Coronary Stents Market predicts rise in demand by 2026
Coronary stents are
small interventional device used for opening the blocked arteries and
for prevention of re-narrowing of the arteries. The global coronary
stents market report serves are a valuable tool for evaluation of
coronary stents present market scenario and the trends over the
forecast period of 2016 - 2026. The report delivers in depth analysis
of factors driving as well as restraining the market growth and also
enlightens further market opportunity for the manufacturers. Report
also covers key developments and company’s strategies to grab the
market share.
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Market Dynamics
Increasing product
launches coupled with increasing geographical approval in drug
eluting coronary stents is propelling growth of the coronary stents
market. For instance, in May 2018, Abbott received the U.S. FDA
approval for XIENCE Sierra, the new generation of everolimus-eluting
coronary stent. The XIENCE received approval from the Japan’s
regulatory body in April 2018, and CE mark from European regulatory
bodies in 2017. Furthermore, companies are also evaluating and
launching products with novel material, such as with metal like
cobalt chromium and fully biodegradable stents. For instance, in
2017, Biotronik received FDA approval for PRO-Kinetic energy cobalt
chromium-based bare metal coronary stent system to treat coronary
artery blockage. However, coronary stents market is also subjected to
the factors such as stringent regulatory approval policies for the
interventional devices and medical complications such as restenosis
and thrombosis, which are expected to restrain coronary stents market
growth.
Increasing
adoption of stents implantation in cardiovascular blockage is a major
factor for the coronary stents market growth
Stents implantation
being non-invasive surgery is increasingly gaining popularity as
compared to more invasive bypass surgeries, owing to lower rate of
discomfort and shorter recovery time. Moreover, cardiovascular
diseases are considered as the leading cause of morbidity and
mortality across the world, in turn fueling demand for coronary
stents. According to American Heart Association, 2015, more than
17.3 million people die every year due to cardiovascular disease.
Moreover, increasing
research initiatives by local manufacturers to enhance their regional
coronary stents market share is boosting the coronary stents market
growth. For instance, Qvanteq, a Switzerland-based company, is
engaged in developing Qstents, a coronary stent system, consisting of
various length and diameter combinations, in collaboration with
Cardialysis BV, a specialized Clinical Research Organization (CRO).
Such research by local manufacturers are expected to provide products
at relatively lower cost, thus increasing affordability and in turn
the product usage. This is expected to aid in the market growth.
Moreover,
technological advancement such as nano-coated coronary stents are
propelling its adoption, thus aiding in the market growth. For
instance, in 2017, CeloNova BioSciences Inc. is evaluating its
proprietary Cobra PzF Nanocoated Coronary Stents (NCS) in patients
with high bleeding risk. Nanocoated coronary stents are alternate
therapy for patients incompatible to drug eluting stents and long
term antiplatelet therapy.
Factors such as
risky stent implantation is expected to negatively affect growth of
the market. For instance, stents implantation is prone to stents
displacement and re-narrowing of the arteries. Re-blockages are
addressed by administering blood-thinning drugs, which is leading to
high adoption of drug eluting coronary stents.
Coronary Stents
Market Regional Outlook - Asia Pacific to be the fastest growing
market over the forecast period
In terms of region,
the coronary stents market is segmented into North America, Latin
America, Europe, Asia Pacific, Middle East, and Africa by Coherent
Market Insights. Europe holds dominant position in the coronary
stents market, owing to presence of large obese population with high
risk of coronary blockage in the region.
According to
European Heart Network’s European Cardiovascular Disease Statistics
2017, in 2015, new cases registered with cardiovascular disease in
Europe was around 11.3 million with nearly 6.1 million new cases of
cardiovascular disease in the European Union. The number is further
expected to increase with increase in the rate of obese population.
However, Asia
Pacific coronary stents market is expected to witness significant
growth due to lower surgical cost in emerging countries such as India
and China, which is attracting medical tourist. For instance,
countries like Thailand and Malaysia is the most preferred
destination for medical tourist, owing to its competitively
affordable medical services. According to Malaysia Healthcare Travel
Council, the country is expected to host medical facilities for more
than one million medical tourist, accounting for revenues of US$
310.4 million for 2017.
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Key players in
the global coronary stents market
Major players
operating in the coronary stents market include Boston Scientific
Corporation, Abbott, Medtronic plc, B. Braun Melsungen AG, Stentsy
SA, Terumo Interventional Systems, Kyoto Medical Planning Co., Ltd.,
QualiMed, Elixir Medical Corporation, ENDOCOR GmbH, BIOTRONIK SE &
Co. KG, Amaranth Medical, Inc. and Arterial Remodeling Technologies
SA
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