U.S. coronary stents market will grow at 2.5%, owing to high pervasiveness of coronary artery disease. According to American Heart Association (AHA), more than 90 million Americans are diagnosed with coronary heart disease annually. Adoption of sedentary lifestyle and unhealth habits are major cause of high prevalence rate. High disposable income and increasing government expenditure on healthcare will further lead to business growth in the future.
Global Coronary Stents Market is poised to surpass USD 11.9 billion by 2024; according to a new research report by Global Market Insights, Inc. Favorable government policies such as price control and reimbursement will spur demand for coronary stents in upcoming years. For instance, in 2018, the National Pharmaceutical Pricing Authority (NPPA) of India announced reduction of prices of drug eluting stents. Also, increasing reimbursement for drug eluting stents in Japan will significantly impact market growth. Increasing government initiatives for providing safe and advanced healthcare services will drive business growth during the forecast period.
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High demand for minimally invasive surgical procedures will significantly drive coronary stents market growth over the forecast period. Reduction in post-operative trauma and complications with use of minimally invasive surgical procedure is the major growth driver. Reduced hospital stays, and lesser healing time are other advantages associated with use of advanced and miniaturized coronary stents. Aforementioned factors will favor considerable growth in the future.
Drug eluting stents market accounted for largest revenue of USD 3,286.2 million in 2017. Drug eluting stent can be used for treatment of large number of disorders such as diabetes, renal disease, percutaneous coronary intervention and ST segment elevation myocardial infarction (STEMI). Improved design to provide maximum efficacy with minimal complications will favor segmental growth in the future. With various technological advances, drug eluting stents segment will witness tremendous growth.
Hospitals segment is expected to expand at CAGR of 7.0% during the projected timeframe. Segmental growth is attributable to increase in number of patient pool seeking advanced treatment options in hospitals. Also, use of cutting-edge equipment for diagnosis and treatment of coronary artery disease will increase patient preference towards hospitals. Increasing patient preference and affordability coupled with favorable reimbursement policies will favor segmental growth over forecast timeframe.
Japan coronary stents market accounted for revenue size of USD 1,248.7 million in 2017 owing to various government policies coupled with rising burden of coronary heart disease. For instance, in May 2018, Japan's Ministry of Health Labor and Welfare (MHLW) announced national reimbursement for Abbott’s new-generation everolimus-eluting coronary stent. Favorable reimbursement policies in the country will increase adoption rate of coronary stents, thereby propelling industry growth.
Some of the prominent players involved in Coronary stents market are B. Braun Melsungen AG, Abbott, Biosensors International Group, Boston Scientific Corporation, Biotronik SE & Co. KG, Medtronic plc, Meril Life Sciences, MicroPort Scientific Corporation, Terumo Corporation, and Elixir Medical Corporation. These firms adopt strategic initiatives including mergers and acquisitions, new product launch and geographical expansion. For instance, in 2016, Abbott announced that it received U.S. FDA approval for its Absorb product. This product will help in fostering its business revenue growth and attract large customer base.
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