Global Coronary Stent Market 2020-2026
Global Coronary Stent Market Size, Share & Trends Analysis Report by Mode of Delivery (Balloon-Expandable Stents, Self-Expanding Stents), By Type (Bare-Metal Stents, Drug-Eluting Stents, and Bioabsorbable Stents), Forecast Period 2021-2027
The global coronary stent market is anticipated to grow at a CAGR of around 6.9% during the forecast period. A coronary stent is a mesh-like small elastic tube made up of metal such as cobalt alloy or stainless steel that acts as support. Stents are attached to small balloons and opened inside the artery to support the vessel wall and reinstate blood flow. Stenting is relatively more comfortable for patients in comparison to coronary artery bypass heart surgery as it does not involve any major incision.
Some of the key factors driving the growth of the global coronary stent market include the rise in the global health care expenditure, growing diabetic population coupled with the increased consumption of alcohol, increase in hypertension, and ageing population. However, pricing pressure, regulatory issues for product approval and complications associated with implantation of stents, product failure and availability of alternative treatment options for coronary artery disease will be restraining the growth of the market.
The global coronary stent market is segmented based on the mode of delivery and type. Based on mode of the delivery, the market is segmented into balloon-expandable stents and self-expanding stents. Based on type, the market is segmented into bare-metal stents, drug-eluting stents, bioabsorbable stents.
Global Coronary Stent Market Share by Type, 2020 (%)
Source: OMR Global
Drug-Eluting Stent is Projected to Contribute a Prominent Share to the Coronary Stent Market
Among type, the drug-eluting stent is projected to contribute a prominent share in the market owing to its better treatment outcomes and its availability at a lower re-obstruction rate. This stent is coated with time-release medicine, where the medication is released into the blood vessel gradually that prevents it from becoming blocked. Drug-eluting stents support preventing plaque buildup relieves chest pain and promotes better flow of blood into the heart. This also reduced the risks of a heart attack. The drug-eluting stent is generally made with a polymer coating that is in form of a metallic, an antirestenotic drug mixed with the polymer.
First-generation drug-eluting stents consist of sirolimus-eluting stents and paclitaxel-eluting stents. The further second generation of drug-eluting stents includes zotarolimus and everolimus-eluting stents. According to American Heart Association, the incremental cost of DES is $1600 currently per stent. The introduction of drug-eluting stents has become the first device that substantially reduces restenosis after stent implantation. The stent delivers high concentrations of either antiproliferative or immunomodulatory compounds for arterial injury and controls the delivery through polymer-based drug release. However, the stent is also associated with certain risks such as kidney damage, bleeding, clotting, abnormal heart rhythm, stroke and others. Despite such risks, the clinical efficacy of DES supports in reducing restenosis undoubtfully.
The global coronary stent market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to have a significant share in the market owing to the increasing patient population with coronary heart diseases, increasing investment in healthcare facilities. There are a large number of coronary stents manufacturers in the US which is resulting in the awareness about the risk factors associated with coronary heart diseases that are resulting in the growth of the market in the region.
Source: OMR Global
Asia-Pacific Will Have Considerable Growth in the Global Coronary Stent Market
Asia-Pacific region is expected to show a lucrative growth rate in the future years. Economic developments and government reforms, especially in countries such as China and India, are supporting the regional growth of the market. Further, a large pool of ageing population with cardiovascular disease, rising PCI procedures, improved reimbursement scenario, and low manufacturing cost of coronary stents in the region are fueling the growth of the market in the region. Other factors such as increased addiction to smoking, and adults influenced by western culture also the factors contributing to the growth of the market.
Market Players Outlook
Some of the key players of the coronary stent market include Abbott Laboratories, Boston Scientific Corp, Biotronik, Medtronic PLC and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers, and acquisitions, collaborations, and new product launch, to stay competitive in the market.
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