Coronary Stents Market Outlook
The rise in the incidence of coronary artery diseases (CAD), the global Coronary Stents Market is witnessing remarkable growth. Top players are focusing on expanding their regional reach for leading the current market. In 2019, Abbott received approval from the United States Food and Drug Administration (USFDA) for a new generation coronary stent system, namely XIENCE Sierra. FDA approvals to new technologies that will bode well for the global coronary stents market in the future. Thus, MRFR’s insights predict that such strategies will drive the market in the forecasted period.
On the other hand, companies are currently concerned in large clinical trials to study bioresorbable novel stents. Besides, changing government policies to reduce the prices of coronary stents to offer more and more affordable treatment options to the patients will drive industry expansion. Apart from this, the rising demand for percutaneous coronary intervention (PCI) procedures will propel cardiovascular stents business growth. Significant causes of CAD embrace the adoption of an unhealthy diet and a sedentary lifestyle. In the case of point, between 1990 and 2016, the death rate caused due to cardiovascular disorders in India rose by 34%. Upward prevalence of CVD will lead to the sky-scraping adoption rate of coronary stents during PCI procedures. With this, with advancements in the treatment of PCI procedures owing to advanced stents, the market is estimated to show a positive growth trajectory in the future.
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A report by Market Research Future entails that the global Coronary Stents Market continues with maintaining its shares despite the deadly Coronavirus pandemic that has hit globally. Investors are trading stock options and chasing fast-rising shares at record rates in the market. Such activity is expected to jolt markets globally. Henceforth, Market Research Future published its study saying the Global Coronary Stents Market might expand at a rate of 7.81% CAGR and would surpass valuation from USD 9,382.63 Million gained in 2017, during the years 2018–2023 the forecasted period.
On the contrary, the towering cost of procedures associated with coronary stents and the availability of a substitute method for the treatment of CAD might hamper the market growth in the future timeframe.
Factors that compel the growth of the global coronary stents market are a surge in the prevalence of CAD, enhanced patient outcomes with stenting, and the emergence of new trends in the field of coronary artery stents. There has been a significant swell in demand for coronary stents from the emerging countries, and expansion in awareness about the availability of suitable insurance & reimbursement policies have provided many opportunities to the coronary stents manufacturers. Due to these reasons, the market got towering stimulus, which is maintained even in the COVID 19 phase, where other markets are hit worse.
Coronary Stents Market Regional Framework
Regionally, in the year 2015, Asia-Pacific and LAMEA collectively held one-fourth of the total coronary stents market and are probable to continue this trend owing to the rise in stents development. This instance is observed in India, China, and other developing countries. With this, mount in the geriatric population is the main reason for the growth of the coronary stents market in the Asia-Pacific region.
The majority of manufacturers in Canada and the U.S. have enabled the North America coronary stent market to emerge and lead. The increasing prevalence of sedentary lifestyle among people in numerous developed countries is also fueling demand for coronary stents in the regional market, thus making North America the leading region in the global market.
Coronary Stents Market Segment Review
As per the study, the global coronary stents market is studied among the segments of products and end-user.
By the segment of products, the market has included Bare Metal Stents, Drug-Eluting Stents, and Bioresorbable Vascular Scaffolds. The drug-eluting stent segment held the largest share in the global coronary stents market in 2017. This share was majorly attributed to the broader acceptance of the drug-eluting stents in the angioplasty procedures, better patient compliance than the bare-metal stents.
By the segment of end-users, the market has included ambulatory specialty centers, surgical centers, hospitals & clinics, and others. The hospitals & clinics segment held the leading share in the global coronary stents market back in 2017. Simultaneously, the escalating establishments of the ambulatory surgical centers in the developed and developing countries have led the segment to grow at the fastest rate in the forecast period.
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Coronary Stents Market Vendors Landscape
The foremost vendors profiled in the report include Biotronik SE & Co. KG, Abbott, B. Braun Melsungen AG, C. R. Bard, Inc., Boston Scientific Corporation, Elixir Medical Corporation, Cook Medical, Meril Life Sciences, Medtronic plc, Stentys SA, MicroPort Scientific Corporation, and Terumo Corporation.
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