Coronary Stents Industry
The global coronary stents market was valued at approximately USD 9.32 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 3.1% from 2023 to 2030. This growth is primarily driven by the increasing aging population and the rising prevalence of non-communicable diseases, particularly cardiovascular diseases (CVDs), complex lesions, diabetes, and obesity. According to the World Health Organization (WHO), cardiovascular diseases were among the leading causes of mortality worldwide in 2019, with ischemic heart disease (IHD) being the most prevalent form. In that year alone, an estimated 17.9 million people lost their lives to CVDs, accounting for 32% of all global deaths.
Research published by the National Library of Medicine in June 2021 highlights that coronary artery disease (CAD), a type of cardiovascular disease, results in approximately 610,000 fatalities annually, which translates to about 1 in 4 deaths in the U.S. This alarming increase in CAD cases is expected to significantly drive the demand for effective coronary stent devices used in treatment. Given that coronary stents are integral to most Percutaneous Coronary Intervention (PCI) procedures, the growing incidence of CAD is anticipated to further enhance the demand for these devices throughout the forecast period.
Gather more insights about the market drivers, restrains and growth of the Coronary Stents Market
Regional Insights
North America led the coronary stents market in 2022, accounting for a significant revenue share of 32.6%. This dominance is anticipated to continue in the foreseeable future, driven primarily by the prevalence of a sedentary lifestyle that has led to increased rates of obesity and various cardiovascular diseases. Conditions such as heart attacks, strokes, and ischemic heart diseases (IHD) are significantly impacting the health landscape, thereby driving the demand for coronary stents in the region.
Technological advancements in coronary stent technologies, particularly the development of drug-eluting stents and the incorporation of biodegradable materials, have further contributed to the growth of the market. These innovations enhance the efficacy of stents, improving patient outcomes and expanding their applications.
The presence of well-established and mature market players such as Medtronic, Abbott, and Boston Scientific is another key factor propelling market growth in North America. Their extensive product portfolios, coupled with ongoing research and development efforts, reinforce the competitive landscape, facilitating advancements in coronary stent technology.
In contrast, the Asia Pacific market for coronary stents is projected to exhibit the fastest growth rate in terms of revenue generation. This rapid expansion is driven by several factors, including enhanced screening for coronary artery disease (CAD), economic growth, regulatory updates, and favorable reimbursement policies in countries like Australia and South Korea.
Increased government investment in healthcare and initiatives aimed at introducing medical devices at affordable prices in cost-sensitive markets such as India and China are also influencing this market positively. For example, in January 2021, the Chinese government implemented a centralized procurement scheme for high-value medical consumables. This initiative was designed to address issues related to inflated pricing and the delivery of expensive medical supplies. By bypassing intermediaries and purchasing directly from manufacturers, the government aims to reduce costs significantly.
As a result of these measures, the cost of coronary stents in China has seen a dramatic reduction, with the average price dropping by an astounding 93% since 2019 to secure the national tender. This substantial decrease is expected to increase accessibility to coronary stents, further stimulating market growth in the region.
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