The coronary stents market has evolved significantly over the past few decades with advances in material engineering and device design, enabling minimally invasive procedures. Coronary stents are tiny mesh tubes used to open blocked or narrowed coronary arteries and improve blood flow to the heart. Various types of coronary stents including bare metal stents, drug-eluting stents, and bioresorbable vascular scaffolds are available based on material composition and absorption properties. Stents have transformed the treatment of coronary artery disease by reducing recovery time and complications associated with open-heart surgeries.
The global coronary stents market is estimated to be valued at US$ 8.2 billion in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2028.
Key Takeaways
Key players: Key players operating in the coronary stents market are Abbott Laboratories, Boston Scientific Corporation, Medtronic plc. Abbott Laboratories dominates the coronary stents market with drug-eluting stents such as Xience, while Boston Scientific offers Promus Premier and Synergy stents.
Growing demand: Growing prevalence of coronary artery disease, rising geriatric population, and increasing adoption of minimally invasive procedures are fueling the demand for coronary stents globally. Favorable reimbursement policies for cardiovascular interventions have further propelled the market growth.
Global expansion: Leading manufacturers are expanding their product portfolio and presence across high growth markets such as China, India, Brazil and Middle East & Africa to tap the large untapped opportunities. Partnerships with local players help international companies to strengthen their distribution and customer support networks.
Market key trends
Miniaturization is a key trend shaping the Coronary Stents Market Size. Ongoing technological advancements aim to develop ultra-thin stents, stents compatible with endoscopes for transvascular delivery, and stents specifically customized for small vessels like capillaries. This would facilitate interventions in more complex lesions with improved safety. Long-term clinical evidence and extensive research are underway to optimize the adoption of bioresorbable vascular scaffolds and drug-coated balloons as alternatives to permanent metallic stents.
Porter's Analysis
Threat of new entrants: The coronary stents market requires high R&D investments, regulatory approvals and established distribution channels. This poses high entry barriers for new companies.
Bargaining power of buyers: Individual consumers have low bargaining power due to inelastic demand for coronary stents during medical emergencies. However, large hospitals and governments can negotiate prices.
Bargaining power of suppliers: A few large players dominate the supply of raw materials and components. This gives them significant power over pricing.
Threat of new substitutes: Despite innovations, there are limited substitutes for drug-eluting or bare-metal stents in treating coronary artery blockages.
Competitive rivalry: The market is highly competitive with major players continuously investing in new product development and expansion to their product portfolios.
Geographical regions
North America currently holds the largest share of the coronary stents market, primarily due to the rising obese and geriatric population susceptible to cardiovascular diseases. Availability of insurance and high healthcare expenditure in the US and copyright contribute to high stent procedures.
Asia Pacific is projected to register the fastest growth during the forecast period owing to growing medical tourism, healthcare infrastructure development and economic growth of countries like India and China. Increasing focus of leading global players expanding into emerging APAC markets will further fuel regional market growth.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)