The global coronary stents market is characterized by the continual introduction of innovative business strategies by the market players. The market exhibits an intensely competitive landscape wherein each market player is fixed on establishing its supremacy over the competitors. Owing to the intense level of competition, it is difficult for new entrants to sustain in the global market. Furthermore, a prerequisite for a market vendor to succeed in the market is the ability to produce high-quality products. Since the market for coronary stents is closely related to the healthcare industry, the government has stipulated specific production benchmarks to be met by the market players.
It is anticipated that the leading players would adhere to the highest quality standards in order to retain their strongholds in the market. Furthermore, the small- and medium-sized players are projected to progressively elevate their production standards in order to come to global recognition. Mergers and acquisitions are anticipated to be a key highlight of the market over the forthcoming years. Furthermore, the leading market players are also expected to form strategic alliances for mutual benefits. Some of the key players in the global market for coronary stents are Boston Scientific Corporation, Johnson & Johnson, Bitronik SE & Co., and B. Barun Melsungen AG.
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Transparency Market Research (TMR) quantifies the growth of the global market for coronary stents for the period spanning from 2013 to 2019. The market is expected to grow at a sturdy CAGR of 6.60% over the aforementioned forecast period. Furthermore, the market accumulated revenues worth US$6,013 mn in 2013 and this figure is expected to elevate to US$8,292 mn in 2019.
Increase in Geriatric Population to Drive Demand
The geriatric population is the most vulnerable to cardiovascular disorders due to a range of age-related factors. Hence, the growth of this population demographic is expected to escalate demand within the global market for coronary stents over the coming years. Furthermore, the lifetsyles of the people have changed for the worse which has also affected the cardiovascular systems of adults and children. As the incidence of coronary disorders increases, the market for coronary stent is projected to experience tremendous demand. The prevalence of obesity, especially in the western countries, has underhandedly contributed to the growth of the global market for coronary stents. The success of coronary stents while performing percutaneous coronary interventions (PCIs) has also led to an increased demand within the market. The large number of deaths caused by coronary artery disease (CAD) has led to the swift adoption of coronary stents across the hospitals and healthcare centers.
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Asia Pacific to Exhibit Robust Market Growth
The exponential population across Asia Pacific has persuaded several manufacturers of coronary stents to penetrate into the regional market. This has given to the growth of the market for coronary stents in Asia Pacific. Furthermore, the governments in India and China have introduced nascent policies for the betterment of the healthcare industry, which has also led to market growth. Owing to its robust pool of infrastructure, the market for coronary stents in North America is also expected to expand at a stellar rate over the times to come.