Market Definition
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.
Market Insights
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.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR (2022-2027) | 6.9% |
| 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.
Market Segmentation
Based on Stent Type:
Amongst them all, Drug-Eluting stents are anticipated to dominate the Global Coronary Stents Market with the largest share during 2022-27. It attributes principally to the mounting popularity & demand for these stents due to their medicine-coated layer on the metal that helps in reopening the artery & keeping it like that. In addition, with the surging cases of coronary diseases among the aging & obese population, the demand for these stents is escalating swiftly and augmenting the overall market growth.
Besides, these stents are highly beneficial in preventing plaque build-up, relieving chest pain, improving blood flow to the heart, and reducing the chances of a heart attack, i.e., another crucial aspect augmenting the demand for drug-eluting stents and driving the global market.
Based on the Deployment:
Here, self-expandable stents are expecting the largest market share during 2022-27, principally due to the rising awareness among patients about the clinically proven efficiency of these stents, i.e., resulting in their growing popularity & demand across both local & regional markets worldwide.
Besides, constant advancements in self-expandable stents & their benefits like feasibility in treating acute myocardial infarction, their ability to keep up with the artery expansion with a quite accurate apposition, etc., are other prominent factors promoting their demand and driving the global market.
Regional Landscape
Geographically, the Global Coronary Stents Market expands across:
Amongst all regions globally, North America acquired the largest share in the Coronary Stents Market in previous years, and the same trend is projected over the forecast years. It owes to the burgeoning government focus on expanding the healthcare sector across different countries, i.e., demonstrating massive investments and R&D activities and benefiting the coronary stents market across the region as more emphasis is now on addressing various heart diseases.
Besides, the rising patient pool of obesity is also infusing the need for treatments like coronary stents and, in turn, augmenting the regional market growth. Moreover, the increasing cases of heart diseases among people owing to their changing lifestyles, increased stress levels, & weak immune systems also project remunerative opportunities for the regional market through 2027.
On the other hand, Asia-Pacific is expected to register the fastest market growth over the forecast years, principally due to countries like China & India, the prominent consumers of coronary stents, with massive import business to cater to the burgeoning requirements of healthcare facilities.
Besides, immense government support through substantial investments, clinical trials, and the rapidly expanding healthcare industry are other crucial aspects projected to play a crucial role in accelerating the growth of the Coronary Stents Market across Asia-Pacific in the coming years.
Recent Developments in the Global Coronary Stents Market
Market Dynamics
Key Driver: Rapid & Significant Improvements in Coronary Stents
With the burgeoning demand for coronary stents, the leading players in the industry are conducting rigorous research & development activities to bring innovations in stents like reduced thickness, easy deliveries in torturous vessels, longer lengths, smaller diameters, etc. It would offer greater benefits & minimal side effects to the patients, which, in turn, would play a crucial role in driving the Global Coronary Stents Market during 2022-27.
Possible Restraint: Possible Side Effects & Stringent Government Approvals
While the demand for coronary stents is escalating swiftly across different countries worldwide, the possibilities of side effects like Chest discomfort (angina), tiredness, dizziness, nausea, and weakness, among others, might restrain the growth of the Global Coronary Stents Market during 2022-27. Moreover, stringent norms by governments of some countries to practice coronary stents for heart issues is another aspect that might affect the fledged market growth in the years to come.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Coronary Stents Market is projected to grow at around 6.9% CAGR during 2022-27.
A. The active participation of the leading players through R&D activities to bring innovations in stents & minimize side effects is driving the Global Coronary Stents Market. On the other hand, rising concerns over the possibilities of severe side effects entwined with stringent government approvals for clinical trials might restrain the market growth in the coming years.
A. Drug-Eluting stents are anticipated to emerge as an area of remunerative opportunities for the leading players in the Global Coronary Stents Market over the forecast years.
