The global coronary stents market size was estimated at USD 8.69 billion in 2022 and is expected to surpass around USD 15.49 billion by 2032 and is poised to grow at a compound annual growth rate (CAGR) of 6% during the forecast period 2023 to 2032.
Increasing geriatric population across the globe Andy different types of diseases associated with the aging population shall be the factors that shall be increasing the demand for the coronary stents. The geriatric population suffers with cardiovascular diseases, obesity, diabetes and complex lesions and all of these shall create a demand for the coronary stents in the coming years. The increased cases of coronary heart disease have been one of the major causes for the deaths across the world. About 17.9 million people suffering from cardiovascular diseases succumbed to death in the recent years and the number will continue to grow during the forecast period. The increasing cases of coronary heart disease is and fatalities caused due to the disease shall be a driving factor for the growth of the market in the coming years. Increased awareness regarding the availability of these treatments and success rate is expected to drive the market growth in the coming years. There is a growing demand for the coronary stent devices in the market. These stents are used in most of the procedures of the heart and there was a greater demand created for the coronary stents during the outbreak of the COVID-19 pandemic.
As different types of advancements in the technology have made the market lucrative the demand is expected to grow well during the forecast period. Constant research and development have been instrumental in launching the stents that are fully dissolving. These stents are used in most of the heart surgeries and these stents were launched in the market in the recent years which had secured the approval from the FDA. The increasing cases of coronary artery diseases shall create a greater demand for these treatments. The availability of the bioengineered stents and the stents of dual therapy shall we instrumental in the growth of the demand for this treatment. Other factors that are expected to play an important role in the growth of the market are the coatings used, the material as well as the construction which is used in the technology.
Most of the market players have gained I'm pretty advantage over the years due to constant research and development as new innovative products are launched in the market. Angioplasties and the bypass surgeries make use of these coronary stents. Although the demand for this technology is growing there are a few side effects that are associated with the treatment do to which the market growth shall be hindered in the coming years. The existence of the stringent policies adopted by the government and the various regulations that offered to market will be another factor that shall hinder the growth the market in the coming years.
During the outbreak of the pandemic the disrupted supply chains and shortage of raw material had negative impact on the growth of the market. The demand for the coronary stents had dropped during the initial time of the COVID-19 outbreak. But the overall impact was negligible as eventually the procedures that were delayed were lined up and the market grew.
Increasing cases of the coronary artery disease is and good results provided by the use of coronary stents in the treatment of the patients shall create a greater demand for the market during the forecast period. Constant research and development activities have provided innovative products in the recent years and the market is expected to grow well during the forecast period. Constant awareness drive about the benefits of the usage of the coronary stent's technology shall drive the market growth even in the developing countries across the globe. The existence of favorable insurance policies or reimbursement policies we will be supportive for the growth of the market in the coming years. Many opportunities for the growth of the market shall be provided in the developing nations of the world.
About 90% of the percutaneous coronary intervention procedures make use of the coronary stents. other invasive surgeries of the heart also make use of these stents on a large scale. The use of the coronary stents does not cause any big incisions and they are considered to be minimally invasive. The demand of these procedures will continue to grow even during the forecast period during the various benefits provided by the technology. It reduces the amount of the surgical trauma, the pain felt by the patient is lesser as compared to the other alternatives, reduced scarring, as the procedure is minimally invasive the stay at the hospital is also reduced. Increasing geriatric population across the globe and the various heart conditions associated with the aging population shall be a major reason for the growth of the market during the forecast period.
As the constant research and development activities have provided the stents that are fully dissolving the market shall see growth in the coming year. The launch of the bioengineered stents shall also be instrumental for the growth of the market. The coatings the construction and the material used in this technology will play a major role in the growth. Most of the market players are focusing on various development strategies through partnerships. The sedentary lifestyle of the people and increasing habits of eating while watching TV shall be another reason for the growing demand for this technology. Increased level of stress due to the sedentary lifestyles will increase the number of cardiovascular diseases in the coming years. The growing demand for the minimally invasive surgeries in the developed as well as the developing economies and the increased purchasing power shall lead to the growth of the market of the coronary stents during the forecast period.
Report Scope of Coronary Stents Market
|Market Size in 2023||USD 9.17 Billion|
|Revenue Forecast by 2032||USD 15.49 Billion|
|CAGR from 2023 to 2032||6%|
|Largest Market||North America|
|Fastest Growing Region||Asia Pacific|
|Market Segmentation||Product, Deployment, Biomaterial, End User, Region|
On the basis of the product, the drug eluting stents segment will drive the market growth in the coming years period this segment is expected to have a dominant position during the forecast period. The availability of novel drugs in this segment lead to an increased distribution of the product.
Apart from this segment the bioresorbable stent is also expected to grow well during the forecast period. Increased cases of the cardiovascular diseases shall create a demand for these stains. Increased cases of aging population across the globe shall boost the market.
On the basis of deployment, the self-expandable stent segment will grow well during the coming years. Over the years it has been noted that the efficiency of this type of deployment has been extremely good due to which the market is expected to grow well in the coming years period there's a growing demand for this type of deployment across many countries of the globe. As these stents provide better efficiency in the performance of the procedures and enhanced results after the procedures the market growth for this segment is expected to be good during the forecast period.
The balloon expandable segment will also see a steady growth in the coming years due to the increasing geriatric population and increased cases of heart diseases.
End User Insights
On the basis of the end user, the hospital segment has had a largest market share in 2022 and it is expected to grow well in the coming years period most of the surgeries like the angioplasty are performed in the hospital infrastructure. Due to the availability of the best facilities at the hospital shall be instrumental for the growing demand of these procedures in the hospitals.
The market for the coronary stents is expected to grow well in the North American region. The North America region has had a share of about 33% in the past in terms of revenue and it is expected to grow well in the coming years. As the maximum population in the North American region leads an extremely sedentary lifestyle there has been an increase in the cases of obesity and the other cardiovascular diseases. Increased number of ischemic heart diseases, heart attack as well as stroke shall create demand for the coronary stents in the coming years for the North American region. Presence of the various market players in the North American region which constantly focus on the research and development activities and have played an instrumental role in providing better advancements in the technology will drive the market grew during the forecast period. The innovative products offer to the market like the entirely dissolving Stents and the use of the biodegradable materials for the making of these stents shall drive the market growth in the coming years.
The Asia Pacific region will also have a good demand for the coronary stents in the coming years. This technology will generate a good revenue for this region. Increased spending on the health care facilities and the growth of the economy off various nations in the Asia Pacific region will drive the market growth period constant awareness regarding the benefits of such procedures and the recent regulatory policies shall be instrumental in the growth of the market. The presence of the insurance facilities and favorable reimbursement policies in the nations like South Korea and Australia will drive the market growth period government of various nations in the Asia Pacific region having increased the number of investments made for developing the healthcare system. These initiatives focused on providing affordable services to the consumers, and the affordable prices have played a great role in the development of the market for China and India. In order to cut down the prices for these procedures' government is engaged in taking initiatives that enable the supply of the products directly from the manufacturer and this will drive the market growth for China.
Key market players
Key Market Developments
Segments covered in the report
By End User
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