Coronary Stents Industry Overview
The global coronary stents market size was estimated at USD 8.8 billion in 2021 and is expected to witness a compound annual growth rate (CAGR) of 3.3% from 2022 to 2030. An aging population and a rising prevalence of risk factors such as cardiovascular diseases (CVDs), complex lesions, diabetes, obesity, and others are expected to drive demand for coronary stents over the forecast period. According to the WHO, in 2019, CVDs were among the major causes of mortality worldwide. In 2019, an estimated 17.9 million people died from CVDs, responsible for 32% of all worldwide mortalities.
Furthermore, according to research published in the National Library of Medicine in June 2021, one of the CVDs, coronary artery disease (CAD), causes roughly 610,000 fatalities yearly (an estimated 1 in 4 deaths) and is the major cause of mortality in the US. As a result, the unprecedented rise in CAD incidence is predicted to boost demand for an effective coronary stent device for treatment. This factor is expected to bolster the demand throughout the forecast period. Since a coronary stent is used in the majority of Percutaneous Coronary Intervention (PCI) procedures, the impact of COVID-19 on the market for coronary stents closely tracked the impact of COVID-19 on overall PCI procedures.
Gather more insights about the market drivers, restrains and growth of the Global Coronary Stents market
During the pandemic’s initial outbreak and periods of high local COVID-19 case counts, several states, towns, and nations issued orders to citizens to shelter in place or minimize the potential exposure to and transmission of illness, resulting in elective surgeries being postponed. As a result, total PCI procedure volumes-and hence coronary stent unit sales and revenues-went significantly lower in 2020. These revenues are expected to rise as facility capacity usage improves and resumes all the semi-elective to non-urgent procedures.
Furthermore, all notable competitors in the market for coronary stents announced revenue falls in their interventional cardiology portfolios, which include coronary stent devices, in 2020, owing mostly to the impact of the COVID-19 pandemic. Boston Scientific, for instance, reported a significant decrease in annual revenues in its Interventional Cardiology segment, which includes coronary stent devices, in 2020, but the company performed relatively well in the first quarter of 2021, reporting revenue growth of approximately 7% globally compared to the first quarter of 2020. In contrast, Abbott Laboratories Laboratories was the least affected, with less impact on its entire vascular segment in 2020, which includes coronary stent devices, in its 2020 annual results.
In addition, the rising preference for minimally invasive surgeries (MIS) is another factor expected to boost the adoption of coronary stents over the forecast period. The advantages of these procedures include small incision wounds leading to higher patient satisfaction. These procedures also provide shorter hospital stays and facilitate quick recovery. Stenting technology is increasingly being preferred over the conventional balloon angioplasty owing to the introduction of advanced DES and evolving bioresorbable scaffolds. Technological advancements in coronary stents, such as the development of bifurcated stents and the use of biodegradable materials, have led to efficient and improved outcomes of CVD treatment. Companies are proactively involved in product developments and partnerships and strategic collaborations. The aforementioned factors are expected to propel market growth over the forecast period.
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Coronary Stents Market Segmentation
Grand View Research has segmented the global coronary stents market report based on product and region:
Coronary Stents Product Outlook (Revenue, USD Million, 2017 – 2030)
- Bare Metal Stents (BMS)
- Drug-Eluting Stents (DES)
- Biodegradable
- Non-Biodegradable
- Bioresorbable Vascular Scaffold (BVS)
Coronary Stents Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies profiled:
Some of the prominent players in the coronary stents market include:
- Abbott
- Medtronic
- Boston Scientific Corporation
- Terumo Corporation
- B Braun Melsungen AG
- Biotronik
- Stentys SA
- MicroPort Scientific Corporation
- C. R. Bard, Inc.
- Cook Medical
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