Burlingame, March 10, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, Global Coronary Stents Market is estimated to be valued at US$ 11,971.0 million in 2023 and is expected to exhibit a CAGR of 7.9% during the forecast period (2023-2030).
Analysts’ Views on Global Coronary Stents Market:
Rising demand for coronary stents for the treatment of coronary artery diseases is expected to drive the market in the forecast period. For instance, in June 2022, according to a report published on National Center for Biotechnology Information (NCBI), stated that coronary artery disease (CAD) accounts for approximately 610,000 deaths annually (estimated 1 in 4 deaths) and is the leading cause of mortality in the U.S.
Key Trends and Analysis of the Global Coronary Stents Market:
The increasing inorganic growth strategies such as agreements by key players in the market to expand product portfolio is expected to drive the market growth over the forecast period. For instance, in October 2022, M.A. Med Alliance SA, a medical device manufacturing company announced that it has developed an agreement with Cordis, a company that develops and manufactures medical devices, which will expand the product portfolio of M.A. Med Alliance SA.
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Global Coronary Stents Market- Drivers
Increasing prevalence of coronary artery disease
Increasing prevalence of coronary artery diseases needs the use of coronary stents for treatment, which is expected to drive the market growth over the forecast period. For instance, in February 2023, according to a report published by World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year.
Increasing product approval by regulatory authorities
Increasing product approvals by regulatory authorities is expected to drive market growth over the forecast period. For instance, in April 2022, Biosensors International Group, Ltd., a company developing and marketing critical care catheter systems and related devices, announced that it has received U.S. Food and Drugs Administration (FDA) approval for Biolimus A9 coated polymer free coronary stent systems.
Global Coronary Stents Market- Restraint
Disadvantages of using coronary stents
Major factors that can hamper the growth of the global coronary stents market over the forecast period, includes damage to the artery, where the sheath was inserted, neointimal hyperplasia, allergic reaction to the contrast agent used during the procedure, damage to an artery in the heart, excessive bleeding requiring a blood transfusion, heart attack, stroke or death. For instance, in June 2022, according to an article published in National Center for Biotechnology Information (NCBI), stated that the main disadvantages of coronary stents is the excessive neointimal hyperplasia that leads to a gradual loss of initial lumen gain.
Global Coronary Stents Market- Opportunity
Increasing technological advancement in field of coronary stents
Various technological advancements are progressing rapidly in the medical field, leading to the development of new technologies in manufacturing of coronary stents. For instance, in July 2022, an article published on National Center for Biotechnology Information (NCBI), it was stated that new technological advancements are recently developing in the field of coronary stents, have led to an optimization of clinical outcomes.
Global Coronary Stents Market Cross Sectional Analysis:
In product type segment, drug eluting stents segment is dominant during forecast period in North America region due to increasing product launches by key players in the market to expand their product portfolio is expected to drive segment growth over the forecast period. For instance, in September 2020, Biotronik, a leading global medical technology company, announced the launch of its new product Orsiro Mission, which is a bio absorbable polymer coronary drug-eluting stent system.
Coronary Stents Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2023: | US$ 11,971.0 Mn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 7.9% | 2030 Value Projection: | US$ 20,423.0 Mn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Medtronic, iVascular, Alvimedica, Alta Biomaterials, Japan Medical Device Technology Co., Ltd., Veritas Bioventions Pvt Ltd, Nano Therapeutics Pvt. Ltd, Abbott, SLTL Group, Translumina Therapeutics LLP, DSM, Arterius, Terumo Corporation, SMT, Boston Scientific Corporation, Cook, Biotronik, B. Braun SE, MicroPort Scientific Corporation, Meril Life Sciences Pvt. Ltd, C. R. Bard, Inc, KYOTO MEDICAL PLANNING Co., Ltd, QualiMed, Elixir Medical Corporation, ENDOCOR GmbH & CO. KG, Amaranth Medical, Inc. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Global Coronary Stents Market Segmentation:
The global coronary stents market report is segmented into Product Type, Material, Application, End User, and Region
Based on Product Type, the market is segmented into bare-metal stents, drug eluting stents, and bio absorbable stents. Out of which, drug eluting stents segment is expected to dominate in the coronary stents market during the forecast period and this is due to the increase in the organic growth strategies such as product launch by key players in the market.
Based on Material, the market is segmented into metallic (stainless steel, silicon carbide, titanium nitride oxide, cobalt chromium, platinum chromium, and others) and polymeric (non-degradable/permanent stents and degradable/temporary stents. Out of which, polymeric segment is expected to dominate in the market over the forecast period and this is a due to an increase in the use of polymeric stents for the treatment of coronary artery disease.
Based on End User, the coronary stents market is segmented into Hospitals, Specialty Clinics, and Ambulatory Surgical Centers. Of which, Hospitals segment is expected to be dominant in the market over the forecast period and this is due to the increase use of coronary stents for the treatment of coronary artery diseases.
Among all segmentation, End User segment has the highest potential due to increasing use of coronary stents for the treatment of coronary artery diseases. For instance, in September 2022, according to a report published on Springer Nature, which is a scientific journal stated that the incidence of hospital admissions due to coronary artery disease (CAD) in 2020 was 3,030.52 per 10,000 people.
Global Coronary Stents Market: Key Developments
In January 2022, Relisys Medical Devices Limited, one of the world's largest manufacturer of cardiovascular medical devices, announced the launch of its new product Release-R, which is the first indigenously developed Drug Eluting Stent in India.
In January 2021, Boston Scientific Corporation, a medical technology company, announced that it has received approval from U.S. Food and Drugs Administration (FDA) for its product Synergy Megatron Drug-Eluting Stent (DES) system. The stent is designed for higher strength applications in proximal, fibrotic and calcified lesions.
In June 2021, Cardiovascular Systems, Inc., a medical device company, developing and commercializing innovative interventional treatment systems for patients with peripheral and coronary artery disease, announced that the U.S. commercial launch of OrbusNeich JADE percutaneous transluminal angioplasty (PTA) over-the-wire (OTW) balloon catheters.
In August 2020, Meril Life Sciences Pvt. Ltd, a global medical device company, announced the launch of its new product Evermine50, which is an Everolimus-eluting coronary stent system having an ultrathin (50 μm) strut.
The increasing number of product launches by key players in the market is expected to create new opportunities for new startups and products, which will drive the growth of global coronary stent market over the forecast period.
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Key Market Takeaways:
The global coronary stents market is expected to exhibit a CAGR of 7.9% during the forecast period due to increasing adoption of inorganic growth strategies such as acquisitions by key players in the market to increase their product portfolio and presence in the market. For instance, on January 3, 2023, Thermo Fisher Scientific, Inc., supplier of scientific instrumentation, reagents and consumables, and software services, announced that it has acquired The Binding Site Group Ltd., a global leader in specialty diagnostics for early diagnosis and well-informed treatment decisions.
Among end user, hospitals segment is dominant due to increasing prevalence of coronary artery disease, which is expected to drive the segment growth over the forecast period. For instance, in July 2022, a report published on AME Publishing Company, which is an open source journal, stated that the prevalence of coronary artery disease increased from 4.22% to 5.40% in the recent years.
On the basis of product type, drug eluting stents segment is expected to hold a dominant position over the forecast period, owing to increasing adoption of organic growth strategies such as product launches by key players in the market to expand their product portfolio. For instance, in November 2021, Intelligent Kinetics, a medical device company launched its new product ABARIS Rapamycin-Eluting Coronary Stent System, which is the first carbonized stent with a completely biodegradable polymer coating, which contains Rapamycin as a highly effective drug for preventing thrombotic and re-stenotic events.
Competitive Landscape:
Key players operating in the global coronary stents market include Medtronic, iVascular, Alvimedica, Alta Biomaterials, Japan Medical Device Technology Co., Ltd., Veritas Bioventions Pvt Ltd, Nano Therapeutics Pvt. Ltd, Abbott, SLTL Group, Translumina Therapeutics LLP, DSM, Arterius, Terumo Corporation, SMT, Boston Scientific Corporation, Cook, Biotronik, B. Braun SE, MicroPort Scientific Corporation, Meril Life Sciences Pvt. Ltd, C. R. Bard, Inc, KYOTO MEDICAL PLANNING Co., Ltd, QualiMed, Elixir Medical Corporation, ENDOCOR GmbH & CO. KG, Amaranth Medical, Inc.
Market Segmentation:
- Global Coronary Stents Market, By Product Type:
- Bare-Metal Stents
- Drug Eluting Stents
- Bioabsorbable Stents
- Global Coronary Stents Market, By Material:
- Metallic
- Stainless Steel
- Silicon Carbide
- Titanium Nitride Oxide
- Cobalt Chromium
- Platinum Chromium
- Others
- Polymeric
- Non-degradable/Permanent Stents
- Degradable/Temporary Stents
- Metallic
- Global Coronary Stents Market By End User:
- Hospitals
- Specialty Clinics
- Ambulatory Surgical Centers
- Others
- Global Coronary Stents Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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