Coronary Stents Market: Foresees Skyrocketing Growth in the Coming Years

Posted by rushi007 on June 20th, 2019

Coronary stents are small interventional device used for opening the blocked arteries and for prevention of re-narrowing of the arteries. The global coronary stents market report serves are a valuable tool for evaluation of coronary stents present market scenario and the trends over the forecast period of 2016 - 2026. The report delivers in depth analysis of factors driving as well as restraining the market growth and also enlightens further market opportunity for the manufacturers. Report also covers key developments and company’s strategies to grab the market share.

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Market Dynamics

Increasing product launches coupled with increasing geographical approval in drug eluting coronary stents is propelling growth of the coronary stents market. For instance, in May 2018, Abbott received the U.S. FDA approval for XIENCE Sierra, the new generation of everolimus-eluting coronary stent. The XIENCE received approval from the Japan’s regulatory body in April 2018, and CE mark from European regulatory bodies in 2017. Furthermore, companies are also evaluating and launching products with novel material, such as with metal like cobalt chromium and fully biodegradable stents. For instance, in 2017, Biotronik received FDA approval for PRO-Kinetic energy cobalt chromium-based bare metal coronary stent system to treat coronary artery blockage. However, coronary stents market is also subjected to the factors such as stringent regulatory approval policies for the interventional devices and medical complications such as restenosis and thrombosis, which are expected to restrain coronary stents market growth.

Increasing adoption of stents implantation in cardiovascular blockage is a major factor for the coronary stents market growth

Stents implantation being non-invasive surgery is increasingly gaining popularity as compared to more invasive bypass surgeries, owing to lower rate of discomfort and shorter recovery time. Moreover, cardiovascular diseases are considered as the leading cause of morbidity and mortality across the world, in turn fueling demand for coronary stents. According to American Heart Association, 2015, more than 17.3 million people die every year due to cardiovascular disease.

Moreover, increasing research initiatives by local manufacturers to enhance their regional coronary stents market share is boosting the coronary stents market growth. For instance, Qvanteq, a Switzerland-based company, is engaged in developing Qstents, a coronary stent system, consisting of various length and diameter combinations, in collaboration with Cardialysis BV, a specialized Clinical Research Organization (CRO). Such research by local manufacturers are expected to provide products at relatively lower cost, thus increasing affordability and in turn the product usage. This is expected to aid in the market growth.

Moreover, technological advancement such as nano-coated coronary stents are propelling its adoption, thus aiding in the market growth. For instance, in 2017, CeloNova BioSciences Inc. is evaluating its proprietary Cobra PzF Nanocoated Coronary Stents (NCS) in patients with high bleeding risk. Nanocoated coronary stents are alternate therapy for patients incompatible to drug eluting stents and long term antiplatelet therapy.

Factors such as risky stent implantation is expected to negatively affect growth of the market. For instance, stents implantation is prone to stents displacement and re-narrowing of the arteries. Re-blockages are addressed by administering blood-thinning drugs, which is leading to high adoption of drug eluting coronary stents.

Coronary Stents Market Regional Outlook - Asia Pacific to be the fastest growing market over the forecast period

In terms of region, the coronary stents market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa by Coherent Market Insights. Europe holds dominant position in the coronary stents market, owing to presence of large obese population with high risk of coronary blockage in the region.

According to European Heart Network’s European Cardiovascular Disease Statistics 2017, in 2015, new cases registered with cardiovascular disease in Europe was around 11.3 million with nearly 6.1 million new cases of cardiovascular disease in the European Union. The number is further expected to increase with increase in the rate of obese population.

However, Asia Pacific coronary stents market is expected to witness significant growth due to lower surgical cost in emerging countries such as India and China, which is attracting medical tourist. For instance, countries like Thailand and Malaysia is the most preferred destination for medical tourist, owing to its competitively affordable medical services. According to Malaysia Healthcare Travel Council, the country is expected to host medical facilities for more than one million medical tourist, accounting for revenues of US$ 310.4 million for 2017.

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Key players in the global coronary stents market

Major players operating in the coronary stents market include Boston Scientific Corporation, Abbott, Medtronic plc, B. Braun Melsungen AG, Stentsy SA, Terumo Interventional Systems, Kyoto Medical Planning Co., Ltd., QualiMed, Elixir Medical Corporation, ENDOCOR GmbH, BIOTRONIK SE & Co. KG, Amaranth Medical, Inc. and Arterial Remodeling Technologies SA

About Coherent Market Insights

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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Joined: February 13th, 2019
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