Coronary Stents Market: Current Analysis and Forecast (2022-2028)

Report Description

Global Coronary Stents Market is anticipated to grow with an elevated CAGR of around 28% over the forecast period (2022-2028). Coronary stents (CS) are expandable tubular metallic devices that are introduced into the coronary arteries that demonstrate stenosis due to an underlying atherosclerosis disease. The technological advancements in medical stents are accompanied by the increasing prevalence of cardiovascular diseases and heart failure. Furthermore, the changing lifestyle preferences in children and adolescents are responsible for the rising number of diseases such as obesity and diabetes that can cause heart attacks are also responsible for the growth of the coronary stent market. For instance, as per CDC, the prevalence of obesity was 19.7% and affected about 14.7 million children and adolescents. Obesity prevalence was 12.7% among 2 to 5-year-olds, 20.7% among 6 to 11-year-olds, and 22.2% among 12 to 19-year-olds. Moreover, the rising geriatric population is also responsible for the rising cardiac disorders that result in  rising demand for the medical stent market.

Abbott laboratories, Medtronic plc, Boston Scientific Corporation, Terumo Corporation, B Braun Melsungen AG, Biotronik, Stentys SA, MicroPort Scientific Corporation, C. R. Becton, Dickinson and Company., and Cook Medical. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new varieties of Coronary Stents devices.

Insights Presented in the Report

“Amongst Type,  drug-eluting stents segment holds the major share”

Based on the type, the market is categorized into bare-metal stents, drug-eluting stents, and bioabsorbable stents. The drug-eluting stents segment held a significant market in 2020 and it is anticipated to grow during the forecast period. The rapidly increasing number of cases of coronary heart disease induces the demand for a better and improved version of the stents responsible for the segmental growth of drug-eluting stents. Furthermore, frequent launches of the new generation stents are responsible for the segmental growth of the drug-eluting stents. For instance, in May 2022, Medtronic plc, announced it received U.S. Food and Drug Administration (FDA) approval for the Onyx Frontier™ drug-eluting stent (DES). Onyx Frontier DES leverages the same best-in-class stent platform as Resolute Onyx™ DES, with an enhanced delivery system designed to improve deliverability and increase acute performance in even the most challenging of cases.

“Amongst Mode of Delivery, balloon-expandable stents holds the major share”

Based on the mode of delivery, the market is segmented into balloon-expandable stents and self-expanding stents. The balloon-expandable stents held a significant market share and are anticipated to witness significant growth during the forecast period. This is mainly due to the increasing complexity of heart surgeries and their accuracy during the stent placement. Furthermore, the advancement in stent technology also favors the growth of the segment in the coronary stent market. For instance, in November 2021, the Robert Wood Johnson University Hospital treated a patient with the new drug-coated balloon angioplasty therapy named AGENT™ Drug-Coated Balloon (DCB), a minimally invasive coronary angioplasty balloon catheter, to treat a 77-year-old patient whose artery had repeatedly narrowed again after several previous angioplasty treatments with drug-eluting stents.

“Amongst End-user, hospitals & clinics holds the major share”

Based on end-user, the market is segmented into hospitals & clinics, ambulatory surgical centers, and others. The hospitals & clinics are predicted to have considerable market growth during the forecast period. This is due to the specialization of heart disease treatments along with the presence of specialized staff. Furthermore, the integration of advanced technology such as AI-based equipment and electronic patient records attributes to the growth of the hospitals and clinics in the coronary stents market. For instance, ClinOme is a Graphical User Interface (GUI) based automated tool developed by senior scientists & clinicians from ACTREC & Tata Memorial Hospital. It automates quality check, primary, secondary and tertiary analysis of raw NGS data followed by report generation that can be easily comprehended by the clinicians.

“APAC represents one of the largest markets of Coronary Stents market”

For a better understanding of the market dynamics of the Coronary Stents market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, and Rest of APAC), Rest of World has been conducted. In 2020, APAC is expected to grow with considerable CAGR during the forecast period (2022-2028F). The major factors such as government initiatives, sophisticated healthcare infrastructure, the presence of a large population, the rise in cardiac disease incidence, and increasing investments by investors across the region are propelling the growth of this market. For instance, as per IBEF, India currently holds the fourth position in attracting VC funding to the health-tech sector, with investments of US$ 4.4 billion between 2016 and 2021, with US$ 1.9 invested in 2021 alone. Moreover, the presence of the global industry players and an increasing number of government initiatives aimed at curbing healthcare expenditures are some of the other prominent factors due to which the coronary stents market is expected to grow at an exponential rate in the upcoming years.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

Customization Options:

The global coronary stents market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Global Coronary Stents Market Analysis (2022-2028)

Analyzing the historical market, estimating of the current market, and forecasting the future market of the global coronary stents market were the three major steps undertaken to create and analyze the adoption of coronary stents in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global coronary stents market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Coronary Stents through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Coronary Stents market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type, mode of delivery, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of Coronary Stents across the globe.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the coronary stents. Further, we conducted factor analysis using dependent and independent variables such as the growing number of people with chronic diseases and the increasing elderly population all over the globe. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Coronary Stents sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the coronary stents market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2028 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of coronary stents across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the coronary stents market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the coronary stents market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type and application of the Coronary Stents market.

The main objective of the Coronary Stents Market Study

The current & future market trends of Coronary Stents were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of coronary stents in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type, mode of delivery, and end-users
• Define and analysis of the regulatory framework for the coronary stents industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the coronary stents market for the major region
• Major regions studied in the report include North America, Europe, Asia-Pacific and Rest of the world
• Company profiles of the coronary stents market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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