LONDON, Oct. 25, 2016 /PRNewswire/ -- The coronary stent market is expected to reach USD 15.2 billion by 2024, according to the new report by Grand View Research, Inc. Increasing burden of cardiovascular diseases (CVDs), including coronary artery diseases, are anticipated to boost the usage of coronary stents.
According to the World Health Organization, CVDs contribute to the maximum number of deaths globally. In 2012, approximately 17.5 million deaths were reported from CVDs, representing 31% of the global death statistics. Of the 17.5 million deaths reported, 7.4 million were due to coronary heart disease and 6.7 million were due to stroke.
Individuals above 60 years of age form the key target population for these products. This demographic is characterized with low immunity levels and is prone to chronic diseases, including CVDs, which thereby serves as a high impact rendering driver for the growth of this industry over the forecast period. As a result, the latest treatments available in cardiac care are expected to increase the life span of the elderly population subset.
The coronary stent market is driven by reimbursement coverage provided by the Center for Medicare & Medicaid Services and private payers. The coverage is availed under national coverage scheme, which covers the product as well as the surgical procedure. The providers require completing certain conditions for coverage-all facilities performing CAS procedures should be certified by CMS.
Further Key Findings From the Study Suggest:
The coronary stent market is segmented on the basis of products: Bare Metal Stents, Drug Eluting Stents (DES), and Bioresorbable Vascular Scaffold (BVS).
DES held a lucrative share in 2015, which includes biodegradable and nonbiodegradable stents. Associated benefits such as avoidance of complications, ease of procedures, and comfort to the patient are responsible for the increased usage rates.
BVS is anticipated to be on forefront over the forecast period. With launch of first ever BVS in 2016, these products are likely to grow swiftly over the forecast period. BVS has added advantages of restoring vasomotor function, expanding future treatment options, and helping avoid future complications from occurring in permanent devices.
North America, especially the U.S., with its sophisticated healthcare system, well-planned reimbursement program, high healthcare expenditure, and large pool of target population held a substantial share in global coronary stents market.
Asia Pacific is anticipated to exhibit lucrative growth over the forecast period. Economic developments and government reforms, especially in countries like India and China, are supporting growth of this region. For instance, in India, the introduction of Goods and Services Tax (GST), a comprehensive tax system that avoids cascading tax effects, is helping both consumers and manufacturers save tax. This is anticipated to improve ease of doing business. Such initiatives open investment opportunities for market players in this region.
Some key players in the market include Abbott; Boston Scientific Corporation; Medtronic; B. Braun Melsungen AG; Terumo Corporation; Biotronik SE & Co. KG: Stentys SA; MicroPort Scientific Corporation; C. R. Bard, Inc.; and Cook Medical.
The market is oligopolistic in nature with few players at the top having similar share. However, recent activities by leading market players are opening avenues for emerging players in this vertical. For instance, loss of market share by Johnson and Johnson's product "Cypher" and discontinuation of its drug-eluting stent "Nevo" helped other players increase market penetration.
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