The major factors found propelling the growth of the market include the increasing prevalence of coronary artery diseases (CADs), rising the geriatric population, and the technological advancements in coronary stents.
The prevalence of coronary artery disease (CAD) increased in the past three decades in low- and middle-income countries, including India. Coronary artery disease is responsible for 20% of the total deaths in India. Thus, with the increased burden of CAD, the usage of coronary stents has increased significantly in healthcare facilities, as well as their production by the medical device manufacturers, thus helping in driving the market growth. In addition, the increasing geriatric population also increased the demand for coronary stents that are expected to rise over the forecast period.
There has also been a high demand for minimally invasive surgical procedures, which significantly drives the coronary stent market. Thus, there has been a reduction in post-operative trauma and complications with the use of a minimally invasive surgical procedure, which is the major growth driver. Reduced hospital stays and lesser healing time are the other advantages associated with the use of advanced and miniaturized coronary stents.
Key Market Trends
Drug-eluting Stent is the Largest Segment by Product Type, Expected to do Same Over the Forecast Period
The drug-eluting stent segment has accounted for the largest revenue, as it can be used for the treatment of a large number of disorders, such as diabetes, renal disease, percutaneous coronary intervention, and ST-segment elevation myocardial infarction (STEMI). There are also various technological advances seen in the drug-eluting stent segment that may witness tremendous growth.
According to a survey conducted by European Heart Network in 2017, 3.9 million deaths in Europe were due to cardiovascular diseases. The increasing prevalence of cardiovascular diseases is also a major factor in the growth of the segment.
North America Experienced the Largest Growth and is Expected to Follow the Same Trend Over the Forecast Period
North America holds the largest market share for coronary stents due to the dominance of the top companies present in the global market. There is also an increase in the aging population, an increase in the prevalence of heart diseases, and technological advancements found in the region. In addition, other factors, such as good reimbursement scenario, have been driving the North American coronary stent market. According to the American College of Cardiology (2017), Cardiovascular disease accounts for 800,000 deaths in the United States. The increasing patient pool is boosting the market growth in the region.
The major companies adopted strategies, like mergers and acquisitions and strategic alliances, to gain a competitive advantage in the market. Additionally, companies are also more focused on the development of technologically advanced products, which deliver greater accuracy and efficiency.
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