The global coronary stent market size is expected to reach USD 15.28 billion by 2027 according to a new study by Polaris Market Research. The report “Coronary Stent Market Share, Size, Trends, Industry Analysis Report, By Product (Drug Eluting, Bioresorbable Vascular Scaffold, Bare Metal Stents); By Metal (Cobalt Chromium, Platinum Chromium, Nickel Titanium, and Stainless Steel); By End Use (Hospitals, Ambulatory Surgical Centers, and Cardiology Centers); By Regions; Segment Forecast, 2020 – 2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global Coronary Stent Market offers prominent opportunities for the players to flourish in the untapped low-income countries, particularly in the Asia Pacific region. Market is characterized by intense competition, flooded with many local players that develop safe, cost-effective, easy to use, and widely available products. These players adopt innovative strategies and develop full proof devices to provide product differentiation.
Cath labs or cardiac catheterization laboratories in hospitals and ambulance conduct both diagnostic and therapeutic procedures. For example, The Frankel Cardiovascular Center, has 4 cardiac catheterization laboratory that are used for coronary procedures, these labs complement two hybrid operating rooms. These medical facilities use technologically advanced such as DES, BMS and Bioresorbable Vascular Scaffold stents to improve the quality of life, offer better patient healthcare benefits like efficacy and safety profile, and minimize hospital stays. These procedures are not complex and are mostly performed in ASCs and digital cath labs. For Example, Absorb GT1 has clinically proven that the artery is able to dilate and contract, called vasomotion that is similar to healthy blood vessels.
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The incidence of CVDs is on the rise in globally. This is due to the lifestyle changes such as smoking and alcohol over consumption, un-healthy food habits, and lack of physical inactivity. These factors cause obesity, heart related ailments and diabetes that can lead to CVDs. In 2015, according to Global prevalence of Diabetes, India is seeing increasing diabetic patients which accounts for more than 62 million diabetic patients.
To treat this growing cases of CVDs, players are using advanced technologies to develop innovative products such as Bioresorbable Vascular Scaffold and nano-coated stents. Improvement in healthcare infrastructure has allowed medical facilities to adopt these advanced systems for disease treatment in spite of its cost. This will lead many people to undergo stent procedure to treat cardiac disorders. Public awareness of this procedure and associated systems and benefits will further lead many people to undergo them.
Market participants such as Medtronic plc, Abbott Laboratories, Boston Scientific Corporation, Biotronik, Terumo Corporation, Shandong JW Medical Systems, Cook Medicals, Biosensors International Group (acquired by Blue Sail Medical Co., Ltd), Stentys SA, B. Braun Melsungen AG, Liaoning Biomedical Materials, Meril Life Sciences, MicroPort Scientific Corporation, Lepu Medicals, Vascular Concepts, and Translumina GmbH are some of the key players operating in the concerned market.
For instance, in July, 2020, Blue Sail Medical Co., Ltd established its new Blue Sail Shanghai Innovation Center (BSIC), which was built after months of rigorous effort and well equipped with GMP facilities. The company entered into cardio-vascular area after acquiring Biosensors International Group. BSIC’s focus would be co-operating with the research and development based in Germany and Singapore to develop innovative coronary intervention products including stent from scratch.