The worldwide coronary stent industry is projected to gain good returns based on revenue by 2022, according to a report available on Radiant Insights, Inc. It is expected to exhibit a decent CAGR from 2016 to 2022. Rising incidence of cardiovascular diseases (CVDs) and sedentary lifestyles globally is expected to encourage market growth throughout the forecast period (2012 to 2022). Latest procedures can prolong the life of the geriatric populace, resulting in increasing market sales.
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Coronary stents are medical devices used to expand the pathway in arteries clogged by plaque, fat, and cholesterol stuck to arterial walls. According to the World Health Organization (WHO), CVDs accounted for nearly 31% deaths globally in 2012. It is expected to be a major driving factor of market demand in the forthcoming years. Increasing cases of angina and stroke are triggering need for scaffolds, bioresorbable stents, and other biodegradable stents.
Innovations in coronary stents have improved the chances of consumers undergoing cardiovascular or heart surgery. The latest stents aim to decrease sensitivity of drugs and reduce risk of surgery. For instance, Medtronic Japan Co. Ltd., a subsidiary of Medtronic PLC, has launched the Resolute Onyx Stent System in 2017. Its biopolymer material allows it to penetrate arterial walls and handle complex lesions with ease. The success of these technologies has contributed to the growth of percutaneous coronary intervention (PCI).
The global coronary stent market is fragmented on the basis of product, end user, and region. By product, it is split into bioresorbable vascular scaffold (BVS), bare metal stents (BMS), and drug-eluting stents (DES). The DES segment garnered a significant market share in 2015 thanks to its impressive features that can reduce the probability of stent restenosis. The BVS segment is projected to exhibit exceptional growth throughout the forecast period on account of it being a novel product.
Key end users in the market comprise cardiology centers, ambulatory surgery centers (ASCs), and hospitals. The ASC segment dominated the market in 2016 and will continue its dominance till 2022. It will gain a major market share due to several advantages over hospitals and cardiology centers. These advantages include surgery specialists, minimum hospital stay, and reduced cost of surgery.
On the basis of geography, the market is divided into China, Japan, India, Southeast Asia, Europe, and North America. North America reportedly dominated the global market in 2016, followed by Europe. China, India, Japan, and Southeast Asia are regions with immense growth potential thanks to a large patient pool and low manufacturing costs of these devices.
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Major market players include Medtronic PLC, Terumo Corporation, B. Braun Melsungen AG, Boston Scientific Corporation, and Abbott Laboratories. Mergers and acquisitions, collaborations, and novel product launches are business strategies incorporated by these players to increase their market share. For instance, Abbott received U.S. FDA approval for its absorbable stent, Absorb GT1 BVS, in 2016. It is manufactured using biodegradable polymer to treat any arterial disorders. It has the potential to bypass any complications associated with other permanent devices.
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