Coronary Stents Market by Product, By End-User, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 - 2024
Sellbyville, DE -- (SBWIRE) -- 12/11/2018 -- The Coronary Stents Market is set to exceed USD 11.9 billion by 2024; according to a new research report by Global Market Insights.
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.
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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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- Boston Scientific
- Terumo Medical Corporation
- BKK B. Braun Melsungen AG
- Biosensors International Group, Ltd
- Meril Life Sciences India Pvt Ltd
- Microport Scientific Corp
- Elixir Medical Corporation
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.
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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.
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.