Owing to the rise in the prevalence of coronary artery diseases (CAD), the Global Coronary Stents Market is witnessing remarkable growth. Significant players are focussing on expanding their geographical reach, for dominating the current market. In the year 2018, Abbott received the approval from the United States Food and Drug Administration (USFDA) for a new generation coronary stent system, named as XIENCE Sierra. FDA approvals to novel technologies will bode well for the global coronary stents market in the long run. Fortune Business Insights predicts such strategies to drive the market in their report.
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With the rising demand for drug-eluting stents, The Global Coronary Stents Market is prognosticated to witness rapid growth in the coming years. In a report, titled, “Coronary Stents Market Size, Share and Global Trend By Deployment (Self and Balloon-expandable), Stent Type (Drug Eluting Stent, Bioresorbable Stent, Bare Metal Stent, Covered Stent and Others), End User (Hospitals, Ambulatory Surgical Centers, Specialty Clinics, Catheterization Labs) and Geography Forecast till 2025”, Fortune Business Insights identifies various factors enabling growth in the market. As per the report, the global coronary stents market is expected to reach a value of US$ 8,414.5 Mn by 2025, from US$ 5,244.9 Mn in 2017, with a promising CAGR of 6.1%.
Increasing Demand for Self-Expandable Stents to Augment Growth
Manufacturers have introduced next-generation drugs in the drug-eluting stents segment. The widespread distribution of drug-eluting systems around the world is likely to help this segment emerge dominant. In 2017, the drug-eluting stents systems segment accounted for 65.8% share in the market. This segment is also expected to continue dominating the market during the forecast period.
Similarly, the self-expandable stents segment will show faster growth among other segments based on deployment. This is owing to the expansion of the regional and local markets for coronary stent material across the globe. In addition to this, clinically proven efficiency of self-expandable stents as compared to its counterparts will boost the coronary stents market.
Technological advancements in the coronary stents market, such as error reduction, enhanced workflow, and additional capabilities along with improved accuracy, are helping the market to witness remarkable growth.
Unhealthy Lifestyle and Food Habits, Causing Cardiovascular Disorders, Augmenting Market Growth
Rising geriatric population and their vulnerability towards various diseases are creating the need for medical aids such as coronary stents. Rising prevalence of cardiovascular diseases will also augment the market during the forecast period.
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According to the Centre for Disease Control and Prevention, about one-third of the population in the U.S. is obese. The change in lifestyle such as physical inactivity, smoking, drinking, and mistimed and unhealthy food habits are among the major reasons leading to health problems such as obesity, hypertension, arterial blockage, and others.
Such problems further cause vascular disorders and thus fuel the demand for coronary stents. Increasing fatalities due to coronary artery disease have fueled the demand for coronary stents across all health centers and hospitals worldwide.
Price Capping System in India, Propelling Asia Pacific to Emerge as Fastest Growing Market
The presence of a majority of manufacturers in Canada and the U.S. has enabled the North America coronary stent market to emerge dominate. Besides this, the increasing prevalence sedentary lifestyle among people in several developed countries is also fueling demand for coronary stents in the regional market, thus making North America the leading region in the global market. As per Fortune Business Insights, the North America market for coronary stents was valued at US$ 1,616.2 Mn in the year 2017.
It is expected to continue leading the market in the years. Additionally, Asia Pacific is anticipated to show rapid growth during the forecast period because of the improved supply chain of coronary stents across pharmacies across hospitals in the region, especially in developing regions of India and China.
In order to improve their accessibility, India has capped prices of coronary stents, and this will be a key factor fueling demand in the long run. Such factors will help the market in the Asia Pacific to emerge as the fastest growing region. The competitive landscape of the global coronary stents market is consolidated with the top five market players holding a prominent share. These companies are not only investing hugely in research and development but also launching improved products in order to improve their market share post-approval.
Some of the key companies operating in the global coronary stents market are Medtronic, Abbott, Terumo Corporation, C. R. Bard, Inc., Cardinal Health, Boston Scientific Corporation, B. Braun Melsungen AG, MicroPort Scientific Corporation, Cook, and Biotronik SE & Co. KG.
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