In 2021, the market for Coronary Stent worldwide was worth $6.7 billion US dollars. AMR Group projects that the market will reach US$ 8.7 billion by 2031, growing at a CAGR of 3.9 percent between 2022 and 2031.
Industry Overview
A coronary stent is a small, metal mesh tube that is placed inside a narrowed or blocked coronary artery to help keep it open. The stent is inserted into the artery during a minimally invasive procedure called angioplasty, which is used to treat coronary artery disease (CAD) by improving blood flow to the heart. The stent works by acting as a scaffold to hold the artery open, preventing it from collapsing or becoming blocked again. There are different types of coronary stents, including bare-metal stents, drug-eluting stents, and bioresorbable stents, each with its own advantages and disadvantages.
Market Dynamics
Coronary stents are used to treat coronary artery disease (CAD) and are placed in the narrowed or blocked coronary artery. The market dynamics of coronary stents are as follows: The increasing prevalence of CAD is one of the major factors driving the growth of the coronary stent market. Lifestyle changes such as unhealthy eating habits, sedentary lifestyle, and increasing stress levels have led to a rise in the prevalence of CAD.
The development of innovative coronary stent designs such as drug-eluting stents and bioresorbable stents is expected to drive market growth. These stents offer advantages such as reduced restenosis rates, improved drug delivery, and reduced need for antiplatelet therapy. Minimally invasive procedures are gaining popularity due to reduced hospital stay, shorter recovery time, and reduced risk of complications. Coronary stent procedures are minimally invasive and hence are preferred by patients and healthcare providers. The availability of reimbursement policies for coronary stent procedures in many countries has increased the adoption of these procedures. This has also led to the development of cost-effective stents. Increasing healthcare expenditure: The increasing healthcare expenditure in developing countries has led to the expansion of healthcare infrastructure, which is expected to drive the growth of the coronary stent market. The high cost of coronary stents is a major factor that may hinder market growth. This may limit the adoption of stents, especially in developing countries. The stringent regulatory policies for the approval of new coronary stents and the increasing scrutiny of stent safety may also hamper market growth.
COVID Impact
The COVID-19 pandemic has had a significant impact on the coronary stent market. Initially, there was a decline in the number of patients undergoing elective procedures, including angioplasty and stenting, due to restrictions on non-essential medical procedures and concerns about exposure to the virus. However, the demand for coronary stents started to pick up as healthcare systems adapted to the pandemic and began offering these procedures to patients who urgently needed them. The pandemic has also had an impact on the supply chain of coronary stents. Some manufacturers have faced challenges in sourcing raw materials and components due to disruptions in global trade and transportation. Additionally, travel restrictions have made it difficult for companies to conduct clinical trials and seek regulatory approvals for new products. The pandemic has also accelerated the adoption of telemedicine and remote patient monitoring, which may have long-term implications for the coronary stent market. As healthcare systems seek to reduce the risk of exposure to the virus, remote consultations and monitoring may become more common, which could impact the way that patients receive care for heart disease. Overall, while the pandemic has had a short-term impact on the coronary stent market, the long-term outlook remains positive as the demand for these devices is expected to continue to grow due to the aging population and the increasing prevalence of heart disease.
Regional Trend
The market for coronary stents is analyzed on a regional basis to identify trends, opportunities, challenges, and key factors driving or restraining market growth in specific geographies. Some of the major regions analyzed in the coronary stent market include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The United States is expected to dominate the coronary stent market in North America, owing to the high prevalence of coronary artery disease and a well-established healthcare system. The market growth is also driven by the increasing adoption of advanced stent technologies and favorable reimbursement policies. The European market for coronary stents is primarily driven by factors such as the high incidence of cardiovascular diseases, the presence of key players in the region, and favorable reimbursement policies. Countries such as Germany, France, and the United Kingdom are expected to contribute significantly to market growth in this region.
The Asia Pacific coronary stent market is expected to witness substantial growth during the forecast period, owing to the large patient pool, increasing healthcare expenditure, and growing awareness about advanced treatment options. China and India are the key markets contributing to the growth of the coronary stent market in the Asia Pacific region. The coronary stent market in Latin America is primarily driven by factors such as the increasing prevalence of cardiovascular diseases, improving healthcare infrastructure, and rising disposable incomes. Brazil and Mexico are expected to contribute significantly to market growth in this region. The coronary stent market in the Middle East and Africa is expected to witness moderate growth during the forecast period, owing to factors such as the increasing prevalence of cardiovascular diseases, improving healthcare infrastructure, and rising healthcare expenditure. The market growth is primarily driven by countries such as Saudi Arabia, South Africa, and the United Arab Emirates.
Competitive Landscape
The coronary stent market is highly competitive, with several global and regional players competing for market share. Some of the key players operating in the market include Abbott Laboratories, Boston Scientific Corporation, Medtronic plc, Terumo Corporation, B. Braun Melsungen AG, Biosensors International Group Ltd., Cook Medical LLC, C. R. Bard, Inc., Stentys SA, MicroPort Scientific Corporation, and Biotronik SE & Co. KG, among others. These players are constantly engaged in research and development activities to develop innovative and technologically advanced products to gain a competitive edge in the market. They are also investing in strategic initiatives such as mergers and acquisitions, partnerships, collaborations, and expansion of their product portfolios to expand their market presence and improve their revenue. In addition, these companies are focusing on establishing partnerships with hospitals and healthcare institutions to expand their customer base and enhance their market position. They are also involved in promotional activities to create awareness about their products and educate customers about the benefits of using coronary stents for treating cardiovascular diseases. Overall, the coronary stent market is expected to witness intense competition among the key players, which will drive innovation, product development, and growth in the market.
Market Segmentation
Market segmentation is the process of dividing a market into smaller groups of consumers who have similar needs and characteristics. In the case of coronary stents, the market can be segmented based on several factors, including:
Type of stent: Coronary stents can be divided into two main types: bare-metal stents (BMS) and drug-eluting stents (DES). BMS were the first type of stent to be developed, and they are made of metal alloys that help to keep the artery open after a blockage has been removed. DES, on the other hand, are coated with drugs that help to prevent the artery from narrowing again.
End-users: The market can be segmented based on the end-users, which include hospitals, clinics, and ambulatory surgical centers.
Geography: The market can be segmented based on geography, such as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Application: The market can be segmented based on the application of coronary stents, such as for treating acute coronary syndrome, coronary artery disease, and other cardiovascular diseases.
Material: The market can be segmented based on the material used to manufacture the coronary stents, such as stainless steel, cobalt-chromium alloy, platinum-chromium alloy, and nickel-titanium alloy.