Escalating Need for PCI Procedures Upholds Sales of Coronary Stents
The Centers for Disease Control and Prevention (CDC) refers to coronary heart disease as the most common type of heart disease, and the ischemic heart disease (IHD) as one of the leading mortality causes. IHD, also known as the coronary artery disease (CAD), and atherosclerotic cardiovascular disease (ACD), afflicts nearly 1.72% of the world's total population as of 2020. The disease is further responsible for a whopping 9 million death count all over the globe. The alarming statistics themselves highlight the pressing need for coronary stents on a global level. Besides the mounting rate of prevalence of CAD, the global coronary stents market is predominantly driven by the advent of technology in stents over the past decade.
The consistently expanding patient population highly susceptible to be affected by cardiac diseases will remain the key factor pushing coronary stents demand over the forecast period. The swelling geriatric population with increasing life expectancy is likely to sustain the demand for peripheral coronary intervention (PCI) procedures for potential arterial blockages, which stands as an accelerator to market growth. Moreover, greater inclination toward minimally invasive surgical procedures also drives the market growth to a large extent. Miniaturised, advanced technology-enabled coronary stents are expected to elevate the market prospects in the near future.
With the growing adoption of advanced non-invasive imaging techniques, viz. myocardial perfusion imaging (MPI), and single-photon emission computed tomography (SPECT), the diagnosis rate of coronary heart disease is on the rise. This will also contribute significantly toward the booming demand for coronary stents.
Drug-eluting Stents Continue to Lead; Vascular Counterparts Emerge Lucrative
Extensively employed in treatment of percutaneous coronary intervention, renal conditions, diabetes, and ST-segment elevation myocardial infarction (STEMI), drug-eluting stents registered a dominant market share in 2019. Increasing introduction of novel drugs in eluting stents, and a strong distribution network worldwide account for higher demand for these stents. Although hit harshly by a negative demand shock amid the COVID-19 pandemic, drug-eluting stents will continue to represent the leading segment. The market however continues to witness frequent innovations in drug-eluting stents to achieve desired modifications in stent models for improved patient experience, and least procedural complexities. Technological advances further prevail, enhancing the safety, effectiveness, efficacy, and deliverability of coronary stents, thereby accentuating market growth. Vascular stents, on the other hand, have been seeing dramatically heightening sales over the recent past in line with the soaring prevalence of cardiovascular diseases.
Regulatory Guidelines Continue to Make Approval Processes a Long Haul for Companies
One of the highly regulated areas in the world of medicine, coronary stents are subject to the various FDA approvals in addition to regulatory guideline clearances from authoritative bodies like European Association of Percutaneous Cardiovascular Interventions (EAPCI). As coronary stents fall under Class III, which is a high-risk category in the medical devices sector, it is generally a long haul for companies till they reach the stage of approval.
R&D for Innovation to Remain Prime Area of Focus for Market Leaders
Braun Medical Inc., Abbott Laboratories, Boston Scientific Corporation, Biotronik SE & Co. KG, Biosensors International Group, Ltd., Translumina GmbH, Terumo Corporation, Medtronic plc, Biosensors International Group Ltd, Cook Medical Technologies, STENTYS S.A., Elixir Medical Corporation, and MicroPort Scientific Corporation are some of the prominent participants in the global coronary stents market competition. While the overall competitive landscape reflects a consolidated picture, new players continue to strive for penetration. However, regulatory check remains the key factor in enabling leaders to retain hegemony, and further shape up the competition structure.
Key companies continue to dedicate notable investment amounts to R&D activities targeting the development of innovative stent designs taking into consideration the evolving disease formats, and challenges associated with existing stent models. Extensive R&D around coronary diseases, and stent technologies are set to uphold an exceptional growth outlook for the coronary stents market. Leading market players also seem to be prioritising strategic alliances, and M&A deals for an edge over the immediate competition.
There have been estimations about a whopping two million people requiring installation of coronary stents each year. Stents however come with their own set of risks like thrombosis, and restenosis. There has been an effort (at the Industrial Engineering Department of the University of Pittsburgh Swanson School of Engineering) toward engineering smart stents that would minimise such, and more associated risks. The project targeting creation of smarter stent surfaces has received funds worth of US$2 Mn (May, 2021). Such innovations will drive the market proliferation through the period of forecast.
Growing popularity of industry-transforming technologies such as robotic assisted percutaneous coronary intervention (R‐PCI) has been recently pushing thedemand for innovative integrated devices (wires, and stents). Judging by the Siemens Healthineers AG’s acquisition of Corindus Vascular Robotics, Inc. (2019), robotic assistance is considered as the future of endovascular interventions.
Market Activities Remain Concentrated in North America; LMICs Develop Untapped Opportunity
With the strongest presence of the world’s top coronary stent manufacturing companies in the region, North America is likely to retain the winning share in global coronary stents market. Besides an extending patient pool, and rapid technology adoption, the market in this region continues to benefit from a highly supportive reimbursement scenario. Europe is another key market for coronary stent manufacturing companies. Research has revealed time and again that nearly three-fourths of the deaths due to chronic heart diseases worldwide are recorded across the low- and middle-income countries (LMICs). The rising overall life expectancy, piling burden of cardiac conditions, rapid transition toward lifestyles that attract risk factors associated with chronic ailments, and the socio-economic evolution collectively contribute toward a hefty rise in demand for coronary stents.
China is particularly expected to present a highly attractive market for manufacturers of coronary stents in terms of newer remunerative opportunities. While the country reflects high growth potential for the market on the back of an extraordinarily mounting cardiovascular disease prevalence, the market will also receive a strong impetus from Chinese or other international players investing a majority of efforts in innovative stent development. India’s spiralling CAD burden also has developed a strong base for the growth of market in the near future. The country accounts for both high production, and high sales of coronary stents, thereby pushing market expansion.
Key Elements Included In The Study: Global Coronary Stents Market
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