Coronary stents market: growth drivers, and regional analysis

Expandable tubular metallic implants known as coronary stents (CS) are placed inside coronary arteries that have stenosis as a result of underlying atherosclerotic disease. The prevalence of cardiovascular illnesses and heart failure is rising along with the technological developments in medical stents. The market for coronary stents is expanding as a result of the rising number of disorders, including diabetes and obesity that can cause heart attacks, as well as the shifting lifestyle preferences in children and adolescents.

In 2022, the market for coronary stents was $8.82 billion, and by 2030 it will reach USD 16.14 billion, growing at a 7.82% CAGR during the forecast period. 

The global coronary stent market will likely expand over the forecast period due to rising patient pools and hospitalization due to the rising frequency of cardiovascular and lifestyle diseases, rising geriatric population, and rising need for treatment of various cardiovascular diseases and conditions. WHO states that cardiovascular disease is the most prevalent factor causing death worldwide.

Market Dynamics 

Drivers 

• The requirement for coronary stents as a treatment for the rising prevalence of coronary artery disorders is anticipated to fuel market expansion. For instance, per a report by the World Health Organization in February 2023, cardiovascular diseases (CVDs) are the prevalent cause of death globally, causing 17.9 million fatalities yearly.
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• Throughout the projected period, regulatory bodies are anticipated to approve more products, which will fuel market expansion. The U.S. Food & Drug Administration approved Biosensors International Group, Ltd.’s Biolimus A9 coated polymer-free coronary stent systems in April 2022. This company specializes in developing and marketing critical care catheter systems and related equipment.

Restraints

The complexity of utilizing coronary stents could hinder progress despite the increasing demand for therapeutic alternatives. Furthermore, severe regulatory limitations on product licenses will impede market expansion.

Opportunity 

The market for coronary stents has considerable potential due to bioresorbable vascular scaffolds. These possibilities advance the market’s growth over the course of the estimate. The development of a (BVS) bioresorbable vascular framework and the resulting expansion of business sectors present the coronary stent industry with promising prospects. However, traditional methods of treating coronary artery disease and strict guidelines for product approval may limit the market’s growth throughout the projected period.

Market Segmentation

By Type

On the basis of type, the coronary stents market is segmented into Covered stents, drug-eluting stents, bioresorbable stents, bare metal stents, and others.

 In 2021, the drug-eluting stents segment ruled the market with a revenue share of nearly 27%. The supremacy of DES as the finest tool for PCI systems is supported by the continuous development and adoption of the most recent devices. The market prospects continue developing and building the technologically sophisticated DES, such as XIENCE Skypoint, Resolute Onyx from Medtronic, Synergy from Boston Scientific, and Abbott Laboratories.

By Mode of delivery 

On the basis of mode of delivery, the coronary stents market is segment into self-expandable and balloon expandable.

The expandable self-expandable segment led the market with a revenue share of nearly 57.5% in 2021. It is because self-expandable stents are extremely productive, and numerous companies are the operating actively around the world.

By End-User

On the basis of end-user, the coronary stents market is segment into Hospitals, ambulatory surgery facilities, specialized clinics, and others. 

Hospitals led the market, with a market share of roughly 25% in 2021. It is due to the increasing number of urgent procedures, such as angioplasty, usually conducted in the hospital settings due to the advanced facilities required for such demanding procedural interventions. 

Regional Analysis 

In 2021, the North American region overtook Europe as the leading market for coronary stents, with a revenue share of nearly 34.5%. Obesity is a major factor driving the North American coronary stents market in the United States due to the way of life and eating habits there. Obesity can result in cardiovascular disorders like stroke, ischemic heart disease (IHD), and heart attack.

The market has also grown due to the technological developments in coronary stent technologies. Such as biodegradable materials and drug-eluting stents. The presence of established players like Abbott & Boston and Medtronic is driving the growth of the market in the area.

The market for coronary stents in the Asia Pacific will expand rapidly in terms of revenue. The regional market is drive by improved CAD screening, economic expansion, regulatory revisions, and notably favorable reimbursement in select nations, including Australia and South Korea. Additionally, this industry is being impact by growing government investment in healthcare and new initiatives to provide products at cheap costs in cost-constrained regions like India and China.

Key Players

• Biosensors International Group Limited
• Medtronic plc
• Boston Scientific Corporation
• BIOTRONIK SE & Co. KG
• Braun Melsungen AG
• Cook Medical
• Vascular Concepts
• MicroPort Scientific Corporation
• Terumo Corporation
• Abbott
• Meril Life Sciences Pvt. Ltd
• STENTYS SA
• Transluminal

In 2022, the market for coronary stents was 8.82 billion, and by 2030. It will reach USD 16.14 billion, growing at a 7.82% CAGR during the forecast period. The market is growing due to factors such as rising heart and circulatory disease rates, supportive government policies. An increase in cardiac operations, and an aging population with heart-related illnesses. Additionally, the majority of diabetic patients require ongoing medical care. Which increases hospitalization and fuels the rise in demand for coronary stents.