The global coronary stents market size was estimated at USD 7.7 billion in 2019 and is expected to witness a CAGR of 4.7% during the forecast period. Rising prevalence of cardiovascular diseases (CVDs), such as stroke and heart attack, along with the growing geriatric population at higher risk of these cardiac diseases is expected to propel the demand for coronary stents over the forecast period.
The WHO in 2017 stated that CVDs are among the major causes of mortality globally. It accounted for nearly 836,546 deaths in U.S. in 2018. i.e. about 1 out of 3 deaths. Therefore, unprecedented growth in the number of CAD prevalence is anticipated to increase the demand for an effective coronary stent for the treatment. This factor is expected to boost demand over the forecast years.
In addition, rising preference for minimally invasive surgeries (MIS) is another factor expected to boost the adoption of coronary stents over the forecast period. The advantages of these procedures include small incision wounds leading to higher patient satisfaction. These procedures also provide shorter hospital stays and facilitate quick recovery.
Furthermore, increased number of percutaneous coronary intervention (PCI) procedures over the past years have contributed to market growth. The Korean Journal of Thoracis and Cardiovascular Surgery in 2016 stated that the fraction of PCI for coronary artery disease (CAD) was 78%, and its country-specific PCI proportion exceeded 96%, which was significantly higher than the world average. Therefore, an increase in the number of PCI interventions and advancements in stenting technology is expected to drive the market for coronary stents.
Stenting technology is increasingly being preferred over conventional balloon angioplasty owing to the introduction of advanced DES and evolving bioresorbable scaffolds. Technological advancements in coronary stents, such as the development of bifurcated stents and the use of biodegradable materials, have led to efficient and improved outcomes pertaining to CVD treatment. Companies are proactively involved in product developments and partnerships and strategic collaborations. The aforementioned factors are expected to propel the growth of the market for coronary stents over the forecast period.
On the basis of product, the coronary stents market is segmented into bare metal stents, drug eluting stents, and Bioresorbable Vascular Scaffolds (BVS). Drug eluting stents (DES) held the dominant share as of 2019. The growth of this segment is driven by factors such as an increase in the adoption of a sedentary lifestyle that lead to lifestyle diseases such as atherosclerosis. Moreover, increasing geriatric population is another major factor driving the growth of the segment.
Key players in the market for coronary stents are involved in developing technologically advanced DES, which is further boosting the market. For instance, Abbott received U.S. FDA approval for Xience Sierra in May 2018, which is a XIENCE everolimus-eluting coronary stent system. The stent was specifically intended for treating complex arterial blockage. Another innovation by Medtronic in February 2018 was the Resolute Onyx 2 mm, which is currently the smallest DES available in the market.
Bare metal stents (BMS) held a substantial share in the market as of 2019. Though the advancement in DES is replacing the usage of BMS, still it is being used in many PCI procedures due to its low cost and low hospitalization rates. Bioresorbable scaffolds (BRS) is the newest technology introduced in the market after DES. Abbott launched the first bioresorbable vascular scaffold system, Absorb in 2016. However, the company recalled the product globally in 2017 due to some adverse reactions associated with it. Companies are investing to develop newer generation BRS with better patient compliance. For instance, in April 2017, Reva Medical obtained CE mark approval (EU) for Fantom, a drug-eluting bioresorbable coronary scaffold stent.
North America was the leading regional market for a coronary stent as of 2019 and is anticipated to witness the same trend over the foreseeable future. Sedentary lifestyle resulting in obesity and other cardiovascular diseases such as heart attack, stroke, and ischemic heart diseases (IHD), are primarily driving the market in North America. In addition, technological advancements in coronary stent technologies, such as bifurcated stents and the use of biodegradable materials, have further augmented market growth. The presence of mature market players such as Medtronic, Abbott and Boston Scientific is fueling market growth in this region.
Asia Pacific is expected to exhibit the fastest growth rate of 5.8% in terms of revenue generation. The market is driven by a large aging population with cardiovascular disease, rising PCI procedures, improving healthcare infrastructure in developing economies, growing healthcare awareness, improved reimbursement scenario, and low manufacturing cost of coronary stents in this region. For instance, in September 2019, OrbusNeich Medical K.K. of Tokyo introduced combo plus coronary stent, which was approved by the Japan Ministry of Health, Labour, and Welfare (MHLW). In November 2019, Meril Life Sciences from India launched Evermine50, an everolimus-eluting coronary stent system.
The market consists of a blend of numerous global and local players. Abbott is one of the leading players in the market. Although the company’s product Absorb failed in 2017, it regained its position after the launch of Xience Sierra. The companies are involved in various strategic collaborations to increase its market share, such as new product launch, strategic collaborations, and regional product launches.
For instance, in June 2019, Boston Scientific acquired Vertiflex, Inc. to improve its portfolio of minimally invasive devices. The emerging companies are also trying to develop technologically advanced products in order to increase market penetration. In December 2017, Medinol received FDA approval for Elunir drug eluting stent, which is expected to boost the company’s revenue in the coming years. Few other notable players operating in this space are Terumo Corporation, C. R. Bard, Inc., Cook Medical, and MicroPort Scientific Corporation.
Report Attribute |
Details |
Market size value in 2020 |
USD 8.2 billion |
Revenue forecast in 2027 |
USD 11.3 billion |
Growth Rate |
CAGR of 4.7% from 2020 to 2027 |
Base year for estimation |
2019 |
Historical data |
2016 - 2018 |
Forecast period |
2020 - 2027 |
Quantitative units |
Revenue in USD million and CAGR from 2020 to 2027 |
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors and trends |
Segments covered |
Product, region |
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country scope |
U.S.; Canada; Germany; U.K.; France; Italy; Spain; Japan; China; India; Australia; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE |
Key companies profiled |
Abbott; Terumo Corporation; C. R. Bard, Inc.; Cook Medical; Boston Scientific; MicroPort Scientific Corporation |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global coronary stents market report on the basis of product and region:
Product Outlook (Revenue, USD Million, 2016 - 2027)
Bare Metal Stents (BMS)
Drug Eluting Stents (DES)
Biodegradable
Non-Biodegradable
Bioresorbable Vascular Scaffold (BVS)
Regional Outlook (Revenue, USD Million, 2016 - 2027)
North America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Spain
Asia Pacific
Japan
China
India
South Korea
Australia
Latin America
Brazil
Mexico
Argentina
Middle East & Africa
South Africa
Saudi Arabia
UAE
b. The global coronary stents market size was estimated at USD 7.7 billion in 2019 and is expected to reach USD 8.2 billion in 2020.
b. The global coronary stents market is expected to grow at a compound annual growth rate of 4.7% from 2020 to 2027 to reach USD 11.3 billion by 2027.
b. Some key players operating in the coronary stents market include Abbott, Terumo Corporation, C. R. Bard, Inc., Cook Medical, Boston Scientific, and MicroPort Scientific Corporation.
b. Key factors that are driving the coronary stents market growth include the rising prevalence of cardiovascular diseases (CVDs), such as stroke and heart attack, along with a growing geriatric population at higher risk of these cardiac diseases.
b. North America dominated the coronary stents market with a share of 33.6% in 2019. This is attributable to the increasing prevalence of cardiovascular diseases such as heart attack, stroke, and ischemic heart diseases (IHD) and the increased focus of consumers on better treatment options.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.