CORONARY STENTS MARKET ANALYSIS

Coronary Stents MarketSize and Trends

Global coronary stents market is estimated to be valued at US$ 11,971.0 million in 2023 and is expected to exhibit a CAGR of 7.93% during the forecast period (2023-2030). A coronary artery stent is a tubular device that is inserted into the coronary artery that supplies blood to the heart and keeps the artery open when treating coronary artery disease. It is used in a procedure called percutaneous coronary intervention (PCI). Coronary stents are currently used in over 90% of PCI procedures. Stents have been shown to reduce angina pectoris (chest pain), improve survival rates, and reduce the side effects of acute myocardial infarction.

Increased prevalence of coronary artery disease have raised the demand for coronary stents which is expected to drive the market growth over the forecast period. For instance, in February 2022, according to a report published on Springer Nature, which is a scientific journal, a study was conducted on 3,906 people, the prevalence of coronary artery disease was 17.0%

Market Trends:

Increasing product approvals by regulatory authorities    

The coronary stents are mostly used to treat coronary artery diseases, hence, the increasing product approvals by regulatory authorities is expected to drive the market growth over the forecast period. For instance, in May 2022, Biosensors International Group, Ltd., a manufacturer of medical devices, announced Japanese Pharmaceuticals and Medical Devices Agency (PMDA) approval for BioFreedom Ultra and U.S. Food and Drug Administration (FDA) approval for BioFreedom. 

Increasing prevalence of coronary artery diseases

Coronary stents are used for the treatment of coronary artery diseases and thus, the increasing prevalence of coronary artery diseases is expected to drive the market growth over the forecast period. For instance, in February 2022, according to an article published by Clinical Trials Arena, a leading source of data journalism on clinical trials strategy & operations, stated that coronary artery disease (CAD), inflicts a sizeable disease burden on the U.S. and remains the country’s leading cause of death.

Based on Product Type, the market is segmented into bare-metal stents, drug eluting stents, and bioabsorbable stents. Out of which, drug eluting stents segment is expected to dominate the coronary stents market during the forecast period and this is attributed to increase in the product launches by key players in the market.

Based on Material, the market is segmented into Metallic (Stainless Steel, Silicon Carbide, Titanium Nitride Oxide, Cobalt Chromium, Platinum Chromium, and Others) and Polymeric (Non-degradable/Permanent Stents and Degradable/Temporary Stents. Out of which, Polymeric segment is expected to dominate the market over the forecast period and this is attributed to increase in the use of polymeric stents for the treatment of coronary artery diseases.

Based on End User, the coronary stents market is segmented into Hospitals, Specialty Clinics, and Ambulatory Surgical Centers. Of which, Hospitals segment is expected to dominate the market over the forecast period and this is attributed to the increase in the use of coronary stents for treatment of coronary artery diseases.

Based on Region, the coronary stents market is segmented into North America, Latin America, Europe, Middle East, Asia Pacific, and Africa. Of which, North America segment is expected to dominate the market over the forecast period and this is attributed due to the increasing inorganic growth strategies such as collaboration by key players in the region.

Among all segmentation, product type segment has the highest potential due to increasing number of clinical trials, which is expected to drive the growth of the global coronary stents market in the forecast period. For instance, in March 2021, Biotronik, Inc., a medical device company, in collaboration with Biam Institute for Clinical Research, a non-profit academic research organization, and Medstar Health Research Institute, a not-for-profit healthcare organization, completed a clinical trial to ensure the safety and efficacy of BIOFLOW-V, an Orsiro Sirolimus Eluting Coronary Stent System used in the treatment of coronary artery lesions.