According to research 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.
Technological advancements, increasing demand for minimally invasive procedures and rapid growth in geriatric population are the major drivers for the coronary stent 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.