Increasing incidences of cardiovascular disorders have led to the increase in demand for coronary stents. The growth of the market is also majorly driven by increasing use of coronary stents in hospitals and growing trend of unhealthy lifestyle. Other factors driving the growth of this market include rise in complimentary repayment policies, an increase in the healthcare expenditure, growing medical tourism in developing nations, technological innovations, and increasing governmental focus to provide improved healthcare facilities. Global coronary stents market was accounted at USD 7.54 billion in 2017 and it is estimated grow at a CAGR between 7.5% to 8.0% during the forecast period 2019 to 2024.
Unhealthy lifestyle habits such as alcohol consumption & smoking, increasing consumption of junk food among adults are leading to several diseases such as heart attack, stroke, obesity, and type II diabetes. These diseases have been widely affecting the countries of Australia, the U.K., and the U.S. as the death rate here has increased to four times in the past decade from respiratory disease caused by an unhealthy lifestyle. Increasing incidences of such diseases in countries such as Australia, the U.K., and the U.S., have played a vital role in the growth of coronary stents market. Risks prevailing to the use of coronary stents without proper knowledge of insertion and removal of the device and rising regulatory pressures owing to the increasing technological changes are the factors restraining the growth of this market.
The global coronary stents market is segmented in to type, mode of delivery, material, end use, and geography. Based on type, the global coronary stents market is segmented into bare-metal stents, drug-eluting stents, and bioabsorbable stents. On the basis of mode of delivery, the market is segmented into balloon-expandable stents and self-expanding stents. The market is also segmented based on material such as metallic, cobalt, platinum, nickel titanium, stainless steel, and others. The major end users of coronary stents are covered in the report are, hospitals, cardiac centers, and ambulatory surgical centers. Among various types of stents, drug-eluted stents accounted for major share in the global coronary stents market in 2017 and this segment is further expected to remain dominant in the near future expanding at a CAGR of 7.8% from 2019 to 2024. Other application segments are also expected to showcase significant growth thereby boost the demand for coronary stents over the forecast period from 2019 to 2024.
Based on geography, the global coronary stents market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America comprises U.S., Canada, and Mexico whereas Europe would primarily cover Germany, France, UK, Italy, and Rest of Europe. The key countries included under Asia Pacific are China, Japan, India, Australia, and Rest of Asia Pacific. In Latin America, Brazil, Argentina, and Rest of Latin America are the key segments whereas in Middle East & Africa, South Africa and Rest of MEA are the key segments covered in the report. North America accounted for largest share of global coronary stents market in 2017 and accounted for 40% share of global market. Asia-Pacific is expected to witness a strong compound annual growth rate of 7.9% over the forecast period owing to the increasing expenditure in the healthcare sector coupled with the increasing awareness of coronary stent treatment among the heart patients.
The global coronary stents market is led by manufacturers such as Medtronic plc , Abbott Laboratories, Boston Scientific Corporation, Biosensors International Group, Ltd, Biotronik, B. Braun Melsungen AG, Terumo Corporation, Stentys SA, MicroPort Scientific Corporation, Meril Life Sciences Pvt. Ltd., Vascular Concepts, Translumina GmbH among others.