Albany, NY -- (SBWIRE) -- 05/25/2018 -- Global Coronary Stents Market: Snapshot
The primary growth driver for the global coronary stents market is the increasing prevalence of cardiovascular diseases. With an increasing population of older citizens across the world, especially in the established economies, the global coronary stents market is poised to find major lucrative opportunities across the world. Some of the other factors that drive the development of the global coronary stents market are rapidly changing lifestyles, generic disorders such as obesity that are on the rise due to these rapidly evolving lifestyles, and technological advancements of next generation bio-absorbable stents. According to a report from World Health Organization, it has been predicted that each year till 2030, over 23.3 million people will die because of cardiovascular diseases. Coronary artery disease (CAD) is chief reason responsible for the highest amount of death due to cardiovascular diseases across the globe. However, the number of casualties because of CAD has been on the lower side because of the growing number of percutaneous coronary interventions (PCIs) being performed by making use of a wide range of coronary stents, and thus driving the growth of the overall market.
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The global market for coronary stents is expected to reach an overall valuation of US$8.292 bn by the end of the given forecast period of 2013 to 2019. The global market is expected to reach this valuation with the help of a steady CAGR of 6.6% over the course of the given forecast period. The market is projected to show a continuous and similar growth patterns in the coming years if the market drivers and demand remains at a steady level.
Bare Metal Stents to be overshadowed by Bio-absorbent Stents Due to Increase in Demand
The global market for coronary stents can be broadly segmented into three classes namely, drug eluting stents (DES), bio-absorbent stents, and bare metal stents (BMS). In the last few years, the global coronary stents market was largely dominated by drug eluting stents segment. This segment was then followed by the segment of bare metal stents (BMS). Over the course of the given forecast period of 2013 to 2019, the requirement for bare metal stents is projected to be low and the overall growth of the segment is expected to slow down due to increasing demand for stents of the other remaining segments, chiefly from bio-absorbent stents. The segment of bio-absorbent stents of the global market is expected to be the fastest growing segment over the aforementioned forecast period.
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Asia Pacific to Show Promising Growth Owing to Increasing Penetration by Overseas Companies
Geographically, the global market for coronary stents can be segmented into key regions such as North America, Asia Pacific, Europe, and Rest of the World. Among the mentioned regions, North America holds the biggest share in the global market for coronary stents. The chief reason for the dominance of this region because it playing home to some of the top companies in the global market. The Europe market followed the growth shown by market in North America. Asia Pacific is expected to show promising growth in the global coronary stents market owing to growing awareness, easy affordability, and growing penetration by the Europe and the U.S. based companies.
Some of the key players in the global coronary stents market include names such as Bitronik SE & Co., Johnson & Johnson, B. Barun Melsungen AG., and Boston Scientific Corporation, among others.
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