Coronary Stents Market: Rising Prevalence of Coronary Artery Diseases
According to The Insight Partners market research study titled 'Coronary Stents Market to 2025 - Global Analysis and Forecasts by Type, by Absorption Rate, by Material, and End-Users, the global coronary stents market was valued at US$ 7,619.4 Mn in 2017 and is estimated to reach US$ 13,879.0 Mn by 2025. The report highlights the trends prevalent in the coronary stents market and the factors driving the market along with those that act as deterrents to its growth.
The growing geriatric population and increasing number of diabetic patients are key factors for rise in the number of the heart disease cases. For instance, as per the the American Heart Association (AHA), the number of Americans above the age of 65 and older is anticipated to grow more than double from 46 million in 2016 to nearly 98 million by 2060.The cause of the increasing number heart patients is the obesity the obese people also unknowingly invite the heart diseases and the Americans seems to be the obese due to their heavy diet. The growth of the geriatric population and the other habits factors are likely to grow the need of the coronary stent market in coming future.
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Coronary Stents Market Competitive analysis and Landscape
The key players operating in the field of Coronary Stents worldwide include Microport Scientific Corporation, Medtronic PLC, Biosensors International Group, Ltd., Abbott Laboratories, Vascular Concepts Limited, Biotronik SE & Co. Kg, Stentys SA, B. Braun Melsungen AG, Translumina GmbH, and Terumo Corporation.
The market for coronary stents is well established in the region of North America, owing to the awareness regarding medical practices and technological developments in the treatment of cardiovascular diseases. Coronary stents is mature market in some of the region such as Japan, whereas, with some recent development in countries such as India, China, Indonesia and Taiwan, the demand for these devices is expected to upsurge in the coming years. Additionally, factors such as increasing focus of industry players in India and Japan, funds and grants in China are likely to propel growth of the market.
Rising Prevalence of Coronary Artery Diseases
Cardiovascular diseases or CVDs are the disorders of the heart and blood vessels and include cerebrovascular disease, coronary heart disease, rheumatic heart disease, and other conditions. Some of the significant factors which lead to death and difficulties are the use of tobacco, unhealthy diet, and physical inactivity, which increases the risk of heart attacks and strokes. CVDs are the primary cause of death across the globe; it affects more people as compared to any other disease. For instance, in 2015, approximately 17.7 million people died from CVDs, which was 31.0% of all the global deaths. Among these, nearly 7.4 million were due to coronary heart disease, and 6.7 million were due to stroke. Among those 17 million deaths at the age of 70 due to non-communicable diseases in 2015, around 82.0% are in low- and middle-income countries, and 37.0% are caused by CVDs.
In Europe, cardiovascular disease (CVD) causes 3.9 million deaths and more than 1.8 million deaths every year in the European Union (EU). The CVD accounts for 45.0% of all deaths in Europe and 37.0% of all deaths in the country. Also, CVD is the primary reason for the death of men and women in all countries.
Owing to the factors such as rising cases of coronary artery diseases and increasing demand for the coronary stents for the treatment of the CVDs anticipated to increases the market growth in the future years.
Declining Prices of Coronary Stents
Coronary stents are a type of small mesh metal tubes that are developed for providing support to the weakened arteries in the heart. The surgery for CVD, coronary heart diseases and other heart ailments need treatments for a better and healthy lifestyle. The cost of coronary stents is the most crucial factor which is considered before using stents. But the price of the stents is declining in the last few years that becomes one of the primary reasons for more procedures to be performed. For instance, in February 2018, in India, the National Pharmaceuticals Pricing Authority (NPPA) revised the price of bare-metal stents (BES) to INR 7, 660.0 (US$ 107) from INR 7, 260.0 (~ US$ 100) and reduced the cost of drug-eluting and biodegradable stents to INR 27,890.0 (US$ 400) from INR 29,600.0 (US$ 415). The association has also listed other products and their revised prices, which are essential accessories used in the stenting procedure, including cardiac guidewire, balloon catheter and guiding wire, cardiac drug-eluting balloon, or cutting balloon and cardiac guiding catheter.
Coronary Stents Market Segmentation Review
The global coronary stents market is a matured market in the developing countries as well as developing economies worldwide. Rising prevalence of cardiovascular diseases and increasing number of surgical procedures. In the coming years, hospitals followed by cardiac centers & ambulatory surgical centers are likely to experience high demand for coronary stents. Among the coronary stents, the stents made up of cobalt, are in high demand by the doctors, followed by platinum. Furthermore, advancement in the field of molecular biology has equally enhanced the coronary stents in terms of the safe products. And the technologically advanced and cost efficient stents are expected to be the driving factors for the coronary stents market.
Some of the activities undertaken by the companies, which have promoted its growth are majorly organic developments. Companies such as MicroPort Scientific Corporation, Abbott, Terumo Corporation, and Medtronic among others have been implementing various strategies that have helped the growth of the company and in turn, have brought about various changes in the coronary stents market. The companies have utilized strategies such as product launches, and approvals of their product portfolio and area expansion for the growth of their organizations.
Global Coronary Stents Market – By Type
- Bioabsorbable Stents
- Bare-Metal Stents
- Drug-Eluting Stents
Global Coronary Stents Market – By Absorption Rate
- Slow-Absorption Rate Stents
- Fast-Absorption Rate Stents
Global Coronary Stents Market – By Material
- Stainless Steel
Global Coronary Stents Market – By End User
- Ambulatory Surgical Centers
- Cardiac Centers
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