(I-BusinessNews.Com, August 24, 2021 ) According to the research report the Coronary Stents 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.
Technological advancements, increasing demand for minimally invasive procedures and rapid growth in geriatric population are the major drivers for the market.
Prominent 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).
Other players in the market include companies such as OrbusNeich (Hong Kong), Aachen Resonance GmbH (Germany), amg International GmbH (Germany), Arterial Remodeling Technologies (France), Bioabsorbable Therapeutics, Inc. (U.S.), Devax, Inc. (U.S.), Elixir Medical Corporation (U.S.), Eurocor GmbH (Germany), Fortimedix B.V (Netherlands), InspireMD (U.S.), Medinol Ltd. (Israel), Micell Technologies, Inc. (U.S.), Reva Medical, Inc. (U.S.), Sahajanand Medical Technologies Pvt. Ltd. (India), TriReme Medical Inc. (U.S.), Tryton Medical, Inc. (U.S.), eucatech AG (Germany), ICON Medical Corp. (U.S.), InSitu Technologies Inc. (U.S.), and XTENT, Inc. (U.S.).
Abbott Laboratories (U.S.) is one of the key players in the coronary stents market. With robust product portfolio and large geographic presence, the company has managed to create its identity in the coronary stents market. The company focuses on continuous product developments to maintain its leading position in the coronary stents market. For instance, in May 2015, the company received CE Mark approval for its Absorb GT1, a fully dissolving stent system.
Medtronic plc (Ireland) is one of the leading players in the coronary stent market. The company’s leading position can be attributed to its product portfolio and its brand identity in the coronary stents market. The company mainly focuses on product launches and expansions to grow in the coronary stents market. Some of its product launches include Resolute Onyx Drug-Eluting Stent (DES) (November 2014) and Resolute Onyx Drug-Eluting Stent in India (July 2015). Thus, continuous innovation and R&D helps the company maintain its position in the market
Companies are focusing on adopting organic and inorganic growth strategies to synergistically develop advanced products in the market. These strategies help market players to strengthen their product offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global 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.
Based on type, the 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 share of the coronary stents market 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.
Based on region, the Coronary Stent Market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2016, North America is expected to dominate the market, followed by Europe. Asia is poised to be the fastest-growing region during the forecast period.
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