Over the last few years, companies in the cardiovascular diagnostic segment are making major investments in order to introduce innovative coronary stents to capitalize on lucrative opportunities in the interventional vascular devices market. Also, companies are working on key related issues of drug eluting stents and working on a comprehensive model of drug release from these stents and the subsequent uptake of the drug into arterial tissue.
For instance, in the past recent years, Abbott received FDA approval for its bioresorbable heart stent absorb, making the first-of-its-kind medical device commercially available to treat people with coronary artery disease in the U.S.
The global coronary stents market is estimated to be valued at US$ 7,206 Mn in 2019, with the market expected to exhibit a CAGR of 6.7% during the forecast period (2020 – 2026).
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Key Takeaways from Coronary Stents Market Study
- In terms of raw material, the coronary stents market is expected to witness substantial growth in the next few years. Currently, polymer segment accounts for major share of the global Coronary Stents market.
- North America has been estimated to dominate the coronary stents market with maximum market share in 2019.
- The primary trend in the coronary stents market is an increasing number of local manufacturers of coronary stents. Also, growth in interventional cardiology procedures, is an ongoing trend in the coronary stents market.
“Increase in number of cardiac catheterization laboratories and increasing prevalence of cardiovascular diseases are the main factors that will continue to drive the growth of the coronary stents.” says the FMI Analyst.
Increasing Manufacturing Practices across Low Cost Geographies, Boosts the Coronary Stents Market
Transfer of medical device manufacturing practices across low cost geographies such as India, China, South Africa, ASEAN and other Asian countries is expected to fuel growth of the global coronary stents market. Companies offering hospital supplies are targeting price-sensitive geographies through mergers and acquisitions. Leading manufacturers of coronary stents are acquiring domestic players to gain maximum market share in local markets. Moreover, these companies are focusing on low cost product launches in these region owing to large patient pool belonging to the lower middle income group.
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Want more insights?
Coronary Stents Market, a new study from Future Market Insights, provides unparalleled insights on evolution of the Coronary Stents market during 2014 – 2018 and presents demand projections during 2020 – 2026 on the basis of product (drug eluting stents, bare metal stents and bioresorbable vascular stents), raw material (cobalt chromium, stainless steel, platinum-chromium, nickel titanium and polymer), end user (hospitals, public hospitals, private hospitals, ambulatory surgical centers and cardiac catheterization laboratories), across seven prominent regions.
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