Industry Outlook
The coronary stents market is set to reach US$ 15,016.2 Mn by 2030 from US$ 8031.9 Mn in 2021 promising impressive growth at a compound annual growth rate (CAGR) of 7.3% during the forecast period from 2023 to 2030. According to the research citing’s of World Health Organization (WHO) 2016 report, cardiovascular disease is responsible for the death of 17.7 million people throughout the globe. 75% of these deaths are occurring in the low and middle income countries. The major factors that increase the risk of cardiovascular disease are tobacco smoking, physical inactivity and unhealthy diet. There has been a technological revolution in the development of stents in the last 2 decades. Bare metal stents are being completely overshadowed by drug eluting stents and bioresorbable vascular scaffolds.
Food and Drug Administration (FDA) has approved bioresorbable scaffolds such as Magmaris (Biotronik) and MAGNITUDE® (Amaranth Medical, Inc.) for treating the coronary artery diseases in young population. Effective treatment guidelines have been postulated by World Health Organization (WHO) wherein people at risk for cardiovascular disease must have five servings of vegetable and fruit every day and limit salt intake to prevent heart attack and strokes. Rising public health awareness and domicile of key players drive the market growth in developed nations such as North America and Europe. Increasing medical tourism and affordable reimbursement scenario promote the market growth in Asia Pacific.
Excellent patient compliance and minimal risk of restenosis to spur the growth of drug eluting stents
In the current scenario the drug eluting stents are dominating the products segment for coronary stents market. The key drivers that spurt the market growth are excellent patient compliance and minimal risk for restenosis. The other inherent features associated with drug eluting stents are thinner struts, innovative stent structures, biodegradable polymer coating, durable metal alloys and encapsulation of more effective antiproliferative agent on the stent surface. Bare metal stents have been almost replaced in the last decade due to the risk associated with restenosis in patients suffering with diabetic cardiomyopathy. It is still the stent of first choice in developing nations on account of its low cost. Bioresorbable vascular scaffolds will register impressive growth during the forecast period 2023 to 2030 on account of factors such as elimination of stent-in-stent procedures, enhanced vessel healing and reduction in the need for dual antiplatelet therapy.
Rising prevalence of obesity and increasing demand for minimally invasive surgical procedures drives the market growth in North America
North America accounts for 40% share in coronary stents market making it the unanimous leader in the regional segment. The factors that propel the coronary stents market growth in North America are rising prevalence of obesity, unhealthy lifestyle and smoking. The increasing demand for minimally invasive surgical procedure has a positive impact on the market growth in North America. As per the latest research citing’s of European Society of Cardiology (ESC) 2016, cardiovascular disease is the leading cause of mortality in the European Union. Every year 6 million cases are reported for suffering with coronary artery disease. Effective treatment guidelines and well developed healthcare infrastructure drives the coronary stents market in Europe. Proactive initiatives taken by government healthcare agencies and supportive regulatory environment are responsible for the coronary stents market growth in Asia Pacific.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Coronary Stents market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
