Ottawa, June 27, 2024 (GLOBE NEWSWIRE) -- The global coronary stent market size is predicted to grow from USD 8.99 billion in 2023 to USD 12.51 billion by 2032, a study published by Towards Healthcare a sister firm of Precedence Statistics.
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Key takeaways:
- North America has held the largest share in 2023.
- By type, the drug-eluting stents (DES) segment has held a major share of the market in 2023.
- By end use, the hospitals and ambulatory surgical centers segment dominated the market in 2023 and will continue to dominate during the forecast period.
The coronary stent market is a critical segment of the medical device industry, focused on providing solutions for patients with coronary artery disease. Coronary stents are small, tube-like devices placed in the coronary arteries that supply blood to the heart. Thay help keep the arteries open, ensuring that blood can flow smoothly and reducing the risk of heart attacks and other cardiovascular issues.
Coronary Stent Market at a Glance
The coronary stent market is focused on medical devices used to treat narrowed or blocked coronary arteries. These arteries supply blood to the heart, and when they become clogged, it can lead to serious heart problems, including heart attacks. Coronary stents are small, mesh-like tubes that are inserted into the arteries to keep them open, allowing blood to flow more freely.
As cardiovascular diseases become more common worldwide, the demand for effective treatments like coronary stents has increased. Factors contributing to the rise in cardiovascular diseases include unhealthy diets, sedentary lifestyles, smoking, and high stress levels. These factors can lead to buildup of plaque in the arteries, necessitating the use of stents.
The demand for coronary stents has been steadily rising due to the increasing prevalence of coronary artery disease. This condition, characterized by the narrowing or blockage of coronary arteries due to plaque buildup, remains a leading cause of death globally. Lifestyle factors such as poor diet, lack of physical activity, and high stress levels contribute significantly to the growing incidence of coronary artery disease, thus driving the need for effective treatment like coronary stents.
Technological advancements have played a major role in the evolution of the coronary stent market. Early stents were made of bare metal, which helped keep arteries open but sometimes led to restenosis, a re- narrowing of the artery.
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Increasing Coronary Artery Disease Cases Fuel Growth in Market
Coronary artery disease is the leading cause of death worldwide, and its prevalence continues to rise. This growing burden is primarily driven by several factors, including an aging population, unhealthy lifestyles, and rising obesity rates. As more people develop coronary artery disease, the demand for effective treatments such as coronary stents are increasing significantly.
One major factor contributing to the rise in coronary artery disease cases is the aging global population. As people age, their risk of developing coronary artery disease increases due to the natural wear and tear on their arteries. Older adults are more prone to plaque buildup in their arteries, which can lead to blockages and heart problems. This demographic shift is creating a larger pool of patients who need coronary stents to maintain proper blood flow to their hearts.
For example, in the United States, the centers for disease control and prevention reports that about 18.2 million adults aged 20 and older have coronary artery disease. The increasing prevalence of obesity is another concern. According to the World Health Organization, worldwide obesity has nearly tripled since 1975. Obesity is closely linked to various health problems, including coronary artery disease, as excess body weight can lead to high blood pressure, diabetes and elevated cholesterol levels, all of which contribute to the development of heart disease.
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Demand for Minimally Invasive Procedures Spurs the Market Growth
The growing demand for minimally invasive procedures with faster recovery times is a major driver of the coronary stent market. Patients and healthcare providers are increasingly favoring coronary stenting over traditional bypass surgery due to its less invasive nature and quicker recovery periods. This trend is significantly propelling market growth as advancements in stent design and procedure techniques continue to enhance patient outcomes.
Coronary stenting offers several advantages over traditional coronary artery bypass grafting. Unlike bypass surgery, which requires a large incision in the chest and a prolonged hospital stay, stenting involves a small incision, typically in the groin or arm.
High Cost, Major Restraint for the Coronary Stent Market
One of the significant challenges facing the coronary stent market is the high cost associated with these medical devices, particularly the latest drug-eluting and bioresorbable varieties. These advanced stents, designed to reduce the risk of restenosis and provide better long-term outcomes, come with a hefty price tag. This financial burden can be particularly hard on patients, especially those in developing countries where access to affordable healthcare is already limited.
For instance, a drug-eluting stent can cost several thousand dollars. This is a substantial expense for many patients, especially in countries where insurance coverage is minimal or non-existent. Even in developed nations, out-of-pocket costs can be significant, leading to financial strain.
Anti-Restenosis Stents, Emerging Opportunity
Restenosis, or the re-narrowing of an artery after stent placement, has long been a significant complication in coronary artery disease treatment. This issue often necessitates repeat procedures, which can be risky and costly for patients. To address this, new stents with anti-restenosis properties are being developed, presenting a promising opportunity in the coronary stent market.
These innovative stents are designed to release drugs that prevent the growth of scar tissue within the artery, thereby reducing the likelihood of restenosis. Drug-eluting stents, for example, slowly release medication to inhibit cell proliferation, which is a primary cause of artery re-narrowing. This advancement has the potential to improve patient outcomes significantly by decreasing the need for additional interventions.
A real-world example of the impact of anti-restenosis stents can be seen with the introduction of the Xience Sierra stent by Abbott. Launched in recent years, this drug-eluting stent has been shown to reduce the rates of restenosis effectively. Studies have demonstrated that patients treated with the Xience Sierra stent experienced lower rates of repeat procedures compared to those treated with traditional bare-metal stents.
North America to Sustain as a Leader in the Cancer Vaccines Market
North America holds a dominant position in the global coronary stent market. This region benefits from a high prevalence of coronary artery disease (CAD), driven by an aging population and lifestyle factors such as poor diet and lack of physical activity. The advanced healthcare infrastructure in the United States and Canada supports the widespread use of cutting-edge stent technologies. Moreover, high insurance coverage rates for stent procedures ensure broad access to these life-saving devices. Leading companies in the coronary stent market, such as Boston Scientific and Medtronic, are based in North America, further bolstering the region's market dominance.
Asia Pacific on to Grow at a Rapid Rate in the Upcoming Years
The Asia Pacific region represents a rapidly growing market for coronary stents, driven by increasing healthcare investments and rising prevalence of CAD. India and China, with their large populations and growing middle class, are particularly significant markets. In India, the adoption of coronary stents has been on the rise due to improving healthcare infrastructure and increased awareness about heart health. Recent developments in the Indian market include the introduction of cost-effective stents and government initiatives to regulate stent prices, making them more accessible to a broader segment of the population. Companies like Terumo Corporation and MicroPort Scientific Corporation are expanding their presence in the Asia Pacific region to capitalize on this growth.
India is emerging as a crucial player in the coronary stent market. With a high burden of CAD and a large, diverse population, the demand for coronary stents is significant. The Indian government has taken steps to make stents more affordable by capping their prices, which has increased accessibility for patients.
Europe to Grow at a Significant Rate
Europe is another significant market for coronary stents, characterized by intense competition and innovation. The region's stringent regulatory frameworks ensure high standards for medical devices, including stents. European healthcare systems emphasize cost-effectiveness, which influences market trends and pricing strategies. For instance, European firms are at the forefront of developing bioresorbable stents, which dissolve over time and reduce long-term complications.
By Type, the Drug-eluting Stents Segment to Sustain as a Leader in the Market
Drug-eluting stents (DES) are the most dominant type in the coronary stent market. They release medication slowly to prevent the artery from becoming blocked again, significantly reducing the risk of restenosis. This makes DES the preferred choice for many cardiologists, contributing to their market dominance.
By End Use, the Hospitals & Ambulatory Surgical Centers Segment Dominated the Market
Hospitals and ambulatory surgical centers dominate the end-use segment of the coronary stent market. These facilities are equipped with advanced technology and skilled professionals, making them the primary locations for performing coronary stenting procedures. Their accessibility and comprehensive care services ensure they remain the top choice for patients undergoing these treatments.
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Top companies in the coronary stent market:
- Abbott Laboratories
- Boston Scientific Corporation
- Medtronic
- B. Braun Melsungen AG
- Terumo Corporation
- Biotronik SE & Co. KG
- Cook Medical
- MicroPort Scientific Corporation
- BD (Becton, Dickinson and Company)
Recent Developments:
- In April 2021, Abbott introduced the Ultreon 1.0 Software, a coronary imaging platform powered by AI, in Europe. This software is designed to enhance the detection of calcium-based blockages and accurately measure vessel diameter during coronary stenting procedures.
- In February 2021, Cardiovascular Systems Inc entered into a partnership with Chansu Vascular Technologies, LLC. The collaboration aims to develop drug-coated balloons for peripheral and coronary applications, complementing drug-eluting stents.
- In June 2020, Sahajanand Medical Technologies Pvt Ltd achieved full reimbursement approval for their Supraflex and Supraflex Cruz coronary stents from the Ministry of Health and Public Affairs in France.
Coronary Stent Market Segments
(**We also provide cross-sectional analysis in market segments)
By Type
- Bare Metal Stents (BMS)
- Drug-eluting Stents (DES)
- Bioresorbable Scaffold System (BRS)
- Drug-eluting Balloons (DEB)
By End Use
- Hospitals & Ambulatory Surgical Centers
- Specialty Clinics
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
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Towards Healthcare is a leading global provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations. We are a global strategy consulting firm that assists business leaders in gaining a competitive edge and accelerating growth. We are a provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations.
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