SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the global coronary stents market is estimated to be valued at US$ 8,985.6 million in 2020 and is expected to exhibit a CAGR of 7.7% during the forecast period (2020-2027).
Key Trends and Analysis of the Global Coronary Stents Market:
Key trends in the market are the increasing incidence of cardiovascular diseases, strategic collaborations and acquisitions among key players, and product launches.
According to the World Health Organization’s 2017 report, an estimated 17.9 million people died from cardiovascular diseases (CVDs) in 2016, representing 31% of all global deaths, out of which, around 85% deaths were caused by heart attack and stroke.
Moreover, key players are focusing on adoption of inorganic growth strategies such as acquisitions and collaborations to enhance their market presence which is expected to drive growth of the coronary stents market during the forecast period. For instance, in June 2019, Boston Scientific acquired Vertiflex, Inc., a privately held medical devices company, to improve its portfolio of minimally invasive devices.
In January 2017, Abbott acquired St. Jude Medical, Inc. (U.S.), a manufacturer of products for heart failure, atrial fibrillation, and cardiac rhythm management for US$ 25 billion. The acquisition helped Abbott to strengthen its coronary intervention product offerings and increase its presence in the cardiovascular devices market.
Furthermore, key players operating in the global coronary stents market are focusing on launch of novel coronary stents which is expected to drive the market growth during the forecast period. In November 2017, Cordis Corporation, a medical devices company, launched two products: the Tryton Side Branch Stent and Medinol’s NIRxcell, a cobalt-chromium bare metal stent (BMS) under comprehensive interventional cardiology portfolio at the 29th Transcatheter Cardiovascular Therapeutics Symposium. Such product launches in symposiums and conferences are expected to highlight the product and its features to healthcare professionals and distributors, and help to increase the company’s customer base.
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Key Market Takeaways:
The global coronary stents market is expected to exhibit a CAGR of 7.7% during the forecast period owing to an increasing number of product approvals. For instance, in May 2018, Abbott received the U.S. FDA approval for XIENCE Sierra, the new generation of everolimus-eluting coronary stents. XIENCE received approval from Japan’s regulatory body in April 2018.
Among material, the polymeric segment accounted for the largest market share in 2019 owing to its benefits compared to metallic stents which is encouraging players to launch more products in this segment. Metallic stents lead to complications such as thrombosis or hyper-reactivity which are less common in polymeric stents as they are more biocompatible.
Key players operating in the global coronary stents market are Boston Scientific Corporation, Abbott Laboratories, 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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Global Coronary Stents Market, By Product Type:
- Bare-Metal Stents
- Drug Eluting Stents
- Bioabsorbable Stents
Global Coronary Stents Market, By Material:
- Stainless Steel
- Silicon Carbide
- Titanium Nitride Oxide
- Cobalt Chromium
- Platinum Chromium
- Non-degradable/Permanent Stents
- Degradable/Temporary Stents
Global Coronary Stents Market, By End User:
- Specialty Clinics
- Ambulatory Surgical Centers
Global Coronary Stents Market, By Region:
- Rest of Latin America
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Middle East
- South Africa
- Central Africa
- North Africa
- North America
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.