Coronary Stents Market Expected to Reach $15.4 Billion by 2030—Allied Market Research

The Coronary Stents Market Size was valued at $8.8 billion in 2020, and is estimated to reach $15.4 billion by 2030, growing at a CAGR of 6% from 2021 to 2030. Coronary stent, also known as heart stent or cardiac stent, is a small elastic tube used for the treatment of narrowed or blocked coronary arteries in patients with coronary artery disease (CAD). These stents reduce chest pain (angina) and aid in the treatment of cardiac arrest. Coronary stents comprise metal mesh and are implanted in constricted coronary arteries using a technique known as percutaneous coronary intervention (PCI) or angioplasty.

The major factors that impact the growth of coronary stents market include increase in prevalence of CAD, rise in improved patient outcomes with stenting, and surge in new trends in field of coronary artery stents. In addition, increase in demand for coronary stents across developing countries and growth in awareness about availability of suitable insurance & reimbursement policies are expected to offer lucrative growth opportunities for the market during the forecast period. However, high cost of procedures associated with coronary stents and availability of alternate methods for the treatment of CAD hamper the market growth.

Coronavirus is a large family of viruses that causes diseases ranging from common cold to severe respiratory diseases. The COVID-19 outbreak negatively impacted growth of the global stents market. The implementation of lockdown delayed the PCI procedure up to six months thereby, having a minimal negative impact on the market.

The Coronary Stents Market Analysis on the basis of product, biomaterial, end user, and region. Depending on product, it is classified into drug-eluting stent, bare-metal stent, and bioabsorbable vascular stent. Drug-eluting stent segment dominated the global market in 2020, and is expected to remain dominant throughout the forecast period, owing to its significant property of preventing the growth of scar tissues (restenosis) in arterial wall after the procedure.

Depending on biomaterials, the market is classified into metallic, polymeric, and natural biomaterial. The metallic biomaterials segment dominated the global Coronary Stents Industry in 2020, and is anticipated to continue this trend during the Coronary Stents Market Forecast period. This is attributed to its cost-effectiveness and remarkable efficacy of vascular healing compared to other materials.

As per end user, the market is segregated into hospitals, ambulatory surgical centers, and others. The hospital segment dominated the global market in 2020, and is anticipated to continue this trend during the forecast period, owing to increase in prevalence of coronary artery diseases, initiatives taken by governments for development of medical infrastructure, rise in awareness about treatment & management of disease, and surge in sedentary life style.

According to Onkar Sumant, Manager, Healthcare at Allied Market Research, “Increase in incidence of coronary artery diseases, rise in innovation in coronary stents, and surge in improved clinical outcomes, due to stenting, drive growth of the market. In addition, rise in incidence of chronic & lifestyle diseases, especially diabetes and obesity and improved insurance & reimbursement scenario, supplement the global coronary stents market growth.”

KEY FINDINGS OF THE STUDY

• Depending on product, the drug-eluting stent held largest share in the global market in 2020.
• According to biomaterials, the metallic biomaterials held largest market share in 2020 and is expected to remain dominant throughout the forecast period.
• As per end user, the hospitals held largest market share in 2020 and is anticipated to continue this trend during the forecast period.
• Region wise, North America is expected to experience growth at the highest rate, registering a CAGR of 5.46% during the forecast period.

Region wise, North America dominated the market, in terms of revenue among other regions in 2020, owing to rise in prevalence of coronary artery diseases, increase in number of approvals for coronary stents products, development of advanced healthcare infrastructure, surge in presence of key players for manufacturing stents, and development in technology for healthcare in the region.

On the other hand, Asia-Pacific was the third-largest contributor in the market in 2020, and is expected to register the fastest CAGR during the forecast period, owing to increase in prevalence of coronary artery disease, rise in number of geriatric population, growth in health care expenditures, and increase in adoption of unhealthy lifestyle.