April 28, 2020
As per the report titled ‘Global Coronary Stent Market Size study, by Type (Bare-Metal Stents, Drug-Eluting Stents, Bioabsorbable Stents), By Mode of Delivery (Balloon-Expandable Stents, Self-Expanding Stents) By Material ( Metallic Stents, Other Stents), By End User ( Hospitals, Cardiac Centers, Ambulatory Surgical Centers) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global coronary stent market was worth USD 8.2 billion in 2018 and is projected to expand with 7.6% CAGR during 2019-2026.
Coronary stent is a tube-shaped device used in the treatment of coronary heart disease and is placed in the coronary arteries to keep the narrowed arteries open. These stents are specifically utilized in a procedure called angioplasty or percutaneous coronary intervention (PCI) and aid in preventing the arteries from getting blocked again.
According to American Heart Association, in 2016, the number of deaths due to cardiovascular disease was approximately 17.6 million and is expected to reach 23.6 million by 2030. Whereas, as per Our World in Data organization, worldwide cardiovascular disease burden grew from 300 million in the year 2000 to 362.3 million in 2016. Hence, rising prevalence of coronary artery diseases and subsequent increase in percutaneous coronary intervention (PCI) procedures across the globe are the primary growth drivers of global coronary stent market.
Surging preference for minimally invasive procedures and growing geriatric population who are at higher risk of encountering cardiovascular disorders are enhancing the industry outlook. Furthermore, introduction of bioresorbable vascular scaffolds is anticipated to create new growth opportunities for the market. However, strict regulations and standards for product approval may hinder the market growth during the forecast period.
As per the regional analysis, global coronary stent market is divided into North America, Europe, Asia Pacific, Latin America and rest of the world. North America market is slated to record considerable growth during the estimated timeframe, owing to increasing elderly population base and high adoption of coronary stents in PCI procedures.
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Meanwhile, coronary stent market in Asia-Pacific is also projected to exhibit a strong CAGR during 2019-2026. The growth can be attributed to large population base and increased pervasiveness of cardiac disease in the regio along with the improving healthcare infrastructure.
Major players in global coronary stent market are Medtronic PLC, Boston Scientific Corporation, Abbott Laboratories, Biosensors International Group, Ltd., B. Braun Melsungen AG, Biotronik SE & Co. Kg, Stentys SA, Terumo Corporation, Meril Life Sciences Pvt. Ltd., and Microport Scientific Corporation.