(Health-NewsWire.Net, September 11, 2019 ) According to the research report the coronary stent market is expected to reach USD 10.31 billion by 2021 from USD 7.16 billion in 2016, at a CAGR of 7.6% from 2016 to 2021. Major factors driving the growth of this market include technological advancements, increasing number of percutaneous coronary intervention (PCI) procedures, rising burden of CAD, increasing demand for minimally invasive procedures, and rising geriatric population.
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Major Market Developments:
• In November 2016, Abbott received approval from the Ministry Of Health, Labor And Welfare (MHLW) (Japan) for its Absorb bioresorbable heart stent. This is the only dissolving heart stent used for the treatment of patients with coronary artery disease in Japan. This approval will help the company expand its presence in the Japanese market.
• In January 2016, Abbott acquired St. Jude Medical, Inc. (U.S.), a manufacturer of products for heart failure, atrial fibrillation, and cardiac rhythm management for USD 25 billion. The acquisition helped Abbott to strengthen its coronary intervention product offerings and increase its presence in the cardiovascular devices market
• In May 2016, Boston Scientific collaborated with Mayo Clinic (U.S.) to share intellectual property and speed the development of medical devices. This collaboration focuses on the development of medical technologies in the fields of interventional cardiology, heart rhythm management, endoscopy, neuromodulation, urology and pelvic health. This will help the company to strengthen its product offerings.
The coronary stent market is segmented based on type, material; mode of delivery, end user, and region.
Based on type, the coronary stent market is segmented into bare-metal stents, drug-eluting stents and bioabsorbable stents. The bioabsorbable stents segment is expected to grow at the highest CAGR during the forecast period. These stents help restore normal vasomotion, improve abnormal endothelial function, and lower the risk of complications such as thrombosis and inflammation. Such advantages are driving high growth in the bioabsorbable stents market.
Based on mode of delivery, the coronary stents market is segmented into balloon-expandable stents and self-expanding stents. The balloon-expandable stents segment is expected to grow at the highest CAGR during the forecast period due to factors such as increasing research activities to improve this technology, high utilization of these stents, and growing regulatory approvals for balloon-expandable stents.
Asia is expected to grow at a highest CAGR during the forecast period. Factors such as large population base, growing prevalence of cardiac diseases, rising adoption of advanced technologies, and low manufacturing costs in the region are expected to drive market growth in Asia. Moreover, the growing focus of major players in this region is expected to boost the coronary stents market in Asia.
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Key players in the Coronary Stent Market include Medtronic plc (Ireland), Abbott Laboratories (U.S.), Boston Scientific Corporation (U.S.), Biosensors International Group, Ltd. (Singapore), BIOTRONIK SE & Co. KG (Germany), B. Braun Melsungen AG (Germany), TERUMO CORPORATION (Japan), STENTYS SA (France), MicroPort Scientific Corporation (China), Meril Life Sciences Pvt. Ltd. (India), Vascular Concepts (India), and Translumina GmbH (Germany).
Key players in this market are pursuing strategies such as product approvals; product launches and enhancements; partnerships, collaborations, and contracts; expansions; acquisitions; and certifications.
Mr. Shelly Singh
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Mr. Shelly Singh