The global Coronary Stent Market size is projected to reach USD 8.08billion by the end of 2027. High investment in technological intervention has opened up a huge potential for market growth. According to a report published by Fortune Business Insights, titled “Coronary Stent Market Size, Share & Industry Analysis, By Stent Type (Drug-Eluting Stent, Bio resorbable Stent, Bare Metal Stent, Covered Stent, Others), By Deployment (Self-expandable, Balloon-expandable), By End User (Hospitals & Ambulatory Surgical Centers, Specialty Clinics, Others) and Regional Forecast, 2020-2027,” the market was worth USD 5.91 billion in 2019 and will exhibit a CAGR of 6.7% during the forecast period, 2020-2027.
Coronary stents are small a metal mesh that that are mostly used in PCI (Percutaneous Coronary Intervention) procedures. These products are widely used in surgical procedures associated with the treatment of coronary heart diseases. They ability of coronary stents to stabilize surgical procedures and minimize the side effects associated with these surgeries will lead to a wider product adoption. Technological advancements in these products have helped improve surgical procedures and subsequently increase the success rate. The increasing adoption of coronary stents across the world will have a direct impact on the growth of the overall market in the coming years. In addition to these factors, the cost-effectivity of the product has contributed to the growing adoption. The presence of several health reimbursement policies will constitute an increase in the overall market size in the foreseeable future.
Increasing Number of Regulatory Approvals Will Provide Impetus to Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of regulatory approvals by leading organizations such as the Food and Drug Administration (FDA) will have the highest impact on market growth. In May 2018, Abbott announced that it has received approval for Xience Sierra. The product is the newest generation of the company’s gold standard Xience everolimus-eluting coronary stent system. Abbott’s latest approval will not just benefit the company but will have a direct impact on the growth of the overall market in the coming years.
North America to Emerge Dominant; Increasing Prevalence of Heart Diseases to Aid Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The high prevalence of coronary heart diseases across the United States will aid the growth of the regional market. The presence of several large scale manufacturers will also contribute to market growth. The increasing investment in product R&D by major companies will emerge in favor of market growth. The increasing adoption of coronary stents in hospitals and surgical centers will create several opportunities for market growth. As of 2019, the market in North America was worth USD 2.35billion and this value is projected to increase further in the coming years. The market in Asia Pacific is expected to exhibit the highest CAGR in the coming years owing to the adoption of sedentary lifestyle habits.
List of companies profiled in the report:
- Biotronik SE & Co. KG
- C. R. Bard, Inc.
- MicroPort Scientific Corporation
- Terumo Corporation
- B. Braun Melsungen AG
- Boston Scientific Corporation
- Other players
An Overview of the Impact of COVID-19 on this Market:
The recent corona virus outbreak has had an adverse impact on several businesses across the world. Due to the severity of the disease, governments across the world are taking strict measures to curb the spread of the disease. Accounting to the rapid spread of the disease, several businesses have been shut down.
The report will include the impact of the Covid-19 pandemic on the global. It will also include the strategies that major companies are adopting to overcome the downfalls during this pandemic.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
September 2018: BIOTRONIK, Inc., announced that it has received U.S.FDA approval for PK PAPYRUS Covered Coronary Stent System. This product is used to seal the perforation so as to stop the blood leakage during surgical procedure and avoid life-threatening complication.
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