According to a market research report recently published by Transparency Market Research, the global coronary stents market is estimated to expand at a CAGR of 6.6% during the period between 2013 and 2019.The market stood at a valuation of US$7,451.1 mn in 2012 and US$6,013 mn in 2013.
A coronary stent refers to a tube-shaped device that is placed in the coronary arteries to supply blood to the heart and to keep the arteries open in patients suffering from coronary heart diseases. Coronary stents are widely used in a medical procedure called percutaneous coronary intervention (NYSE:PCI). These tiny, expandable mesh tubes are made up of medical grade cobalt alloy metal or stainless steel.
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The report states that the growing prevalence of coronary artery diseases (NYSEARCA:CAD) has propelled the demand for coronary stents. The global coronary stents market is expected to be boosted by the rapid growth of geriatric population and the rise in the number of people suffering from obesity. The increasing uptake of technologically advanced coronary stents such as bio-absorbable stents will further augment the market growth during the forecast period.
However, the high product cost of coronary stents and the lack of efficient reimbursement system will hamper the market growth. The high risk of in-stent and late-stent restenosis and thrombosis will also negatively affect the market. The global coronary stents market has a huge opportunity to grow with the introduction of novel technologies in clinical trials that will address various requirements of the patient pool. In the coming years, the market will witness lucrative opportunities across the emerging markets of Latin America, Asia Pacific, and Africa.
On the basis of product type, the report segments the global coronary stents market into drug eluting stents (NYSEARCA:DES), bare metal stents, and bio-absorbable stents. The drug eluting stents segment dominates the overall market and accounted for 55-60% of the market in 2010. The growing adoption of drug eluting stents can be attributed to the rising demand for minimally invasive procedures. By 2019, the segment is expected to be worth US$5.3 bn, expanding at a CAGR of 9.54% during the period between 2013 and 2019.
The report studies the coronary stents market across four key regions: North America, Europe, Asia Pacific, and Rest of the World. In North America, the demand for drug eluting stents is high and the segment is estimated to expand at a CAGR of 9.0% during the forecast period. In Asia Pacific, the adoption of the older and more invasive procedure of bare metal stents have declined rapidly with the introduction of drug eluting stents. The drug eluting stents segment in this regional market is anticipated to witness a CAGR of 10.0% during the forecast horizon.
Describing the competitive landscape, the report profiles some of the key players in the global coronary stents market such as Boston Scientific Corporation, Abbott Laboratories Inc., Medtroni Inc., Terumo Corporation, B. Braun Melsungen AG, Johnson & Johnson, C. R. Bard Inc., Cook Medical Inc., Stentys SA, Biotronik SE & Co. KG, AMG International GmbH, and MicroPort Scientific Corporation. The report offers insightful details about the key players including their business strategies, product portfolio, financial overview, and recent developments.
The report segments the global coronary stents market as:
Coronary Stents Market, by Product Type
Bare Metal Stents
Drug Eluting Stents
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