The global coronary stents market is estimated to be valued at US$1,303.5 Million In 2023 and is expected to exhibit a CAGR of 13.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Coronary stents are commonly used medical devices that are implanted in the arteries to restore blood flow to the heart. These stents help to prevent blockages and reduce the risks associated with cardiovascular diseases. The increasing prevalence of cardiovascular diseases, such as coronary artery disease, is driving the demand for coronary stents. The advantages of coronary stents include improved patient outcomes, shorter hospital stays, and reduced risk of restenosis. The need for effective treatment options to address the growing burden of cardiovascular diseases is expected to fuel the market growth.
Market Key Trends:
The key trend in the coronary stents market is the growing adoption of drug-eluting stents (DES). These stents are coated with medication that helps to prevent restenosis and reduce the risk of complications. The use of DES has significantly improved patient outcomes and reduced the need for repeat procedures. The growing preference for minimally invasive procedures and advancements in stent technologies are also driving the market growth. Additionally, the increasing focus of key players on product innovation, such as bioresorbable stents and biodegradable polymer stents, is expected to further propel market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Coronary Stents Market is moderate. High entry barriers such as stringent regulatory requirements and significant research and development costs make it difficult for new players to enter the market. Additionally, established players have strong brand recognition and customer loyalty, further limiting the entry of new competitors.
Bargaining power of buyers: The bargaining power of buyers in the coronary stents market is moderate. Buyers, mainly hospitals and healthcare facilities, have significant purchasing power due to the large volumes of coronary stents they require. However, the limited number of suppliers and the critical nature of the product give suppliers some leverage in negotiations.
Bargaining power of suppliers: The bargaining power of suppliers in the coronary stents market is moderate. There are a limited number of large suppliers in the market, giving them some leverage. Additionally, suppliers that provide unique and high-quality stents may have increased bargaining power. However, the presence of multiple players in the market reduces the overall supplier power.
Threat of new substitutes: The threat of new substitutes in the coronary stents market is moderate. While there are alternatives to coronary stents such as bypass surgeries and drug therapy, stents are still the most common treatment option. However, advancements in alternative treatments and the introduction of new technologies may pose a threat to the market in the future.
Competitive rivalry: The competitive rivalry in the coronary stents market is high. The market is dominated by key players such as Abbott Laboratories, Medtronic, and Boston Scientific Inc. These companies compete intensely in terms of product quality, innovation, and pricing strategies. Additionally, the market is witnessing the entry of smaller players, further intensifying the competition.
Key Takeaways
The global coronary stents market is expected to witness high growth, exhibiting a CAGR of 13.2% over the forecast period (2023-2030). This growth is primarily driven by factors such as the increasing prevalence of cardiovascular diseases, the rise in elderly population, and advancements in stent technologies.
In terms of regional analysis, North America is projected to be the fastest-growing and dominating region in the coronary stents market. This can be attributed to factors such as the high prevalence of coronary artery diseases, well-established healthcare infrastructure, and the presence of key market players in the region.
Key players operating in the coronary stents market include Abbott Laboratories, Medtronic, Inc, Biosensors Inc, Terumo Corporation, Boston Scientific Inc., Dickinson and Company, Cook medicals, B Braun Melsungen AG, SLTL Medical, Endocare, Cardiac Care Products, Invent Bio-med Private Limited, Nano therapeutics pvt ltd, and MIV therapeutics. These players are focusing on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position and expand their product.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
