Coronary Stent Market

[151 Pages Report] The coronary stent market is expected to reach USD 10.31 billion by 2021 from USD 7.16 billion in 2016, at a CAGR of 7.6% from 2016 to 2021. Major factors driving the growth of this market include technological advancements, increasing number of percutaneous coronary intervention (PCI) procedures, rising burden of CAD, increasing demand for minimally invasive procedures, and rising geriatric population. Moreover, development of bioresorbable vascular scaffold (BVS) and expansion in emerging markets provide significant growth opportunities in the market provide significant growth opportunities in the market. However, alternative treatment methods for CAD, stringent regulations for product approval, and numerous cases of product failure and product recall may hinder the growth of this market during the forecast period.

Market Dynamics

Drivers

• Technological Advancements
• Rising Incidence of Coronary Artery Disease and Subsequent Growth in the Number of PCI Procedures
• Increasing Demand for Minimally Invasive Procedures
• Rising Geriatric Population

Restraints

• Availability of Alternative Treatment Methods for Coronary Artery Disease
• Stringent Regulations for Product Approval
• Product Failure and Product Recalls

Opportunities

• Bioresorbable Vascular Scaffolds
• Emerging Markets

Challenges

• Complications Associated With Implantation of Stents
• Declining Costs of Stents

Technological advancements, increasing demand for minimally invasive procedures and rapid growth in geriatric population are the major drivers for the market.

The coronary stents market is witnessing a new phase of technological developments, with the launch of fully dissolving stents. In July 2016, Abbott (US) received US FDA approval to commercially launch its Absorb bioresorbable heart stent. Absorb is the only fully dissolving stent approved for the treatment of CAD. Moreover, researchers have also developed dual-therapy stents and bioengineered stents for the treatment of CAD. Innovations in stenting technology, in terms of material, construction, and coatings play a major role in increasing the effectiveness of stents and expanding their application areas. Moreover, launching innovative products in the market helps companies gain a competitive advantage and drive the uptake of their products.

Globally, CVD is the leading cause of death. Unlike invasive procedures such as coronary artery bypass surgery (CABS), PCI and coronary angioplasty/stenting are considered as minimally invasive procedures as they do not require any major incisions. The demand for these procedures is increasing mainly due to benefits such as less surgical trauma, reduced scarring, lesser pain, substantially lesser duration of hospital stay, and early return to normal activity. Considering these advantages, an increasing number of patients are opting for minimally invasive procedures. This, in turn, is increasing the demand for products such as catheters, balloons, and stents.

Since age is considered as a major cause for the deterioration of cardiac health, the rising geriatric population across the globe is one of the major factors responsible for the growing prevalence of CVD. According to the WHO, globally, the population of individuals aged 65 years and above was 617 million (8.5% of the total population) in early 2016, and this figure is estimated to reach 1.6 billion (17% of global population) by 2050.

The following are the major objectives of the study

• To define, describe, and forecast the coronary stents market on the basis of type, mode of delivery, material, end user, and region
• To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
• To strategically analyze micromarkets1 with respect to individual growth trends, future prospects, and contributions to the overall market
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
• To forecast the market size of market segments with respect to four main regions, namely, North America, Europe, Asia, and the Rest of the World (RoW)2
• To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies3
• To track and analyze competitive developments such as joint ventures, mergers and acquisitions, new product developments, expansions, and R&D activities in the coronary stents market

During this research study, major players operating in the coronary stents market in various regions have been identified, and their offerings, regional presence, and distribution channels have been analyzed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Factiva, along with primary respondents. The entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) pertaining to the market. The figure below shows the breakdown of the primaries on the basis of the company type, designation, and region considered during the research study.

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The coronary stents market is consolidated in nature. Major players in this market include Medtronic, plc (Ireland), Abbott Laboratories (U.S.), Boston Scientific Corporation (U.S.), Biosensors International Group, Ltd. (Singapore), BIOTRONIK SE & Co. KG (Germany), B. Braun Melsungen AG (Germany), Terumo Corporation (Japan), STENTYS SA (France), MicroPort Scientific Corporation (China), Meril Life Sciences Pvt. Ltd. (India), Vascular Concepts (India), and Translumina GmbH (Germany). Product approvals, launches, and enhancements were the key strategies adopted by players to grow and expand their presence in the coronary stents market.

Major Market Developments:

• In November 2016, Abbott received approval from the Ministry Of Health, Labor And Welfare (MHLW) (Japan) for its Absorb bioresorbable heart stent. This is the only dissolving heart stent used for the treatment of patients with coronary artery disease in Japan. This approval will help the company expand its presence in the Japanese market.
• In January 2016, Abbott acquired St. Jude Medical, Inc. (U.S.), a manufacturer of products for heart failure, atrial fibrillation, and cardiac rhythm management for USD 25 billion. The acquisition helped Abbott to strengthen its coronary intervention product offerings and increase its presence in the cardiovascular devices market
• In May 2016, Boston Scientific collaborated with Mayo Clinic (U.S.) to share intellectual property and speed the development of medical devices. This collaboration focuses on the development of medical technologies in the fields of interventional cardiology, heart rhythm management, endoscopy, neuromodulation, urology and pelvic health. This will help the company to strengthen its product offerings.

Target Audience:

• Coronary Stent Manufacturers
• Healthcare Institutions (Hospitals, Cardiac Centers, and Surgical Centers)
• Coronary Stent Distributors and Suppliers
• Contract Manufacturing Organizations (CMOs)

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Scope of the Report

This report categorizes the coronary stent market into the following segments and subsegments.

Coronary Stent Market, by Type

• Bare-metal Stents
• Drug-eluting Stents
• Bioabsorbable Stents

Coronary Stent Market, by Mode of Delivery

• Balloon-expandable Stents
• Self-expanding Stents

Coronary Stent Market, by Material

• Metallic Stents
• Cobalt Chromium
• Platinum Chromium
• Nickel Titanium
• Stainless Steel
• Other Stents

Coronary Stent Market, by End User

• Hospitals
• Cardiac Centers
• Ambulatory Surgical Centers

Coronary Stent Market, by Region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• RoE (Rest of Europe)
• Asia
• Rest of the World (Pacific countries, LATAM, the Middle East, and Africa)

Critical Questions which the report answers:

• Which are the key players in the market and how intense is the competition?
• What are new type of stents which the coronary stent companies are exploring?

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company‘s specific needs.

The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to 5)

Further Split of the Rest of the World Coronary stents Market

• Coronary stents market size and growth rate estimates of Pacific countries, LATAM, Middle East and Africa

Bioabsorbable Stents to grow at the highest CAGR during the forecast period.

Based on type coronary stents are categorized into three major segments—bare-metal stents, drug-eluting stents, and bioabsorbable stents. Bioabsorbable Stents segment is expected to witness the highest growth during the forecast period. Reduction in complications such as thrombosis and inflammation, ability to restore normal vasomotion, and improved abnormal endothelial function are the advantages that are driving the adoption of bioabsorbable stents. However, the high price of bioabsorbable stents is expected to restrain the growth of this market segment in the coming years.

The global coronary stents market is expected to reach USD 10.3 billion by 2021. The growth of this market is mainly driven by rising burden of CAD, increasing demand for minimally invasive procedures, rapid growth in the aging population, and increasing number of PCI procedures. On the other hand, alternative treatment methods for CAD and product failure and product recalls are some of the factors that may hinder the overall growth of the market. As coronary stents are classified under the Class III category (high risk) of medical devices, the regulations for their approval are extremely stringent. This restricts the number of product launches in this segment, thereby affecting the market growth.

Technological advancements, increasing demand for minimally invasive procedures and rapid growth in geriatric population are the major drivers for the market.

The coronary stents market is witnessing a new phase of technological developments, with the launch of fully dissolving stents. In July 2016, Abbott (US) received US FDA approval to commercially launch its Absorb bioresorbable heart stent. Absorb is the only fully dissolving stent approved for the treatment of CAD. Moreover, researchers have also developed dual-therapy stents and bioengineered stents for the treatment of CAD. Innovations in stenting technology, in terms of material, construction, and coatings play a major role in increasing the effectiveness of stents and expanding their application areas. Moreover, launching innovative products in the market helps companies gain a competitive advantage and drive the uptake of their products.

Globally, CVD is the leading cause of death. Unlike invasive procedures such as coronary artery bypass surgery (CABS), PCI and coronary angioplasty/stenting are considered as minimally invasive procedures as they do not require any major incisions. The demand for these procedures is increasing mainly due to benefits such as less surgical trauma, reduced scarring, lesser pain, substantially lesser duration of hospital stay, and early return to normal activity. Considering these advantages, an increasing number of patients are opting for minimally invasive procedures. This, in turn, is increasing the demand for products such as catheters, balloons, and stents.

Since age is considered as a major cause for the deterioration of cardiac health, the rising geriatric population across the globe is one of the major factors responsible for the growing prevalence of CVD. According to the WHO, globally, the population of individuals aged 65 years and above was 617 million (8.5% of the total population) in early 2016, and this figure is estimated to reach 1.6 billion (17% of global population) by 2050.

However, the presence of alternative treatment methods for CAD, stringent regulations for product approval, and negative effects of product failure and product recalls are some of the major factors that are expected to restrain the growth of this market.

Market Dynamics

Hospitals form the fastest growing end user segment.

Hospitals

This segment includes both government and private hospitals that provide treatment to the patients with CAD. The market for this segment is mainly driven by the rising patient pool, growing number of PCI procedures in hospitals, improving healthcare infrastructure, and favorable reimbursement scenario in developed and developing countries. In addition, major players in the coronary stents market are adopting various strategies to enhance the utilization of stents in hospitals.

Cardiac Centers

Cardiac centers include medical centers and heart institutes that specifically focus on cardiovascular treatments. This segment is expected to witness growth due to the increasing prevalence of coronary artery diseases, focus on improving the life expectancy of patients, and reduced cost of post-cardiac surgeries. In addition, the growing incidence of heart attacks and strokes will drive the demand for coronary stents in cardiac centers.

Ambulatory Surgical Centers

Initially, surgeries were conducted only at hospitals. However, the increase in population highlighted several drawbacks of this situation—scheduling delays, slow operating room turnover times, the need for increasing the number of operating rooms, and challenges in obtaining new equipment due to hospital budgets and policies. These factors have driven the establishment of ambulatory surgical centers.

Key questions

• Complications associated with implantation of stents is a major concern in the industry, when will this scenario ease out?
• Emerging countries have immense opportunities for the growth of coronary stents, will this scenario continue?
• Most of the suppliers have opted new product launches, approvals and enhancements as the key strategies as could be seen from the recent developments. Where will it take the industry in the mid to long term?

The coronary stent market is expected to reach USD 10.31 billion by 2021 from USD 7.16 billion in 2016, at a CAGR of 7.6% from 2016 to 2021. The market is mainly driven by factors such as technological advancements, increasing number of percutaneous coronary intervention (PCI) procedures, rising burden of CAD, increasing demand for minimally invasive procedures, and rising geriatric population.

A coronary stent is a small, expandable tube-shaped device placed in the coronary arteries that supply blood to the heart. Coronary stents are used in percutaneous coronary intervention (PCI) procedures to treat patients with coronary artery disease (CAD). They are used for a wide range of indications in CAD, including de novo lesions, small-vessel disease (SVD), bifurcation lesions, and tortuous and narrow lesions.

On the basis of type, the coronary stent market is segmented into bare-metal stents, drug-eluting stents and bioabsorbable stents. The drug-eluting stents segment is expected to account for the largest market share in 2016. This can primarily be attributed to the advantages of drug-eluting stents over bare-metal stents, such as lower risk of restenosis and other related complications.

On the basis of mode of delivery, the market is segmented into balloon expandable stents and self-expanding stents. The balloon expandable stents segment is expected to grow at the highest CAGR during the forecast period due to the increasing research activities to improve this technology, high utilization of these stents, and growing regulatory approvals for balloon-expandable stents.

On the basis of material, the coronary stent market is segmented into metallic stents (cobalt chromium, platinum chromium, nickel titanium, and stainless steel), and other stents. The other stents segment is expected to grow at the highest CAGR during the forecast period. The high growth in this segment is attributed to the growing utilization of polymers and copolymers for the development of bioabsorbable stents.

On the basis of end user, the coronary stent market is segmented into hospitals, cardiac centers and ambulatory surgical centers. The hospitals segment is estimated to dominate the market in 2016. This can primarily be attributed to high utilization of coronary stents in hospitals.

The market is dominated by North America, followed by Europe, Asia, and the Rest of the World. North America is expected to dominate the market in 2016. Asia is expected to grow at a highest CAGR during the forecast period. Factors such as large population base, growing prevalence of cardiac diseases, rising adoption of advanced technologies, and low manufacturing costs in the region are expected to drive market growth in Asia. Moreover, the growing focus of major players in this region is expected to boost the coronary stents market in Asia.

Critical questions the report answers:

• Which of the end user market will dominate in future?
• Emerging countries have immense opportunities for the growth of coronary stents, will this scenario continue?

Coronary angioplasty is the most widely adopted procedure for the treatment of blockages in arteries; however, there are several alternative methods that can be used over stenting in the treatment of CAD. Laser angioplasty, atherectomy, CABG, cardiomyoplasty, heart transplant, and port-access coronary artery bypass are few such alternatives that are considered in some cases. The most widely used surgical alternative for a coronary angioplasty is CABG; it is usually recommended when multiple coronary arteries have become blocked and narrowed. Though coronary angioplasty has fewer risks, the number of people who need further surgery is high because of the use of stents. On the other hand, though CABG has a longer recovery time, only 1 in 10 patients who undergo this procedure require further treatment. Also, CABG is usually a more effective treatment option for people who are over 65 years of age and people with diabetes. In some countries, the cost of both coronary angioplasty and bypass surgery is almost the same. Thus, many patients opt for bypass procedures to avoid the risk of restenosis. These factors are expected to restrain the growth of the coronary stents market in the coming years.

Key players in the Coronary Stent Market include Medtronic plc (Ireland), Abbott Laboratories (U.S.), Boston Scientific Corporation (U.S.), Biosensors International Group, Ltd. (Singapore), BIOTRONIK SE & Co. KG (Germany), B. Braun Melsungen AG (Germany), TERUMO CORPORATION (Japan), STENTYS SA (France), MicroPort Scientific Corporation (China), Meril Life Sciences Pvt. Ltd. (India), Vascular Concepts (India), and Translumina GmbH (Germany).

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