Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Drug Eluting Stents Market - Insights
Drug eluting stents are small expandable mesh tube made up of medical-grade stainless steel or cobalt alloy metal, that are inserted into the coronary arteries of patients suffering with atherosclerosis. Stent helps to hold the artery open, to release a drug that prevents blockage in artery and improves blood flow in artery.
Stent are mainly used in the procedures such as coronary angioplasty. Drug eluting stents are used in the treatment of coronary artery disease and coronary angioplasty such as percutaneous coronary interventions (PCI) and others. Drug eluting stents comprises three parts, which includes the stent platform, polymer coating (which holds the drug into the stent), and the drug.
The global drug eluting stents market is estimated to be valued at US$ 2,410.8 million in 2019, and is expected to witness a CAGR of 6.4% during the forecast period (2019–2027).
Figure 1. Global Drug Eluting Stents Market Share (%), By Drug, (2019)
Source: Coherent Market Insights Analysis (2020)
Increasing product approvals are expected to drive the global drug eluting stents market growth over the forecast period
Manufacturers of drug eluting stents are focused on gaining regulatory approval to market their products and fulfill the unmet medical needs in cardiac care. For instance, in September 2018, the U.S. Food and Drug Administration (FDA) approved ‘Eluvia’ Drug-Eluting Vascular Stent System of Boston Scientific, which is used in the treatment of peripheral artery disease.
Moreover, in February 2018, Medtronic Plc, received the U.S. Food and Drug Administration (FDA) approval for its product ‘Resolute Onyx’, it is a 2.0-mm drug-eluting stent (DES), and is one of the smallest drug eluting stent available in the U.S.
Increasing prevalence of cardiovascular diseases are expected to drive demand for treatment and surgical intervention, which in turn is expected to fuel global drug eluting stents market growth
Increasing prevalence of several cardiovascular disease conditions such as heart attack, abnormal heart rhythms, heart failure, heart valve disease, congenital heart disease, and others affecting the function of the heart is expected to propel the global drug eluting stents market growth. For instance, according to the World Health Organization (WHO) in 2015, around 17.7 million people suffered from cardiovascular diseases globally, of which 7.4 million people suffered from coronary heart disease and 6.7 million were encountered from heart stroke.
Rising incidence in cardiovascular disease is expected to increase demand of drug eluting stents, which is further expected to fuel global drug eluting stents market growth over the forecast period. Moreover, unhealthy dietary habits, lack of exercise, and sedentary lifestyles are the major factors that results in increasing prevalence of cardiovascular disease, which leads in increasing mortality rate. For instance, according to the American Heart Association (AHA) in U.S. 2016, around 801,000 deaths were reported due to cardiovascular diseases and around 92.1 million U.S. adults suffered with some form of cardiovascular diseases. Furthermore according to the same source coronary heart disease leads to 45.1% percent death in the U.S. and around 31% of the global deaths.
Global Drug Eluting Stents Market- Regional Analysis
Regional segmentation of the global drug eluting stents market comprises North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is expected to hold a dominant position in the global drug eluting stent market over the forecast period, owing to increasing product launches and product approval and presence of major players in the region. For instance, in January 2013, Abbott received the U.S. Food and Drug Administration (FDA) approval to launch ‘XIENCE Xpedition’ everolimus eluting coronary stent system in U.S.
Moreover, key players such as XTENT, Inc., Boston Scientific Corporation, Biosensors International Group, and others are focused on product development and gaining product approvals from regulatory bodies which is expected to drive the drug eluting stents market growth in North America region.
Furthermore, Asia Pacific is expected to witness significant growth in the global drug eluting stents market over the forecast period, owing to increasing technological advancements and development of new products by key players. For instance, in September 2018, MicroPort Scientific Corporation, a China-based healthcare company developed ‘Firehawk’, a drug-eluting stent that is used for treating patients with coronary artery disease. Firehawk is a new generation Rapamycin target eluting coronary stent system.
Figure 2: Global Drug Eluting Stents Market Share (%), By Region, (2019 & 2027)
Source: Coherent Market Insights (2019)
Major factors restraining the global drug eluting stents market growth include product recall. For instance, in October 2013, U.S. FDA sent recall letter to Medtronic plc, for recalling their product
‘Resolute Integrity’ Zotarolimus-eluting Coronary Stent, due to incorrectly mentioned product diameter 2.25 mm instead of the 3.0mm in compliance chart of the product. Moreover, in November 2017, Boston Scientific initiated a voluntary recall of its 150mm ‘Eluvia’ drug-eluting vascular stent, as well as its 180mm and 200mm ‘Innova’ self-expanding stent system, according to a document filed by the Federal Institute for Drugs and Medical Devices in Germany.
Key players operating in the global drug eluting stents market include Boston Scientific Corporation, Medtronic, Plc, Abbott Laboratories, Biosensors International Group, Biotronik, Lepu Medical Technology, Terumo Medical Corporation, Cook Medical, Shandong JW Medical Systems, Stentys, Abbott Vascular Inc., AlviMedica Medical Technologies Inc., Amaranth Medical, Inc., HangZhou HuaAn Biotechnology Co., Ltd, XTENT, Inc., Cardionovum GmbH, Cordis Corporation, and Kyoto Medical Planning Co., Ltd.