Report

The Coronary Stent Market size is estimated at USD 7.41 billion in 2024, and is expected to reach USD 9.13 billion by 2029, growing at a CAGR of 4.25% during the forecast period (2024-2029).

Due to the high infection rate and lockdown regulations brought on by the COVID-19 pandemic, surgical procedures have been affected. Additionally, patients with cardiovascular diseases have experienced delays in diagnosis and treatment as a result of fewer people visiting hospitals and diagnostic facilities, which has affected the coronary stent market. For instance, according to a March 2022 research study published in the National Library of Medicine, there was a 52.7% reduction in adult cardiac surgery volume and a 65.5% reduction in elective cases between February 2020 to January 2021, which indicates the negative impact of COVID-19 on the cardiac surgical procedures. However, as the COVID-19 cases subside, the market started to recover, leading to an increase in the number of surgeries. For instance, in December 2021, a press release published by the Albanian Daily News stated in the 8 months of 2021, the cases treated in cardiac surgery have increased by 11% compared to the same period in 2020, according to data from the monitoring report of the Ministry of Health. Thus, subsiding COVID-19 cases led to an increasing number of heart surgeries which increased the adoption of coronary stents. Similarly, various companies were engaged in new product development which also contributed to the market growth. For instance, in May 2021, amg International GmbH received European CE mark approval for its second fully biodegradable product, the UNITY-B balloon expandable biodegradable biliary stent (BEBS) for endoscopic use. Thus, owing to the product launches and approvals, the market for coronary stents is expected to witness growth as it would increase the availability of advanced products which are expected to increase the adoption and thus fuel the market growth.

The rising incidence of coronary artery diseases (CADs), which occur when there is a buildup of plaque in the artery created a demand for percutaneous coronary intervention treatments using stents which is the main driver anticipated to fuel expansion in the coronary stent market. For instance, according to a report released in February 2022 by the Heart and Stroke Foundation of Canada, 750,000 people in the country are living with heart failure, 100,000 people are diagnosed with the condition each year, and it is anticipated that by 2030, the healthcare costs related to heart failure in Canada will amount to up to USD 2.8 billion annually. Therefore, the market under study is anticipated to experience rapid expansion throughout the forecast period due to the large number of cardiac patients and the rising economic burden caused by heart failure in the nation. Additionally, it is projected that the increased prevalence of CAD risk factors, such as age, hypertension, diabetes, and others, will support the market's growth throughout the projection period.

Other factors that are projected to significantly impact the growth of the coronary stent market include the expanding older population around the world and the advancement of stent technology and materials. The senior population (defined as people 65 years of age and over) is more prone to various chronic diseases, such as cardiovascular diseases (CVDs), which require surgical intervention procedures to treat the disease since CVDs can lead to plaque buildup in the arteries and obstruct them. For instance, as per the November 2021 report published by the Asian Pacific Observatory on Health Systems and Policies, by 2050, about one-fourth population of the Asia-Pacific region will be 60 years or older due to the decreasing fertility rate in the region, and increasing longevity which is further expected to increase the burden of the cardiovascular diseases and thus creating demand for the effective and advanced treatment procedures that also includes stents implantation and lead market towards growth. Thus, the growing global geriatric population and CVDs are expected to increase the demand for stents in percutaneous coronary intervention procedures and propel the studied market toward growth.

Additionally, it is anticipated that the launch of new products and improvements in stent technology made by the region's leading market participants will accelerate the market's growth. For instance, Transluminal introduced the VIVO ISAR, its most recent dual drug polymer-free coated stent (DDCS), in several foreign regions, including Europe, in April 2022. Therefore, it is anticipated that such product introductions will accelerate market growth throughout the forecast period.

However, the high number of product recalls, and stringent regulatory approval processes for coronary stents are expected to restrain the growth of the studied market over the forecast period.

Coronary Stent Market Trends

Drug-Eluting Stent Segment is Expected to Occupy a Significant Market Share Over the Forecast Period

To prevent excessive neointima growth, drug-eluting stents (DES) deliver an antiproliferative drug to the target lesion. A typical metallic stent, a polymer covering, and an antirestenotic medication are all parts of the DES. The antirestenotic medication is combined into the polymer and released over weeks to months after the DES is implanted. Due to their much lower risk of target vessel revascularization, DES are preferred over bare-metal stents and other stent types for percutaneous coronary intervention with stenting. This is projected to be a major growth factor for the drug-eluting stent. The main drug-eluting stent systems available right now include XIENCE from Abbott, SYNERGY DES from Boston Scientific, Cre8 EVO from Alvimedica, and Resolute Onyx DES from Medtronic Plc. The presence of such market players is expected to increase market growth as it increases the availability of products in the market.

Besides, the rise in the elderly population along with the diabetic population has increased the risk for coronary heart disease. For instance, according to the International Diabetes Federation (IDF), in 2021, there were around 90 million adults (aged 20-79 years) with diabetes in the South-East Asia (SEA) region. This number is projected to rise to 151 million by 2045. Over half of people with diabetes (51.3%) in South-East Asia (SEA) are undiagnosed. Thus, such increasing prevalence of diabetes is expected to increase cardiovascular disease which is project to augment the demand for drug-eluting stents over the forecast period.

Furthermore, companies are also launching new and more advanced drug-eluting stent systems which are further expected to fuel the segmental growth. For instance, in June 2021, the FDA granted Abbott permission to label the XIENCE family of drug-eluting stents for dual-antiplatelet therapy for patients with high bleeding risk (HBR) in the United States for a month. Early in April 2021, Abbott's XIENCE drug-eluting stent received a CE mark in Europe for a condensed version of dual antiplatelet therapy (DAPT for patients with high bleeding risk).

Thus, the abovementioned factors are expected to increase the market growth.

Asia-Pacific Region is Expected to Hold a Significant Market Share in the Coronary Stent Market Over Forecast Period

Cardiovascular disease is quite prevalent in the countries with the largest populations such as China and India. The coronary stent market is anticipated to grow in the region owing to the increasing elderly population and the development of new products. For instance, the Australian Bureau of Statistics 2020-2021 stated that in 2020-2021, 571,000 Australians aged 18 and over (2.9% of the adult population) had chronic heart problems. Due to the high prevalence of coronary artery disease, more cardiology intervention operations are being performed in the area, which is anticipated to boost the market growth.

Japan is expected to hold a significant share of the market during the forecast period due to the factors such as the launch of new products. As an illustration, in February 2022, the Japanese vascular specialist company MDK Medical was acquired by MedAlliance's partner. To develop Japanese clinical studies for its new sirolimus drug-eluting balloon (DEB) Solution SLR for the treatment of peripheral artery disease, MDK Medical previously collaborated closely with MedAlliance. The alliance is anticipated to accelerate market expansion in Japan. Similarly, product approvals also contribute to the country's market expansion. For instance, Biosensors International Group, Ltd. gained US FDA approval for BioFreedom in April 2022 as well as Japanese PMDA approval for BioFreedom Ultra on March 31, 2022. Thus, such approvals are expected to increase the availability of advanced products which is expected to increase market growth in the region.

Therefore, owing to the factors mentioned above, the Asia-Pacific region is expected to hold a significant market share.

Coronary Stent Industry Overview

The coronary stent market is moderately fragmented and consists of several significant players making the studied market reasonably competitive. The key companies, along with the new ones, are focused on new developments and advancements in coronary stents technology which is expected to increase competition in the area further. Some key companies operating in the coronary stents markets are Abbott Laboratories, Medtronic Plc, BioSensors International, Boston Scientific Corporation, and BIOTRONIK SE & Co. KG, among others.

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