Report Overview

According to the deep-dive market assessment study by Growth Plus Reports, the global coronary stent market was valued at US$ 7.03 billion in 2021 and is expected to register a revenue CAGR of 5.60% to reach US$ 11.48 billion by 2030.

Market Fundamentals 

A coronary stent is a tiny tubular medical device that can expand and is inserted into the coronary artery for a patient with coronary artery disease. Blockage in the coronary artery can trigger a life-threatening scenario. The primary function of the stent is to open the clogged arteries in the heart using a minimally invasive method. Growing urbanization is a key revenue growth factor for this market due to the rapid adoption of a sedentary lifestyle leading to poor health and benefiting the coronary stent market.

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Market Dynamics

The global coronary stent market is a growing industry and is expected to grow rapidly during the forecast period. This revenue growth can be attributed to the growing prevalence of cardiac diseases, especially coronary artery disease, due to the increasing adoption of sedentary lifestyle and poor diet. Furthermore, the growing geriatric population and increasing government initiatives also contribute to the market’s revenue growth. Additionally, rising disposable income and the adoption of technological advancement also contribute to market development. However, alternative methods, strict regulatory policies, and chances of product failure can be some of the major restraining factors in the coronary stent market.

Market Ecosystem

The global coronary stent market is analyzed from four perspectives: stent type, material, end-user, and region. 

Coronary Stent Market by Stent Types

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Based on stent type, the global coronary stent market is segmented into bioabsorbable stents, bare-metal stents, and drug-eluting stents. 

The drug-eluting stents dominate the market with the largest revenue share. These are coated with extended-release drugs and prevent restenosis. 

Bioabsorbable stents are growing in popularity in the market, the growing demand for bioabsorbable stents can be attributed to their potential benefits, such as it prevents thrombosis, has a longer validatory period, and this type of coronary stent using biomaterials that can be dissolved in the body after some time.

Coronary Stent Market by Material

Based on the materials, the global coronary stent market is segmented into metal, natural, and polymer. 

Metal materials accounts for the most significant revenue in the market. Various advantages of the metal stents such as their efficacy, high sustainability, and better efficacy fuel the segment revenue growth. Furthermore, metals have high availability and are cheaper than other stent materials, accelerating demand. 

On the other hand, the polymer stents segment is estimated to register steady growth due to growing demands for polymer materials. As this material is primarily biocompatible and also provides better results. 

Coronary Stent Market by End-Users

Based on end-users, the global coronary stent market is segmented into hospitals, specialty clinics, and ambulatory centers. 

The hospital segment accounts for the largest revenue share in the market. Hospitals are considered primary healthcare facilities and thus consist of a large patient pool. Furthermore, it also provides better infrastructure and efficient treatment techniques or methods, thus, fueling the revenue growth of the market. Additionally, this segment possesses a high patient satisfaction rate, contributing to the dominance of the hospital segment in the global coronary stent market.

Coronary Stent Market by Region

The market is segmented based on regions: North America, Europe, Asia Pacific, and the Rest of the World. 

North America dominates the global market with the largest revenue share. Widespread urbanization, robust healthcare infrastructure, and healthcare policies in this region are the major driving factors for the coronary stent market in North America. Continuous development in this region leads to unhealthy lifestyles causing obesity, thereby growth in the prevalence of cardiac illnesses thus, anticipating the market development. Additionally, the rapid adoption of advanced technologies in different stent materials further boosts market expansion. Europe accounts for the second-largest revenue share in the market. Rapid adoption & implementation of advanced technologies and enhanced healthcare infrastructure contributes to the development of the coronary stent market in this region.

On the other hand, Asia Pacific is an emerging region in this market. It is expected to depict noticeable growth in the forecast period. The increase in 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 the upgradation in 3D printing methods propels the market in this region. 

Competitive Landscape

The prominent players operating in the global 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
• Medtronic Plc. 

Strategic Developments

• In August 2021, SINOMED launched its first commercial implantation with HT Supreme Drug-Eluting Stent. This device includes a wound-healing process and also helps to restore its vessel function after the procedure
• In May 2020, Sahajanand Medical Technologies Pvt. Ltd acquired medical devices firm Vascular Concepts Ltd to strengthen its market in advanced medical technologies

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