Pune, June 22, 2020 (GLOBE NEWSWIRE) -- The global Coronary Stent Market size is projected to reach USD 8.08 billion by the end of 2027. High investment in technological intervention has opened up a huge potential for market growth. According to a report published by Fortune Business Insights, titled “Coronary Stent Market Size, Share & Industry Analysis, By Stent Type (Drug-Eluting Stent, Bioresorbable Stent, Bare Metal Stent, Covered Stent, Others), By Deployment (Self-expandable, Balloon-expandable), By End User (Hospitals & Ambulatory Surgical Centers, Specialty Clinics, Others) and Regional Forecast, 2020-2027,” the market was worth USD 5.91 billion in 2019 and will exhibit a CAGR of 6.7% during the forecast period, 2020-2027.
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Coronary stents are small a metal mesh that that are mostly used in PCI (Percutaneous Coronary Intervention) procedures. These products are widely used in surgical procedures associated with the treatment of coronary heart diseases. They ability of coronary stents to stabilize surgical procedures and minimize the side effects associated with these surgeries will lead to a wider product adoption.
Technological advancements in these products have helped improve surgical procedures and subsequently increase the success rate. The increasing adoption of coronary stents across the world will have a direct impact on the growth of the overall market in the coming years. In addition to these factors, the cost-effectivity of the product has contributed to the growing adoption. The presence of several health reimbursement policies will constitute an increase in the overall market size in the foreseeable future.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Increasing Number of Regulatory Approvals Will Provide Impetus to Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of regulatory approvals by leading organizations such as the Food and Drug Administration (FDA) will have the highest impact on market growth.
In May 2018, Abbott announced that it has received approval for Xience Sierra. The product is the newest generation of the company’s gold standard Xience everolimus-eluting coronary stent system. Abbott’s latest approval will not just benefit the company but will have a direct impact on the growth of the overall market in the coming years.
North America to Emerge Dominant; Increasing Prevalence of Heart Diseases to Aid Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The high prevalence of coronary heart diseases across the United States will aid the growth of the regional market. The presence of several large scale manufacturers will also contribute to market growth.
The increasing investment in product R&D by major companies will emerge in favor of market growth. The increasing adoption of coronary stents in hospitals and surgical centers will create several opportunities for market growth. As of 2019, the market in North America was worth USD 2.35 billion and this value is projected to increase further in the coming years. The market in Asia Pacific is expected to exhibit the highest CAGR in the coming years owing to the adoption of sedentary lifestyle habits.
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List of Companies Profiled in the Coronary Stent Market Research Report are:
- Biotronik SE & Co. KG
- Cook
- C. R. Bard, Inc.
- MicroPort Scientific Corporation
- Terumo Corporation
- B. Braun Melsungen AG
- Abbott
- Boston Scientific Corporation
- Medtronic
- Other players
Industry Developments:
September 2018: BIOTRONIK, Inc., announced that it has received U.S.FDA approval for PK PAPYRUS Covered Coronary Stent System. This product is used to seal the perforation so as to stop the blood leakage during surgical procedure and avoid life-threatening complication.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Recent Industry Developments Such as Mergers & Acquisitions
- Statistics on Prevalence of Coronary Artery Diseases (CAD) Across Key Countries
- Regulatory Scenario for Key Countries
- Industry Background Pertaining to Coronary Stent
- Key Industry Trends
- New Product Launch
- Global Coronary Stent Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Stent Type
- Drug-Eluting Stent
- Bioresorbable Stent
- Bare Metal Stent
- Covered Stent
- Others
- Market Analysis, Insights and Forecast – By Deployment
- Self-expandable
- Balloon-expandable
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Ambulatory Surgical Centers
- Specialty Clinics
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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