of bare metal stents has been set at 10,509, while that of Drug Eluting Stents (DES), which includes metallic DES, and Bioresorbable Vascular Scaffold (BVS)/Biodegradable Stents has been set at 38,265 each. The action was taken against the latest NPPA announcement regarding the change of the wholesale price index (WPI) for 2022. The national drug price regulator has requested that all current stent makers and importers update their current MRPs for coronary stents per the WPI.
Market Dynamics
Driver: Minimally invasive techniques are being used more frequently.
Coronary angioplasty/stenting and coronary artery bypass surgery (CABS) are minimally invasive treatments since they don't require large incisions, unlike obtrusive procedures like PCI. The benefits of these methods, including reduced scarring, decreased discomfort, minor surgical trauma, significantly shorter hospital stays, and an earlier return to regular activities, are the main reasons why they are becoming more and more necessary. With these benefits in mind, more patients choose minimally invasive procedures. The demand for items like balloons, stents, and catheters has subsequently increased.
Restraints: Coronary Stents' Complexity.
Despite the growing need for treatment options, the difficulty of using coronary stents may, to some extent, limit growth. Furthermore, severe regulatory limitations on product licences will impede market expansion. Therefore, the elements mentioned earlier are the main reasons the market's growth is constrained.
Opportunities: technological progress.
The market for coronary stents has considerable potential due to bioresorbable vascular scaffolds. These possibilities advance the market's growth over the course of the estimate. Developing a (BVS) bioresorbable vascular framework and expanding business sectors present the coronary stent industry with promising prospects. However, traditional methods of treating coronary artery disease and strict guidelines for product approval may limit the market's growth throughout the projected period.
Challenges: Product recalls.
Following the epidemic, the need to upgrade the healthcare system has given rise to strong medication approval systems. However, the rush to approve and release medical devices for patient treatment has resulted in hurried approvals without enough scrutiny and a dearth of evidence proving the treatments' efficacy. Approvals granted too quickly resulted in product recalls, which hurt market participants' reputations and customers.
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Some of the major players operating in the global coronary stent market are:
• Terumo Corporation
• Stentys SA
• MicroPort Scientific Corporation
• Medtronic
• Cook Medical
• C. R. Bard, Inc.
• Boston Scientific Corporation
• Biotronik
• B Braun Melsungen AG
• Abbott
Key Segments covered in the market:
By Stent Type
• Bare Metal Stent
• Covered Stent
• Bioresorbable Stent
• Drug-Eluting Stent
• Others
• By Mode of Delivery
• Balloon Expandable
• Self-Expandable
• By End-User
• Specialty Clinics
• Hospitals
• Ambulatory Surgical Centers
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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