San Francisco,16 October 2018: According to a report published by Grand View Research, Inc.; the coronary stent market is expected to reach a valuation of around USD 15.18 billion by 2024.
Factors such as high prevalence of cardiovascular diseases including coronary artery diseases, favorable reimbursement policies, and changing lifestyle can propel the market during the forecast period (2013 to 2020).
Rise in geriatric population is considered as one of the key factors driving the market growth. Availability of advance treatment options for cardiac care is likely to extend lifespan of the elderly population subset. Chaining lifestyle habits including physical inactivity, smoking, and unhealthy diet have lead to several heart related diseases, obesity, and hypertension. In addition, technological advancements for improving accuracy and error reduction are also expected to support the market growth. The market is also observing new trends including scaffolds, bioresorbable stents, biodegradable polymer, and bifurcation stent coupled with new techniques and minimally invasive procedures. Moreover, the reimbursement coverage provided by the general public Center for Medicare & Medicaid Services (CMS) and other private payers are also expected to drive the market growth. The coverage is available under national coverage determination for carotid artery stenting, including products and service provider. The providers need to meet certain conditions for coverage and all services should be certified by CMS to complete CAS procedures.
Worldwide coronary stent market can be segmented on the basis of product, and region. Based on product, the market can be split into bare metal stents (BMS), bioresorbable vascular scaffold (BVS), and drug eluting stents (DES).
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The DES segment can be further classified into biodegradable and non-biodegradable DES. This segment is likely to grow significantly during the forecast period due to its benefits like easy procedures and comfort and reduced complications.
The BVS segment is likely to show substantial growth during the projected period on account of new product approvals of Magmaris and Magnitude are expected to increase the demand for BVS products. These products are extensively used in cases of young patients. Benefits such as restoring vasomotor function, and less complications are expected to boost the segment.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa (MEA).
Favorable reimbursement policies in the U.S., Canada, and the U.K. is expected to increase the demand for these devices among the patients.
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In 2016, North America estimated for the largest market share and expected to dominate the market during the forecast period. This growth can be associated with the presence of established healthcare infrastructure, better reimbursement schemes, high healthcare spending, and high prevalence of targeted diseases in this region. For instance, in 2015, according to Centers for Disease Control and Prevention (CDC), approximately 395,000 Coronary artery bypass graft procedures were estimated in the U.S. The U.S. market is also expected to grow on account of increasing geriatric population and inactive lifestyle. According to CDC more than one-third population in the U.S. is obese.
Asia Pacific is expected to show lucrative gains during the forecast period. Rise in elderly population, changing lifestyle, and growing medical tourism are likely to drive the market in this region. Supportive government initiatives in emerging countries including India and China are expected to support the market in the years to come. Improving reimbursement structure in this region is also expected to support the market. For instance, Japan’s National Health Insurance system offers reimbursement for all medical devices. However, poor reimbursement structures in some countries in this region may restrict the growth.
Key players operating in the market include C. R. Bard, Inc.; B. Braun Melsungen AG.; Boston Scientific Corporation; Biotronik SE & Co. KG; and Cook Group.
The market is extremely competitive. Participants have adopted strategies isuch as mergers and acquisitions, new product launches, and strategic alliances to gain higher market share. Additionally, players are concentrating on the development of technically advanced products that can provide greater accuracy and efficiency.
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