As fast as the number of people suffering from coronary arterial diseases is escalating worldwide, the healthcare sector is swiftly developing & introducing new technologies & treatments to address such issues. It is where the application of coronary stents is rising rapidly and gaining traction, especially among the obese & elderly population suffering from heart diseases.
These stents are little expandable metal materials used in percutaneous coronary intervention procedures to implant in the coronary arteries & help in regulating the blood flow in the heart. Besides, as technologies have evolved over the years in the stenting procedures, the possibility of manual errors has reduced immensely. Hence, these procedures are practiced extensively among people globally.
The Global Coronary Stents Market is projected to grow at a CAGR of around 6.9% during the forecast period, i.e., 2022-27. The growth of the market is driven primarily by the mounting demand for coronary stents to treat several cardiovascular diseases among the exponentially growing aging & obese population suffering from heart diseases & hypertension with high cholesterol levels. As people with such health conditions are more likely to face health problems, the healthcare sector is undergoing rapid research & developments to bring innovative treatments like the application of coronary stents to curb these issues.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: USA, Canada|
|Europe: Germany, France, Italy, UK, Russia|
|Asia-Pacific: China, India, Japan, South Korea, Australia|
|South America: Brazil|
|Middle East & Africa: Saudi Arabia, Israel, Turkey|
|Key Companies Profiled||Abbott Laboratories, Inc., AMG International GmbH, Biotronik SE & Co. KG, Boston Scientific Corporation, B. Braun Melsungen AG, Cook Medical, Inc., Medtronic, Inc., MicroPort Scientific Corporation, Stentys SA, Terumo Corporation|
|Unit Denominations||USD Million/Billion|
According to various surveys, the number of people suffering from obesity is escalating dramatically. It is a condition where the body begins to accumulate abnormal amounts of fat in the arteries causing multiple health problems like coronary heart disease. Hence, the demand for coronary stents is gaining traction among people with such conditions.
Besides, changing living standards & eating habits like binge eating, growing stress levels, minimal or no time for exercise, etc., are other prominent reasons behind the growing instances of coronary diseases. It, in turn, is influencing the demand for coronary stents & driving the global market worldwide.
Moreover, since coronary diseases are among the prominent causes of death in people, the need for treatments using coronary stents is escalating swiftly and augmenting the overall market growth. It, in turn, is also generating growth opportunities for the leading players to increase their research & development capabilities to offer greater benefits for the treatment in the long run and stimulate the expansion of the Global Coronary Stents Market through 2027.
Impact of Covid-19 on the Global Coronary Stents Market
The advent of Covid-19 in 2020 introduced massive pressure on the entire healthcare sector and shook several countries throughout the world. While governments imposed stringent movement restrictions & frequent lockdowns to curb the exponential spread of the dreadful disease, countries were focused entirely on managing the healthcare industry and putting everything else on a temporary hold.
As a result, most organizations had to adopt work-from-home policies. While the primary concern was the Covid-19 virus, several research & development activities associated with other health issues like coronary heart issues were suspended and, in turn, introduced growth challenges to the global market.
Besides, due to the growing Covid-19 cases, most healthcare facilities prioritized these patients & addressed the issues of only those with critical conditions. Other patients were counseled over calls & other digital mediums. Consequently, the demand for coronary stents reduced substantially amidst the crisis and brought significant financial losses for the leading market players.