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CORONARY STENT MARKET SIZE TO CROSS $11 BILLION BY 2024, GROWING AT A CAGR OF 7% DURING 2018–2024
Coronary Stent Market Size, Share, & Trends Analysis Report by product (drug-eluting, bare metal, and bioresorbable stents), design (permanent, fully degradable), end-users (hospitals, specialty cardiology centers, ambulatory surgical centers), and geography (North America, Europe, APAC, Latin America, and MEA) Industry Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Share & Forecast, 2019 – 2024
GLOBAL CORONARY STENT MARKET SCOPE
|MARKET SIZE (REVENUE)||
Revenue (2024): $11 Billion
Compound Annual Growth Rate (CAGR): Over 7%
North America, Europe, APAC, Latin America, and Middle East & Africa
Brazil, Canada, China, France, Germany, India, Japan, Mexico, Saudi Arabia, Turkey, UK, US
Browse through the entire Table of Contents, List of Exhibits, & Charts
The coronary stent market is likely to grow at a CAGR of around 7% during 2018–2024. The growing prevalence of cardiovascular diseases (CVD), especially vascular diseases, has been a major growth driver for the global coronary stent market. Over the years, coronary stent has witnessed several technological enhancements, particularly design innovations. Manufacturers are focusing primarily on R&D activities and commercialization of innovative drug-eluting stent (DES) systems due to the high prevalence of coronary artery diseases.
Several government agencies and vendors are spreading awareness and information about the availability of the latest-generation heart stent and its advantage over conventional invasive procedure. The emergence of bioresorbable vascular scaffolds, the high growth potential of third generation DESs with low strut thickness, and new product approvals and launches are some of the primary factors accelerating the global coronary stent market growth. Many surgeons are implanting DESs with low strut thickness for treating CAD. This is expected to increase the commercialization of a diverse range of DESs with low strut thickness, thereby positively contributing to the growth of the coronary stent market globally.
Further, new product approvals are contributing majorly toward the growth of the industry and are likely to have a significant impact on the industry in the coming years. Abbott, B. Braun Melsungen, Boston Scientific, Biosensors International Group, Medtronic, BIOTRONIK, Microport Scientific, and Terumo have launched a diverse range of drug-eluting stent in recent years, which is expected to augur well for the growth of the global coronary stent market.
CORONARY STENT MARKET SEGMENTATION
The research report includes a detailed segmentation by product, design, end-users, and geography.
INSIGHTS BY PRODUCT
The high prevalence/incidence of CVDs is a major driver for the growth of drug-eluting stents. The high incidence of coronary artery disease(CAD), coupled with the increasing elderly population, is a significant factor driving the demand for drug-eluting stents.
Bare metal stent industry is growing at a steady rate. High CAD occurrences, technological advancements, and a steady increase in demand in emerging economies are factors responsible for growth of bare metal stent. Further, the demand for bare metal stent is likely to grow primarily from price-sensitive industry such as developing and low-income countries, where the uptake of PCI procedures has steadily increased over the past few years.
Bioresorbable stent segment is growing at a faster pace and is likely to witness rapid growth during the forecast period. With the availability of a few commercial and promising investigational devices, bioresorbable product is likely to offer tremendous growth opportunities for vendors in coming years.
INSIGHTS BY DESIGN
The permanent coronary stent segment is growing significantly and captured more than half of the market in 2018. Permanent heart stent is a non-degradable device made up from metal alloys such as stainless steel, cobalt chromium, and platinum chromium. They are gaining prominence due to their safety and efficacy.
Fully degradable heart stent industry is growing at a stable rate. The rise in CVDs, especially vascular diseases, has become a major growth driver for innovative fully degradable types. Further, the manufacturers are focusing on R&D activities and commercialization of innovative products such as BRSs. Several emerging and major players are actively engaged in the development and commercialization of BRSs due to their huge potential. For instance, Abbott is developing Absorb, second-generation BRS, and is actively conducting clinical trials to gain regulatory approvals.
INSIGHTS BY END-USER
Specialty cardiology centers are growing at a steady rate due to the presence of sophisticated infrastructure for the treatment of CVDs
Hospitals are the largest end-users segment in the global industry. The growing aging population, changing lifestyle patterns, and the increasing prevalence of CVDs are fueling growth. Further, a significant number of patients prefer to undergo surgeries in hospitals due to better reimbursement policies. The availability of reimbursement in hospitals is a major driver for the high volume of PCI procedures in the healthcare sector. The demand for highly advanced and innovative PCI procedures like robot-assisted techniques are being performed to implant a diverse array of drug eluting, bare metal, and bioabsorbable type.
Specialty cardiology centers and interventional cardiology training are growing at a steady rate due to the presence of sophisticated infrastructure related to the diagnosis and treatment of CVDs. Significant advances in surgical procedures and the high demand for CVD care have also contributed to the growth of the segment. ASCs are outpatient surgery centers that provide advanced healthcare facilities to patients. These centers are cost-effective and offer quality care with the minimal indirect cost of treatment. Cohesively, these factors are expected to drive the global industry during the forecast period.
INSIGHTS BY GEOGRAPHY
North America captured half of the global coronary stent market share in 2018. The presence of a large pool of patient population with CAD requiring, a high acceptance of advanced and innovative product, and high awareness toward stent-based PCI procedures have collectively supported North America’s dominance in the global industry.
Germany, the UK, France, Italy, and Spain are the major revenue contributors in the global coronary stent market in Europe. The presence of highly sophisticated healthcare infrastructure, high awareness regarding advantages of PCI procedures, and increased R&D investments on innovative coronary stents are major driver driving the Europe coronary stent market.
APAC is likely to offer lucrative opportunities for a diverse range of coronary stents. Favorable government initiatives and the growing medical tourism industry in APAC are expected to drive the coronary stent market in the region during the forecast period.
Latin America and MEA accounted small shares in 2018. Brazil and Mexico are the major revenue contributors in the Latin America region, whereas, Turkey, Saudi Arabia, South Africa, Israel, and a few Gulf countries are major revenue contributors in the MEA region.
KEY VENDOR ANALYSIS
The coronary stent market is highly dynamic due to the presence of several global, regional, and local players offering a broad range of products. Vendors, especially global players, are increasingly focusing on pursuing inorganic growth strategies such as acquisitions and investments in startup and emerging companies to expand their presence, enhance product portfolio, and improve expertise in the global industry. Leading players are focusing on implementing strategies such as product approvals, expanded indication approvals, conducting clinical trials, marketing, and promotional activities, acquisitions, increase R&D investment, and strengthen their distribution networks to enhance their industry share and presence in the coronary stent market. Abbott, Boston Scientific, Medtronic, BIOTRONIK, Terumo, Braun Melsungen, Biosensors International Group are the leading market players having signification coronary stent market share.
The global coronary stent market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Market Segmentation by Product
- Bare metal
- Fully degradable
- Specialty cardiology centers
- Ambulatory surgical centers
- North America
- Latin America
- Saudi Arabia
KEY QUESTIONS ANSWERED
- What is the coronary stent market size and growth rate during the forecast period?
- What are the factors influencing the global coronary stent market growth?
- What are top trends, drivers, restraints, and opportunities in the global industry?
- Who are the key player and what are their market shares?
- What is the impact of the COVID-19 pandemic on the coronary stent market trends?
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