Growing prevalence of risk factors such as cardiovascular diseases, cancer, obesity and diabetes to drive the global coronary stent market

calendar_today 15 December, 2022 person_outline Growth Plus Reports

According to the deep-dive market assessment study by Growth+ Reports, the coronary stent market was valued at ~US$ 7.03 billion in 2021. The market is expected to witness a CAGR of ~5.6% from 2022 to 2030  

A coronary stent is a tiny and expandable device that clears the clogged artery and helps to restore blood flow. An unhealthy lifestyle due to modernization plays a key role in poor cardiac health leading to various heart diseases, thereby boosting the coronary stent market globally. Furthermore, rising incidences of coronary artery disease, a growing aged population, and increasing demand for minimally invasive surgeries also contributes to the market growth. Additionally, advancements in technologies and rising government initiatives further fuel market expansion. Moreover, increments in healthcare expenditure and increasing disposable income contribute to market development.   

A growing prevalence of cardiological illnesses such as coronary artery disease is a significant driver in the market. Urbanization is a key cause for the growth in cardiac diseases due to the lack of proper dietary leads to various cardiological problems. Risk factors such as smoking, tobacco consumption, obesity, sedentary behaviors, diabetes, and many more can result in heart disease. Thus, these factors increase cardiological disease prevalence and drive market growth. In 2020, according to the Centers for Disease Control and Prevention (CDC), approximately 697,000 deaths were recorded in U.S., caused by cardiac disease.

Increasing adoption of advanced technologies such as additive manufacturing (3D printing) has enhanced and resulted in versatile technology, thus, helping the market growth. This evolved technology provides an economical solution with a customizable property for medical applications. Additive manufacturing can be combined with imaging technologies to produce better results with more accuracy and a realistic 3D model. Thus, such factors prove beneficial for market growth.

The high popularity of minimally invasive surgeries is an impacting factor for the coronary stent market. Some cardiac procedures, such as percutaneous coronary intervention (PCI) can be operated using this method, such as angioplasty, wherein the procedure is safe, efficient, economically affordable, and time-efficient. Thus, these factors benefit the market's growth, thereby propelling the overall market globally. According to the CDC, there were nearly 874,613 deaths in U.S., and the leading cause of these fatalities was noticed to be coronary artery disease.

However, alternative methods, product failures, side effects, and stringent regulatory policies are a few challenges to market growth. Product failure could harm market growth. Damages in the product could constrain the functionality of the stent and thereby resulting in a negative effect on the patient. Faulty stents could also cause the casualty, thus proving to be a major restraining factor in market development.

North America holds the largest revenue share in the global biomaterial market. The rapid urbanization in this region is a critical factor for the coronary stent market. Furthermore, the constant evolution in the area leads to unhealthy and sedentary lifestyles, thereby growth in the prevalence of cardiac illnesses, thus, anticipating the market development. Moreover, the rapid adoption of innovative technologies in different stent materials and methods (additive manufacturing and fused filament fabrication) also boost market expansion. At the same time, Europe holds the second-largest revenue share in the market. Rapid adoption & implementation of advanced technologies developed healthcare infrastructure, and large healthcare expenditure contributes to the expansion of the coronary stent market in this region.

Asia Pacific, on the other hand, is an emerging region in this market and is expected to show significant growth in the forecast period. The improving economies, favorable reimbursement policies, and rising incidences of cardiac diseases contribute to the market growth in this region. Furthermore, improving healthcare infrastructure and enhancing technologies such as evolution in 3-D printing methods for developing a more realistic coronary stent propels the market in this region. 

The prominent players operating in the coronary stent market are Biotronik SE & Co. KG, Abbott Laboratories, Biosensors International Group Ltd., B. Braun Melsungen AG, Meril Life Sciences Pvt. Ltd., Terumo Corporation, Boston Scientific Corporation, MicroPort Scientific Corporation, C. R. Bard Inc., Cook Medical, and Medtronic Plc. among others.

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