Coronary Stent Market Size, Share & Industry Analysis, By Stent Type (Drug-Eluting Stent, Bioresorbable Stent, Bare Metal Stent, Covered Stent, Others), By Deployment (Self-expandable, Balloon-expandable), By End User (Hospitals & Ambulatory Surgical Centers, Specialty Clinics, Others) and Regional Forecast, 2020-2032

The global coronary stent market size was valued at USD 5.91 billion in 2019 and is projected to reach USD 11.35 billion by 2032, exhibiting a CAGR of 6.8% during the forecast period. North America dominated the coronary stent market with a market share of 39.76% in 2019.

Currently, millions of people are suffering from coronary arterial diseases worldwide. With the help of local anesthesia and mild sedatives, angioplasty has become a popular choice among the patients suffering from atherosclerosis & heart attacks. Coronary stents are small expandable metal mesh used in percutaneous coronary intervention procedures for implantation in the coronary arteries. They help regulate the blood flow to the heart. Technological developments in stenting procedures have resulted in the reduction of manual errors during the surgery and have emerged as the factor that is driving the market. This is expected to boost the adoption of these products among cardiologists in emerging and developed countries. Moreover, refined reimbursements for percutaneous coronary intervention procedure are anticipated to propel the market growth during the forecast period.

However, due to uncertainties regarding the duration and impact of the COVID-19 pandemic, the market is estimated to witness a sudden decline in its growth rate. This is majorly due to the deferred procedures as a result of the pandemic. Moreover, major player such as Medtronic, reported segmental decline in its revenue owing to factors such as reduction in quarter-end customer bulk purchases and decline in deferrable procedure volumes. Hence, the aforementioned factors are anticipated to pose hindrance in the market growth for a certain period of time.

LATEST TRENDS

Continuous Innovations and Enhancements in these Products to Contribute to Market Growth

There have been continuous enhancements pertaining to stents, most of the focus has been on minute refinements such as reduction of stent strut thickness, making stents more deliverable in tortuous vessels, and launching longer lengths or smaller diameters of these stents. For instance, one of the recent advancements of stent was the launch of the Xience Sierra that achieved U.S. FDA clearance in 2018. Enhancements include increased flexibility, a thinner profile, small diameters and longer lengths to address critical percutaneous coronary interventions (PCI). Hence, such modifications to improve patient’s experience and eliminate procedural complexities will aid market growth. 

DRIVING FACTORS

Increasing Prevalence of Coronary Heart Diseases across the Globe will Facilitate Market Growth

Increasing prevalence of coronary heart disorders across the world is one of the primary factors augmenting the market growth during the forecast period. Increasing habits of binge eating coupled with sedentary lifestyles and growing stress levels are responsible for the rise in prevalence of heart disorders. Heart disease is the leading cause of death for both women and men in the U.S. As per the Centers for Disease Control and Prevention (CDC), About 647,000 people in the U.S. die from heart disease every year. More than 18 million people in the U.S. are suffering from cardiovascular diseases. Coronary heart disorder is the most common form of cardiovascular disease, killing 365,914 people in 2017. Hence, rising patient pool and prevalence of heart ailments are estimated to elicit lucrative growth of the coronary stent market during the forecast period.

Rapid Technological Advancements will Bolster Growth

For several decades, coronary stents have been used in coronary and peripheral procedures for sealing the perforation in the arteries. Currently, the field of percutaneous coronary intervention is witnessing many advances to make it safe and effective for treatment during complex coronary artery disease surgeries. Several large scale manufacturing companies in the healthcare industry aim in development of technologically advanced products for enhanced deliverability, safety, and efficacy of stents. For instance, in February 2018, Medtronic gained FDA approval for its Resolute Onyx 2 mm. It is one of the smallest-sized drug-eluting stents in the market. These rapid advancements, along with demand for effective and minimal invasive surgery, is anticipated to open up a huge potential for the Coronary Stent market growth.

RESTRAINING FACTORS

Side Effects Associated with Coronary Stents Might Restrict Growth  

Despite the increasing demand for treatment solutions, the side effects associated with the use of coronary stents might hinder growth up to a certain extent. Moreover, stringent government regulations pertaining to product approval will further restrict market growth. Hence the aforementioned factors are the primary reasons restricting growth.

SEGMENTATION

By Stent Type Analysis

Increasing Demand for Drug-eluting Stents will Stimulate Growth

Based on stent type, the market is segmented into drug-eluting stent, bioresorbable stent, bare metal stent, covered stent and others. The drug-eluting stents segment is anticipated to dominate the market across the analysis period owing to the increasing demand for these stents. Introduction of novel drugs in eluting stents by leading manufacturers and their widespread distribution globally is responsible for the dominance of the segment in 2019. Drug-eluting stents segment is anticipated to emerge leading throughout the forecast period. However, owing to the outbreak of Covid 19 pandemic the market is anticipated to witness a decline during the fiscal year 2020 to 2021 and thereby reflecting the post pandemic effects for a certain period of time.

Bioresorbable stent on the other hand is anticipated to witness substantial growth rate across the forecast period. Increasing prevalence of cardiac disorders on a global scale is one of the most prominent factors propelling demand for the bioresorbable stents. Increasing rate of geriatric population is another significant factor boosting market growth since people above the age 60 years are more prone towards chronic ailments such as cardiovascular diseases. Hence, the aforementioned factors are anticipated to boost the market growth across the analysis period. 

By Deployment Analysis

Clinically Proven Efficiency of Self-expandable Stents to Help the Segment Grow  

Based on deployment, this coronary stent market segments include self-expandable & balloon expandable. Clinically proven efficiency of self-expandable stents and emerging local & regional manufacturers across the globe are major factors for the estimated dominance of self-expandable stents in the market. Moreover, the introduction of novel self-expandable stents demonstrates its feasibility in the treatment of acute myocardial infarction and its ability to follow the enlargement of the artery with near perfect apposition. Hence, such clinical efficacy pertaining to self-expandable stents will significantly drive segmental growth across the forecast period.

The balloon expandable segment, on the other hand, is estimated to witness stable growth during the analysis period. Increasing prevalence of heart disorders coupled with growing research pertaining to the development of technologically advanced medical stents will considerably augment market growth.   

By End User Analysis

Rising Number of Dermatology Clinics across Globe will Propel Segment Growth

Based on end-users, the market segments include hospitals & ambulatory surgery centers, specialty clinics, and others. The hospital segment is estimated to hold a major market share owing to the increasing number of critical surgeries such as angioplasty that are primarily performed in the hospital settings. This is due to the presence of state-of-the-art facilities required for such complex procedural interventions. Moreover, increasing number of partnerships with major market players will further stimulate segmental growth. However, owing to the outbreak of coronavirus in 2020, several elective cardiac procedures are kept on hold. Hence, this might result in a relatively sluggish growth of the segment.

The specialty clinics segment is estimated to witness lucrative growth across the forecast timeframe. High growth is attributed to factors such as increasing number of specialty clinics, coupled with growing number of cardiologists across the globe. Moreover, the rising awareness among people about several benefits of coronary stents is another important factor drawing patient pool towards these facilities, thereby augmenting the growth of this segment during the forecast period.  

REGIONAL INSIGHTS

Geographically, this coronary stent market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these, North America held a lion’s share in 2019. This growth is attributable to the growing prevalence of cardiovascular disorders in the region. According to several research studies conducted by researchers, the population in North America have higher chances of developing heart diseases due to the increasing adoption of sedentary lifestyle, growing binge eating habits, and a higher rate of cigarette consumptions that ultimately leads to weak immune system and increase in the stress level. These factors strongly contribute to the natural progression of cardiac disease over time.

Increasing prevalence of heart disorders has helped the region to become a potential market for investors. Additionally, the establishment of specialty clinics in the region, coupled with higher investments in the advancements of the coronary stents is contributing to the regional. Moreover, the presence of major players in the U.S. is another significant growth augmenting factor.

Asia Pacific, on the other hand, is forecasted to witness lucrative growth across the forecast period. High growth is attributable to the increased supply of coronary stents in hospitals and cardiology clinics, especially in countries such as China & India. Furthermore, ongoing clinical trials on development of novel, effective, and safe products in these countries is another considerable factor propelling regional growth. Additionally, rising angioplasty surgeries in Middle East and Africa are expected to propel the expansion of this market during 2019-2027. 

KEY INDUSTRY PLAYERS

Abbott, Medtronic, and Boston Scientific Corporation are the Leading Companies in the Market

The competitive landscape of this market is consolidated in nature. The market exhibits a low level of fragmentation, with few major players holding the dominant share. However, it is estimated that over the coming few years the market will experience the phase of minimal fragmentation as various new players are penetrating the industry.

Few of the players operating in this market are Abbott, Boston Scientific Corporation, Medtronic, Biotronik SE & Co. KG, Cardinal Health, Cook, C. R. Bard, Inc., MicroPort Scientific Corporation, Terumo Corporation and few others. Among these, Medtronic, plc. is one of the top players devoted to constant rigorous research and development of the novel medical stents. For instance, in May 2018, the company announced the successful results of the independent stent imaging study with Resolute Onyx DES in complex patients with coronary artery disease. Hence, such initiatives will strongly support the organization to gain a strong foothold in the market.

LIST OF KEY COMPANIES PROFILED:

• Biotronik SE & Co. KG


• Cook


• Terumo Corporation


• Abbott


• BD


• MicroPort Scientific Corporation


• B. Braun Melsungen AG


• Boston Scientific Corporation


• Medtronic


• Others

KEY INDUSTRY DEVELOPMENTS:

• April 2021 – Abbott announced the launch of coronary imaging platform Ultreon 1.0 Software powered by AI in Europe. The software has been launched with an aim to improve detection of calcium-based blockages and measure vessel diameter during coronary stenting procedures.


• February 2021 – Cardiovascular Systems Inc announced a partnership agreement with Chansu Vascular Technologies, LLC with an aim to develop peripheral and coronary drug-coated balloon for applications in drug-eluting stent.


• June 2020 - Sahajanand Medical Technologies Pvt Ltd received full reimbursement for Supraflex and Supraflex Cruz coronary stent from the Ministry of Health and Public Affairs of France.

REPORT COVERAGE

The coronary stent market report provides a detailed depth analysis of the industry and focuses on key aspects such as novel product launch, leading market players pertaining to the coronary stents industry, and others. Besides this, the report offers insights into the market, highlights key industry developments and current trends. In addition to the above mentioned factors, the report includes various factors that have contributed to the growth of the market over the recent years. Moreover, the report will provide detailed insights on the prevalence of coronary artery diseases (CAD) across key countries. Furthermore, the report will encompass the regulatory scenario of this product across major countries.

Report Scope & Segmentation