The global drug eluting stent market was valued at USD 5.6 billion in 2015. The constantly rising geriatric population is primarily driving the growth of the market as the population is at a high risk of developing arterial diseases.
In addition, sedentary lifestyles, unhealthy food habits, and lack of exercise are fueling the prevalence rate of atherosclerosis globally. In addition, the dramatic shift from angioplasty to DES for the treatment of atherosclerosis is positively impacting market growth. In addition, the minimally-invasive technique of DES placing is augmenting the growth of the Drug Eluting Stent Market.
China Drug Eluting Stent Market, By Polymer-free Coatings, 2013 - 2024 (USD Million)
However, the decreasing pricing of these devices is challenging the market growth. In addition, the risks associated with DES include stent thrombosis and disruption of the regrowth of endothelial tissues. These factors are expected to challenge the growth of the market in the near future.
The microporous surface stent segment accounted for the largest share of the drug eluting market in 2015. The dominance of the segment was mainly attributed to the high adoption of the DES owing to the lower in-stent restenosis rates. The nanoporous segment is anticipated to show the fastest growth rate during the forecast period as these products have a high drug loading capacity.
The newly introduced bioresorbable stents support minimally invasive surgeries. Minimally invasive surgeries offer reduced surgical wounds, lesser wound healing time, and thereby decreased hospital stay. As a result, the adoption of these devices is expected to grow swiftly during the forecast period. Therefore, the bioresorbable segment is expected to show a significant growth rate from 2016 to 2024.
The Drug Eluting Stent Market is highly dependent on the technological advancements and the pricing trends, but the market dynamics will also be influenced by other factors, such as the healthcare reforms, public and private investments, and the entry of new players, which will create disruption in the existing market.
The rising prevalence of chronic diseases, such as diabetes and cardiac arrest, is anticipated to boost the demand for drug eluting stents in the near future. Associated advantages include reduced risk of blood clotting without causing harm to the endothelium. Consequently, the introduction of such products will make them suitable for diabetic patients.
The coronary artery application segment accounted for the largest market share of around 54% in 2015. Drug eluting stents are considered a gold standard for the treatment of coronary artery disease. As a result, this application segment is expected to maintain its dominance throughout the forecast period.
North America dominated the global Drug Eluting Stent Market with a revenue share of 40% in 2015. The dominance of the region was majorly attributed to stringent regulatory guidelines for medical device manufacturing and approval. In addition, the reimbursement coverage coupled with a high incidence rate of artery diseases is anticipated to augment the market growth in North America.
India, China, Brazil, and South Africa will register the fastest growth during the forecast period. Factors responsible for the significant growth of the market in these countries include the growing patient awareness related to the commercial availability of the products, government funding, constantly improving healthcare infrastructure, and the increasing healthcare spending. As a result, Asia Pacific and Latin America are anticipated to show a significant growth rate from 2016 to 2024.
Some major players operating in the Drug Eluting Stent Market include Boston Scientific Corporation, Medtronic, Inc., Abbott Laboratories, Biosensors International Group, Biotronik, Lepu Medical Technology, Terumo Medical Corporation, Cook Medical, Shandong JW Medical Systems, and Stentys.
The product innovation through extensive R&D, partnerships, and collaborations are some of the strategies implemented by the players to expand the market share. For instance, in March 2014, Arterial Remodeling Technologies signed a partnership agreement with Terumo Medical Corporation. Under the terms of the agreement, Terumo Medical Corporation will develop bioresorbable stents with the help of Arterial Remodeling Technologies. Similarly, in February 2016, Biotronik and Maquet Medical Systems entered into a collaboration for the distribution of Biotronik peripheral vascular devices in the U.S.
GET A FREE SAMPLE
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
ESOMAR certified & member
Leading SME award by D&B
"The quality of research they have done for us has been excellent."
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.
We value your investment and offer free customization with every report to fulfil your exact research needs.