Increasing prevalence of heart diseases like Coronary Heart Disease (CHD), Cardiovascular Disease (CVD), Stroke and Coronary Artery Disease (CAD) — the leading cause of fatalities in men and women globally, may influence the demand for coronary heart surgeries and devices over the next five years and lead to spiraling demand for coronary stents.
The global coronary stents market is expected to reach USD 15.18 billion by 2024 due to increasing cardiovascular risks, changing life styles and habits like — smoking, physical inactivity, and unhealthy diet. These factors besides hampering the health of the heart are a leading cause of hypertension, obesity and blockage in the arteries.
Coronary stents are small elastic tubes used for the treatment of narrowed and blocked arteries in patients suffering from coronary artery disease (CAD). The stents also called heart stents or cardiac stents reduce the symptoms of chest pain (angina) and aid in the treatment of heart attack. The stents are implanted in the constricted coronary arteries using a technique known as angioplasty.
The coronary stent market has witnessed a significant growth due to contribution from market players, technological advancement and growing heart diseases across the globe and is expected to grow significantly during 2018-2023.
According to American Heart Association, CAD is the most common type of heart disease, globally, and is estimated to remain on top for the next 20 years. Every year around 3.4 million women and 3.8 million men lose their life due to CAD. Such high incidences of CHDs are driving the global coronary stent market.
As per CDC more than one-third population in the U.S. is obese leading to vascular disorders and thus boosting the demand for these products.
Major factors driving the growth of coronary stents market include technological advancements, increasing number of percutaneous coronary intervention (PCI) procedures, rising burden of CAD, increasing demand for minimally invasive procedures, and rising geriatric population.
Increased prevalence of CAD, development of bio-resorbable vascular scaffold (BVS), improved patient outcomes with stenting and emergence of new trends provide significant opportunities in the growth of the global coronary stents market.
In addition, increase in demand for coronary stents from the emerging countries and growth in awareness about availability of suitable insurance and reimbursement policies provide opportunities to the coronary stents manufacturers.
The coronary stent market is categorized into bare-metal stents, drug-eluting stents and bio-absorbable stents.
There was a time when metallic biomaterial stents dominated three-fourths of the market, due to their cost-effectiveness and effective vascular healing as compared to other materials. These days bio absorbable stents are in great demand because the help to restore normal vasomotion, improve abnormal endothelial function, and lower the risk of complications such as thrombosis and inflammation.
Key Findings about the Coronary Stents Market:
- There was a time when metallic stents were in great demand
- Today the demand for bio-absorbable stents is more and growing at a highest rate
- Asia-Pacific will be a dominant player in the Coronary Stents Market
- China used to occupy one-fourth share of the total Asia-Pacific coronary stents market
- India is expected to grow faster
- Rise in geriatric population is the reason behind the growth of coronary stents in Asia-Pacific region.
Key players in the coronary stent market include Abbott Laboratories (U.S.), Medtronic plc (Ireland), Biosensors International Group (Singapore), Boston Scientific Corporation (U.S.), C. R. Bard Inc., Medtronic plc., Microport Scientific Corporation (China), B. Braun Melsungen AG, Terumo Corporation (Japan), Biotronik SE & Co. KG (Germany), Biosensors International Group and Stentys SA (France).
Some of the other prominent players in the coronary stents market include Meril Life Sciences Pvt. Ltd. (India), Vascular Concepts Limited (India), Translumina GmbH (Germany), Reva Medical, and Elixir Medical Corporation.