Coronary stents are skeletal, mesh-like tubes inserted into blocked coronary arteries to restore normal blood flow to the heart. Made with different materials like metal alloys and polymers, coronary stents help mechanically prop open narrowed or closed arteries and keep them open. They play a crucial role in percutaneous coronary intervention (PCI) procedures. The need for coronary stents arises due to cardiovascular conditions like coronary artery disease and myocardial infarction. Coronary stents dramatically improve symptoms, function, and quality of life for patients suffering from blocked arteries. Their minimally invasive nature and quick recovery times compared to open-heart surgeries make them highly preferable.
The Global Coronary Stents Market is estimated to be valued at US$ 11,971.0 Mn in 2023 and is expected to exhibit a CAGR of 7.93% over the forecast period from 2023 to 2030.
Key Takeaways
Key players operating in the Coronary Stents are Medtronic, iVascular, Alvimedica, Alta Biomaterials, Japan Medical Device Technology Co., Ltd., Veritas Bioventions Pvt Ltd, Nano Therapeutics Pvt. Ltd, Abbott, SLTL Group, Translumina Therapeutics LLP, DSM, Arterius. The growing prevalence of cardiovascular diseases and rising geriatric population are key factors fueling the demand for coronary stents globally. Various initiatives by market players and governments to spread awareness about heart diseases and availability of reimbursement schemes are also propelling the market growth.
The rising incidence of lifestyle disorders like diabetes, obesity, and high blood pressure cases triggering cardiovascular complications has increased the demand for coronary stents significantly. According to the American College of Cardiology, over 37% of the U.S. population suffers from some form of cardiovascular disease. As per WHO, cardiovascular diseases accounted for over 17 million deaths in 2015.
Owing to increasing healthcare expenditure, proliferating medical tourism, and rising focus on expanding healthcare access in developing nations, the Coronary Stents Market Size is witnessing promising growth opportunities across major global regions. The emergence of bioresorbable stents and advent of drug-eluting stents are further aiding global market expansion for coronary stents.
Market Key Trends
Usage of biodegradable/bioresorbable stents is one of the key trends being witnessed in the coronary stents market. Made from biodegradable polymers, these stents dissolve and disappear from the body after fulfilling their purpose of keeping the artery open. They overcome limitations of permanent metal stents and eliminate complications from lifelong dual anti-platelet therapy. This promotes natural restoration of vessel mechanics and vasomotion. Leading players are extensively conducting clinical trials to demonstrate safety and efficacy of bioresorbable stents. Their approval and successful commercialization is expected to disrupt the coronary stents market in coming years.
Porter’s Analysis
Threat of new entrants: High barrier for entry due to high cost of R&D and specialised manufacturing process.
Bargaining power of buyers: Limited bargaining power due to non-availability of close substitutes.
Bargaining power of suppliers: High dependence on raw material suppliers but suppliers hold low bargaining power due to availability of substitute suppliers.
Threat of new substitutes: Limited risk from new substitutes as Coronary stents have proven long-term clinical efficacy over alternatives.
Competitive rivalry: Strong competition among major players to gain market share through continuous innovation.
Geographical Regions
North America dominates the global coronary stents market, holding the largest market share in terms of value. This is attributed to the growing adoption of advanced stents as well as increasing incidence of coronary artery diseases in the region.
Asia Pacific is expected to witness the fastest growth over the forecast period owing to robust healthcare spending, rising awareness regarding cardiovascular diseases and large patient pool. Expanding medical tourism industry in India and China further supports the regional market expansion.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)