Coronary Stents Market size worth over $8.7bn by 2027
Published Date: February 26, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Coronary Stents Market size is set to exceed USD 8.7 billion by 2027; according to a new research report by Global Market Insights, Inc.
Coronary stents market growth is owing to advancement in technologies, rising burden of coronary artery disease (CAD) and novel product launches. For instance, Abbott received approval from U.S. FDA for its Absorb bioresorbable heart stent. It is the only fully dissolving stent approved for coronary artery disease treatment. Such strategies of product launches by major industry players will propel the market expansion. Furthermore, regulatory bodies play a key role in managing and ensuring safety parameters of devices that will further spur the market revenue.
Rising geriatric population in developing economies is one of the major factors responsible for growing prevalence of cardiovascular disease (CVD). According to the World Population Ageing report, the population aged 65 years and above was nearly 703 million in 2019 and it is estimated that the population will reach to 1.5 billion by 2050. Geriatric population are prone to various chronic disease such as percutaneous coronary intervention and peripheral vascular procedures. Also, obesity is one of the lifestyle disorders that leads to various chronic diseases. This disorder is likely to occur in geriatric population at a faster rate. Thus, treatment of such disorders will increase the demand for coronary stents and foster the market value.
Stringent regulatory scenario will hamper the coronary stents market demand
The pharmaceutical and biotechnology industry is one of the highly regulated industries with various regulatory guidelines and rules enforced by government to protect well-being and health of the public. Strict regulatory landscape may act as a barrier for launch of new products. Also, various governments and organizations dictate guidelines and rules for safer and effective employment of various stents. For instance, European Association of Percutaneous Cardiovascular Interventions (EAPCI) provides clinical and non-clinical guidelines for stents. Furthermore, coronary stents are classified under Class III that is high risk category of medical devices, thereby the regulations for its approval are very stringent. Thus, gaining approval for coronary stents is difficult that may impact the industry growth.
Advantages associated with bare-metal stent will drive the segment growth
The bare metal stents segment accounted for USD 569.4 million in 2020. Bare-metal stent are the first stents licensed for use in cardiac arteries. These stents reduce the risk of stent thrombosis and abrupt vessel closure, thus decreasing the rate of target lesion revascularization. Additionally, increasing prevalence of coronary heart disorders across various regions of the world will further fuel the market expansion of bare metal stents.
Browse key industry insights spread across 110 pages with 114 market data tables & 16 figures & charts from the report, “Coronary Stents Market Size By Product (Drug Eluting Stent, Bare Metal Stent, Bioresorbable Vascular Scaffold), By End-use (Hospitals, Cardiac Centers, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027” in detail along with the table of contents:
Presence of advanced facilities and shorter stay in ambulatory surgical centers will attract significant customer base
Ambulatory surgical centers segment in the coronary stents market will showcase considerable growth rate of 4.2% till 2027 led by growing number of patients visiting ambulatory surgical centers for stent implantation surgeries. Presence of advanced facilities in ambulatory surgical centers coupled with single day cardiovascular surgery will increase the patient preference. In addition, low-healthcare cost along with high preference for quick recovery due to single-day discharge will augment the segment revenue.
Growing usage of coronary stents for heart disease and related disorders is the primary factor boosting the growth for European region
Europe coronary stents market is expected to reach USD 791.3 million by 2027 on account of growing usage of coronary stents for heart disease and related disorders. Moreover, rising importance of coronary stents over other outdated methods that were relatively more invasive will further accelerate the industry revenue. Increasing geriatric population in the region with the consequent incidence rate of cardiovascular disease including coronary heart disease is also a significant contributor of the market growth.
Companies undertake inorganic growth strategies to strengthen their business portfolio and revenue
The eminent players operating in the coronary stents market include Abbott, Terumo Corporation, B Braun Melsungen AG, Medtronic and Boston Scientific Corporation among others. These industry leaders focus on strategies such as innovative product development & launches, mergers & acquisitions and collaboration to garner more revenue and sustain market competition.
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