Coronary Stents Market Analysis: Technology Advancements Fueling Growth
Coronary heart disease, a prevalent global health concern, is driving the demand for coronary stents to new heights, according to the latest statistics and market insights. The Centers for Disease Control and Prevention (CDC) has identified coronary heart disease as the most common type of heart disease, and ischemic heart disease (IHD) as one of the leading causes of mortality worldwide. As of 2020, IHD, also known as coronary artery disease (CAD) and atherosclerotic cardiovascular disease (ACD), affected approximately 1.72% of the world’s population and was responsible for a staggering 9 million deaths globally.
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The alarming prevalence of CAD underscores the urgent need for coronary stents on a global scale. Furthermore, technological advancements in stent technology over the past decade have significantly contributed to the growth of the global coronary stents market.
Key Market Drivers:
- Expanding Patient Population: The consistently increasing population susceptible to cardiac diseases will continue to drive demand for coronary stents. The aging global population, with a longer life expectancy, fuels the need for peripheral coronary intervention (PCI) procedures to address potential arterial blockages.
- Minimally Invasive Procedures: A growing preference for minimally invasive surgical procedures is a significant driver of market growth. Advanced technology-enabled coronary stents that are smaller and more efficient are expected to further boost market prospects.
- Diagnostic Advancements: The adoption of advanced non-invasive imaging techniques such as myocardial perfusion imaging (MPI) and single-photon emission computed tomography (SPECT) has led to increased diagnosis rates of coronary heart disease, contributing significantly to the demand for coronary stents.
Drug-eluting Stents Lead the Way; Vascular Stents Gain Traction:
In 2019, drug-eluting stents dominated the market, with applications in percutaneous coronary intervention, renal conditions, diabetes, and ST-segment elevation myocardial infarction (STEMI). Despite facing challenges during the COVID-19 pandemic, drug-eluting stents are expected to maintain their leading position in the market. Ongoing innovations in drug-eluting stents to enhance patient experience and minimize procedural complexities continue to drive their demand. Vascular stents have also seen a substantial increase in sales due to the rising prevalence of cardiovascular diseases.
Regulatory Guidelines Pose Challenges:
Coronary stents fall under Class III, a high-risk category in the medical devices sector, making regulatory approvals a lengthy process. Companies must obtain approvals from the FDA and regulatory bodies like the European Association of Percutaneous Cardiovascular Interventions (EAPCI), adding to the challenge.
R&D and Innovation Remain Key Focus:
Market leaders such as Braun Medical Inc., Abbott Laboratories, Boston Scientific Corporation, and others are investing significantly in research and development to create innovative stent designs that address evolving disease formats and challenges associated with existing models. Strategic alliances and mergers and acquisitions are also on the agenda to maintain a competitive edge.
Smart Stent Innovations:
Efforts are underway to engineer smart stents that minimize risks like thrombosis and restenosis. A project at the Industrial Engineering Department of the University of Pittsburgh Swanson School of Engineering received $2 million in funding in May 2021 to develop smarter stent surfaces, which is expected to drive market growth.
Embracing Robotic Assistance:
Industry-transforming technologies like robotic-assisted percutaneous coronary intervention (R‐PCI) are gaining popularity, leading to increased demand for integrated devices such as wires and stents. Siemens Healthineers AG’s acquisition of Corindus Vascular Robotics, Inc. in 2019 indicates a growing interest in robotic assistance for endovascular interventions.
Market Activities Concentrated in North America; LMICs Offer Untapped Opportunities:
North America, with its strong presence of leading coronary stent manufacturing companies, is expected to maintain a significant market share. Europe is another key market, while low- and middle-income countries (LMICs) present untapped opportunities due to their rising burden of cardiac conditions. China and India, in particular, are poised to become attractive markets for coronary stent manufacturers.
As the global demand for coronary stents continues to rise, the industry is undergoing a period of transformation marked by innovation, regulatory challenges, and expanding market reach. Market leaders are committed to improving patient outcomes through cutting-edge technologies and strategic collaborations.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/coronary-stents-market
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