The global coronary stents market has witnessed its own share of highs and lows. The development of second generation drug eluting stents (DES) improved the safety and efficacy of these stents over their first generation counterparts. This led to a high market penetration rate of drug eluting stents, which led to a decline in the adoption of bare metal stents (BMS). According to a report published by Transparency Market Research (TMR), the DES was the largest segment accounting for 69% of the market in 2012. Overall, the global coronary stents market was valued at US$7,451.1 mn in 2012 and is expected to rise to US$13,858.0 mn by 2019 expanding at a healthy CAGR of 9.5% during the period from 2013 to 2019.
Rising Demand for Minimally Invasive Procedures to Drive Coronary Stents Market
The rising prevalence of various coronary artery diseases is behind the growth of the global coronary stents market. The increasing demand for minimally invasive procedures has also increased, thus augmenting the uptake of coronary stents, which is driving the market worldwide. Other factors boosting the market include growing number of geriatric population and lifestyle changes resulting in obesity and other health complications. The advent of advanced technologies such as bio-absorbable and next generation stents are also encouraging the demand for coronary stents.
High Cost of Coronary Stents Dampens Market
The global coronary stents market is restrained by several factors such as lack of reimbursement policies in some regions and high cost of these stents. Additionally, complications arising in case of stent restenosis or thrombosis are also becoming a cause of worry for market players. On the other hand, novel technologies in clinical trials are expected to address the unmet needs of the markets in emerging economies. Countries that are likely to provide an opportunity for growth in the market include: China, India, and Brazil.