A coronary stent is an expandable tube placed in coronary arteries to improve blood flow and prevent the heart muscles from damaging. The arteries are kept open and effectively prevent blood clots. According to WHO, heart diseases are one of the main causes of death, causing up to 18 million deaths annually, or an estimated 32.43% of all deaths worldwide. Moreover, one-third of these fatalities occur in people under 70. As a result, the rising prevalence of cardiovascular diseases (CVDs) such as heart attack and stroke, combined with an aging population, is expected to drive the growth of the Coronary Stent Market during the forecasted period.
The global coronary stents market size in 2021 was $8.56 billion in 2021, and by 2030 it is expected to reach $13.03 billion at a CAGR of 4.78% during 20201-2030.
Coronary stents market drivers
The two key factors heavily influencing the growth of this market are the increased rate of cardiovascular disease and the rising elderly population worldwide. The increasing use of alcohol, tobacco, and stress is also a major factor in heart conditions, driving the market's growth. The increase in percutaneous coronary intervention (PCI) techniques has also contributed significantly to the acceleration of the market's overall growth rate over the past few years.
Coronary stents market opportunities
It is predicted that coronary angioplasty with stenting would change how arterial disorders are treated. Future restenosis will affect 30% of individuals worldwide, but it can be successfully cured using this highly advanced and modern technology.
Another technique for cardiac surgery that has gained widespread use is the new Bioresorbable Vascular Scaffold (BVS), which is anticipated to experience rapid expansion in the next years. With a CAGR of 12.47 percent, the global BVS market is expected to generate USD 210.78 million in total revenue by 2020. In 2028, it is anticipated to reach a key milestone of USD 539.7 Million. BVS distributes antiproliferative medications to prevent restenosis and offers appropriate radial support for a considerable amount of time to avoid early recoil.
Minimally invasive surgery (MIS) is becoming more popular because it allows for shorter hospital stays and faster recovery, and this approach will see massive market growth in the future. The MIS market is growing steadily at a rate of 7.51% per year and is expected to reach USD 33.667 billion by 2028.
Market Segmentation
The global coronary stents market is divided into four segments: type, mode of delivery, end-user, and region. It is divided into three types based on the product: drug-eluting stents, bare-metal stents, and bioabsorbable vascular stents. Based on delivery modes, it is divided into Balloon- Expandable stents and Self-Expandable Stents. Based on end-user, the industry is segmented into hospitals, ambulatory surgical centers, and others. It is divided into four regions: Latin America, North America, Europe, Asia-Pacific, and the Caribbean.
- Based on type, the 'Drug-Eluting Stents (DES)' held the largest share of the market in 2020, with an overall value of USD 6.95 Billion and a CAGR of 8.77%. Factors such as an abrupt increase in adopting a sedentary lifestyle, which led to atherosclerosis, effectively boost the Drug-Eluting Stents segment.
- Based on the Mode of Delivery, the 'Balloon-Expandable Stents' segment is predicted to dominate the market during the forecasted period due to higher stent utilization, increased research activities to improve this technology, and growing regulatory approvals.
- Based on end-user, the hospital segment held the largest share of the coronary stents market in 2020 because of the increase in the rate of coronary artery diseases, government initiatives for the development of medical infrastructure, and the rise in awareness regarding treatment & management of the disease.
- North America had the largest market share in 2020 and is predicted to continue the same in the forecasted period. Heart disease kills approximately 647,000 people in the United States annually, making it one of the leading causes of death. Cardiovascular diseases account for one in every four deaths. According to the World Health Organization, cardiovascular diseases killed nearly 30.47 million people in the United States in 2018.
Major players in the coronary stents market
TERUMO CORPORATION, B. Braun Melsungen AG, STENTYS SA, Meril Life Sciences Pvt. Ltd., MicroPort Scientific Corporation, and Vascular Concepts are some prominent players operating in the coronary stents market.
The coronary stent market is expected to reach $13.03 billion by 2030, representing a CAGR of 4.78% throughout the period 2021-2030. Technological advancements, an increase in the number of percutaneous coronary intervention (PCI) procedures, an increase in the burden of CAD, an increase in demand for minimally invasive procedures, and an increase in the senior population are major factors driving the growth of this market. Furthermore, developing bioresorbable vascular scaffolds (BVS) and expanding into emerging markets provide significant growth opportunities in the market. However, alternative CAD treatment methods, stringent product approval regulations, and numerous cases of product failure and recalls may hinder the market growth during the forecast period.
