by Market Overview:
The Coronary Stents Market is estimated to be valued at US$ 1,303.5 Mn in 2023 and is expected to exhibit a CAGR of 13.2% over the forecast period 2023-2030. Coronary stents are medical devices that are used to restore blood flow in narrowed or blocked arteries. These stents are commonly used in patients with coronary artery disease (CAD) to maintain the flow of blood to the heart muscle. The market for coronary stents is driven by the increasing prevalence of cardiovascular diseases, advancements in stent technology, and growing demand for minimally invasive procedures. The development and adoption of bioresorbable stents are also expected to contribute to market growth.
Market Dynamics:
The Coronary Stents Market is driven by several factors. Firstly, the increasing incidence of cardiovascular diseases, such as CAD, has led to a rising demand for coronary stents. According to the World Health Organization, cardiovascular diseases are the leading cause of death globally, accounting for nearly 17.9 million deaths annually. Secondly, technological advancements in stent design and materials have resulted in improved efficacy and safety, thereby driving market growth. Bioresorbable stents, for instance, have gained significant attention due to their potential to reduce long-term complications associated with traditional metallic stents. Additionally, the growing preference for minimally invasive procedures has further fueled the adoption of coronary stents. These factors, combined with the expanding geriatric population and increasing healthcare expenditure, are expected to propel the growth of the coronary stents market in the coming years.
Market Key Trends:
The key trend in the coronary stents market is the increasing adoption of drug-eluting stents (DES). DES are stents coated with medication that helps prevent the growth of scar tissue within the stent, reducing the risk of restenosis. This trend is driven by the advantages offered by DES over bare metal stents, such as lower rates of revascularization and improved patient outcomes. Increasing R&D activities by key players to develop innovative DES with enhanced drug delivery capabilities is further fueling the market growth.
SWOT Analysis:
Strength: The Coronary Stents Market is witnessing strong growth due to the increasing prevalence of cardiovascular diseases and the rising geriatric population worldwide. Additionally, advancements in stent technology and improved patient awareness about minimally invasive procedures contribute to the market’s strength.
Weakness: One weakness of the coronary stents market is the high cost associated with these devices, limiting their accessibility in developing countries. Moreover, complications associated with stent implantation, such as stent thrombosis and restenosis, pose challenges to market growth.
Opportunity: The market presents significant growth opportunities driven by technological advancements in stent coatings, such as bioresorbable polymers and drug delivery systems. Additionally, the expanding healthcare infrastructure in emerging economies provides opportunities for market expansion.
Threats: The presence of alternative treatment options, such as bypass surgeries and percutaneous transluminal coronary angioplasty (PTCA), poses a threat to the coronary stents market. Moreover, stringent regulatory approvals and reimbursement policies may hinder market growth.
Key Takeaways:
The global coronary stents market is expected to witness high growth, exhibiting a CAGR of 13.2% over the forecast period (2023-2030). This growth can be attributed to increasing cases of cardiovascular diseases, the rise in the geriatric population, and the growing adoption of minimally invasive procedures. North America is anticipated to be the fastest-growing and dominating region in the coronary stents market due to the presence of advanced healthcare infrastructure and increasing healthcare expenditure. Europe and Asia-Pacific are also expected to contribute significantly to market growth.
Key players operating in the coronary stents market include Abbott Laboratories, Medtronic Inc, Biosensors Inc, Terumo Corporation, Boston Scientific Inc., Dickinson and Company, Cook medicals, B Braun Melsungen AG, SLTL Medical, Endocare, Cardiac Care Products, Invent Bio-med Private Limited, Nano therapeutics pvt ltd, and MIV therapeutics. These key players focus on strategic collaborations, product launches, and mergers and acquisitions to strengthen their market position and gain a competitive edge.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
