The latest market report published by Credence Research, Inc. “Global Coronary Stents Market - Growth, Future Prospects, Competitive Analysis, 2018 - 2026,” the global coronary stents market was valued at US$ 6,216.7 Mn in 2017, and is expected to reach US$ 11,622.5 Mn by 2026, expanding at a CAGR of 7.3% from 2018 to 2026.
Market Insights
Coronary artery disease develops in patients when the coronary artery which delivers blood, nutrients and oxygen to heart becomes damaged. The cholesterol containing plaques are deposited in the coronary artery over a period of time which results in inflammation. Repeated vascular cell wall inflammation coupled with atherosclerotic plaque deposition causes the formation of neointima hyperplasia at the site of vessel damage. There is eventually narrowing of the coronary artery which builds tremendous pressure on the heart eventually resulting in myocardial infarction or stroke. Coronary stents are employed for widening the artery at the site of blockade. In the last 2 decades there has been technological advancement in the manufacturing of stents to counteract complication such as restenosis and stent-in-stent procedure. The only limitation the coronary stents market face is the exorbitant price of drug eluting stents and competition exerted by percutaneous coronary intervention.
Drug eluting stents are currently dominating the coronary stents market on account of key factors such as rising prevalence of coronary artery stenosis, technological advancement in the formulation of biodegradable polymers containing antiproliferative agents to prevent restenosis. Drug eluting stents are completely overshadowing the bare metal stents due to the inherent qualities it possess such as surface smoothness, thinner struts and durable metal alloys. Bioresorbable vascular scaffolds are gaining prominence for the treatment of coronary artery diseases due to key factors such as ability to restore the normal vessel shape and function, eliminate vessel irritation and inflammation and excellent patient compliance.
In the present scenario North America dominates the regional segment for coronary stents market. As per the statistics presented by Center for Disease Control and Prevention (CDC) annually 370,000 U.S. citizens die due to coronary artery disease. The American Africans are at a higher risk for cardiovascular disease on account of their unhealthy lifestyle, tobacco smoking and rise in obesity. In Europe, the market growth is determined by the presence of key players such as Abbott Laboratories, Inc. and Medtronic, Plc. pioneering in manufacturing of coronary stents. Asia Pacific is set to register significant growth during the forecast period owing to the rising prevalence of cardiovascular ailment, rise in per capita income and growth in medical tourism.
The major players engaged in the manufacturing of coronary stents are Amaranth Medical, Inc., Abbott Laboratories, Inc., Boston Scientific Corporation, Cook Medical, Inc., B. Braun Melsungen AG, C.R. Bard, Inc., Biotronik SE & Co. KG, Medtronic Plc, Terumo Corporation and Microport Scientific Corporation.
Key Market Movements:
- Rising prevalence of cardiovascular complications and obesity in developed nations
- Growing public health awareness regarding heart ailments and adherence to effective treatment guidelines to drive market growth in developing nations
- Technological advancement in stent development to minimize restenosis and improve patient compliance
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