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.
Analysts’ Views on Global Coronary Stents Market:
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%
Figure 1. Global Coronary Stents Market Share (%), by Product Type, 2023
Global Coronary Stents Market- Driver
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.
Figure 2. Global Coronary Stents Market Share (%), by Region, 2023
Global Coronary Stents Market- Regional Analysis
Among region, North America is expected to dominate the market over the forecast period. This is attributed to the increasing adoption of organic growth strategies such as product launches by key players in the region to expand their product portfolio and it is expected to drive the market growth over the forecast period. For instance, in March 2022, Shockwave Medical, Inc., a pioneer in the development of Intravascular Lithotripsy (IVL), to treat severely calcified cardiovascular disease, announced the global commercial availability of the Shockwave M5+ peripheral IVL catheter after receiving both CE Mark and U.S. Food and Drug Administration (FDA) clearance.
The European region is expected to be the second largest region over the forecast period, owing to an increasing adoption of growth strategies such as product launches by key players in the region to expand product portfolio is expected to drive the market growth over the forecast period. For instance, in April 2022, Johnson & Johnson Private Limited’s subsidiary Cordis, a worldwide leader in cardiology and endovascular devices announced that it has received European market approval for its Cypher sirolimus-eluting stent for the treatment of newly-diagnosed coronary artery lesions.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2022 | Market Size in 2023: | US$ 11,971.0 Mn |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR: | 7.93% | 2030 Value Projection: | US$ 20,423.0 Mn |
| Geographies covered: |
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| Companies covered: |
Medtronic, iVascular, Alvimedica, Alta Biomaterials, Japan Medical Device Technology Co., Ltd., Veritas Bioventions Pvt Ltd, Nano Therapeutics Pvt. Ltd, Abbott, SLTL Group, Translumina Therapeutics LLP, DSM, Arterius, Terumo Corporation, SMT, Boston Scientific Corporation, Cook, Biotronik, B. Braun SE, MicroPort Scientific Corporation, Meril Life Sciences Pvt. Ltd, C. R. Bard, Inc, KYOTO MEDICAL PLANNING Co., Ltd, QualiMed, Elixir Medical Corporation, ENDOCOR GmbH & CO. KG, Amaranth Medical, Inc. |
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Global Coronary Stents Market– Impact of Coronavirus (COVID-19) Pandemic
Coronavirus disease 2019 (COVID-19) is a highly contagious infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). According to the World Health Organization (WHO) around 40 million people were affected globally, till October 10, 2022.
However, the COVID-19 pandemic had a negative impact on the global coronary stents market due to reduced number of surgical operations during the pandemic period. For instance, in July 2020, according to an article published in the PubMed Central, a biomedical and life sciences journal, a survey was conducted and it was found that the all hospitals have had to sort the urgency of their daily surgical procedures and consider non-surgical methods wherever possible.
Global Coronary Stents Market Segmentation:
The global coronary stents market report is segmented into product type, technology, application, end user, and region
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.
Global Coronary Stents Market Cross Sectional Analysis:
In product type segment, drug eluting stents segment held a dominant position in North America region due to increasing adoption of organic growth strategies such as product launches by key players in the market to expand their product portfolio. For instance, in January 2022, Cook, a medical device company, that develops, manufactures, and distributes devices, announced that it has received breakthrough device designation from the U.S. Food and Drug Administration (FDA) on a new drug-eluting stent.
In material segment, polymeric segment is dominant in Europe due to increasing clinical trials in polymeric coronary stents, which is expected to drive the growth of global coronary stents market over the forecast period. For instance, in October 2020, Diagnostic and Interventional Cardiology (DAIC), a cardiology magazine stated that a randomized clinical trial found that drug-eluting stents (DES), with durable polymers are non-inferior to DES with biodegradable polymers in patients with acute coronary syndrome (ACS).
Global Coronary Stents Market: Key Developments
On 8 February 2023, DSM, a purpose-led global science-based company, announced its partnership with Svelte, a privately held company, focused on delivering novel products in the coronary stents market to develop DISCREET bioresorbable coating technology used with SLENDER IDS and DIRECT RX drug eluting systems (DES)
In July 2021, Abbott, one of the leading multinational pharmaceutical companies in India, stated that its product Xience Skypoint has received U.S. Food and Drug Administration (FDA) approval the Conformité Européene (CE) mark which is the European Union's (EU) mandatory conformity marking for regulating the goods sold within the European region, and Japanese Pharmaceuticals and Medical Devices Agency (PMDA) approval in Japan for the broadest expansion with the availability of extended sizes of 4.5 mm and 5 mm offerings.
On 15 June 2020, iVascular, advanced medical devices manufacturer, announced the global launch of essential pro, a novel reliable Drug Coated Balloon (DCB), essential pro is indicated for the dilatation of stenosis or coronary artery or bypass grafts occlusions, including small vessels, as well as for residual stenosis after treatment with balloon or endoprosthesis and pre-and post-dilation of coronary endovascular prosthesis.
On 31 May 2021, Alvimedica, a manufacturer of coronary stents, balloon catheters, diagnostic and guiding catheters announced the launch of its new product, NiTiDES, a highly innovative self-expanding drug eluting stent (DES) eluting a Sirolimus based formulation named Amphilimus.
Increasing product launches and approvals by regulatory authorities will increase the scope of new opportunities, which is expected to drive the growth of the global coronary stents market in the forecast period.
Global Coronary Stents Market: Restraint
High cost of angioplasty for insertion of coronary stents
Major factors that can hamper the growth of the global coronary stents market over the forecast period include high cost of angioplasty for insertion of coronary stents used for the treatment of coronary artery disease. For instance, in June 2021, a report published by Statista, a leading statistics company on the internet, stated that in the U.S., an angioplasty cost US$ 28,200.
Global Coronary Stents Market: Key Players
Major players operating in the global coronary stents market include Medtronic, iVascular, Alvimedica, Alta Biomaterials, Japan Medical Device Technology Co., Ltd., Veritas Bioventions Pvt Ltd, Nano Therapeutics Pvt. Ltd, Abbott, SLTL Group, Translumina Therapeutics LLP, DSM, Arterius, Terumo Corporation, SMT, Boston Scientific Corporation, Cook, Biotronik, B. Braun SE, MicroPort Scientific Corporation, Meril Life Sciences Pvt. Ltd, C. R. Bard, Inc., KYOTO MEDICAL PLANNING Co., Ltd, QualiMed, Elixir Medical Corporation, ENDOCOR GmbH & CO. KG, Amaranth Medical, Inc.
Definition: Coronary stents (CS) are expandable tubular metallic devices which are introduced into coronary arteries that are clogged due to an underlying atherosclerosis disease. This revascularization procedure is termed as a percutaneous coronary intervention (PCI) or coronary angioplasty with stent placement.
Coronary stents (CS) are expandable tubular metallic devices, which are introduced into coronary arteries, when the arteries are clogged due to an underlying atherosclerosis disease. This revascularization procedure is termed as a percutaneous coronary intervention (PCI) or coronary angioplasty with stent placement.
The coronary stent was first developed in the 1980s, and has continued to evolve in terms of shape, structure, and the material used within them.
Market Dynamics
Increasing product approvals by regulatory authorities is expected to drive the market growth over the forecast period. For instance, in December 2021, Svelte Medical, which is a privately-held company, dedicated to redefining the approach to coronary stenting, announced the U.S. Food and Drug Administration (FDA) approval for SLENDER Sirolimus-Eluting Coronary Stent Integrated Delivery System and DIRECT Sirolimus-Eluting Coronary Stent Rapid Exchange Delivery System, which is intended for use in patients who have a narrowing in their coronary arteries.
The increasing prevalence of coronary heart diseases is expected to drive the market growth over the forecast period. For instance, in October 2022, according to an article published by Centers for Disease Control and Prevention (CDC), stated that heart disease is the leading cause of death in the U.S. and about 20.1 million adults age 20 and older in the U.S. have Coronary Artery Disease (CAD).
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
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