Fact.MR, a market research and competitive intelligence provider, has conducted a complete analysis on the global coronary stents market, which is projected to rise at a prolific CAGR of 12.9% over the forecast period (2021 to 2028).
Currently, millions of people around the world suffer from coronary artery disease. Angioplasty has become a common treatment option for those suffering from atherosclerosis and heart attacks, thanks to the use of local moderate sedatives. Coronary stents are small expandable metal meshes that are inserted into the coronary arteries during percutaneous coronary intervention treatment.
The market is being driven by technological advancements in stenting operations, which have resulted in a reduction in manual errors during surgery. This is projected to increase the number of cardiologists who use these products in both, developing and developed countries. Furthermore, the market is expected to rise over the coming years due to improved reimbursements for percutaneous coronary intervention procedures
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Technological advances in coronary stents, such as the invention of bifurcation stents and the use of biodegradable materials, have resulted in more effective and better CVD treatment outcomes.
Another factor projected to drive utilization of coronary stents throughout the forecast period is the growing preference for minimally invasive surgeries (MIS). Coronary stenting procedures have the advantage of having tiny incision wounds, which leads to increased patient satisfaction. These procedures also result in shorter hospital stays and faster recovery times.
Key Segments Covered in Coronary Stents Industry Research
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By Product:
- Bare Metal Stents
- Drug Eluting Stents
- Bio-absorbable Stents
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By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Key Takeaways from Market Study
- Global coronary stents market to reach valuation of US$ 25.7 Bn by 2028.
- Drug eluting stents to account for 80% share of the global coronary stents market.
- Market in North America holds share of 30%.
Competitive Landscape
Coronary stent providers used techniques such as mergers and acquisitions and strategic alliances to acquire a competitive advantage in the market. Furthermore, companies are putting a larger emphasis on the creation of technologically advanced products that provide greater precision and efficiency.
For instance,
- In 2021, Biotronik announced that its Orsiro Mission bioabsorbable polymer coronary drug-eluting stent system (BP-DES) was approved by the U.S. Food and Drug Administration (FDA).
Winning Strategy
Manufacturers are forming joint ventures, strategic alliances, and partnerships to improve production capacity and market penetration. Primary methods such as technology releases, acquisitions, and R&D initiatives are being prioritized by market players. Key manufacturers have begun to make strategic decisions to engage in mergers and acquisitions in order to expand their product portfolio and brand share in the market.
For instance,
- In 2021, Cardiovascular Systems Inc. established a collaboration with Chansu Vascular Technologies, LLC to produce drug-coated peripheral and coronary balloons for use in drug eluting stents.