The global coronary stents market is expected to reach USD 15.18 billion by 2024, according to a new report by Grand View Research, Inc. Rising prevalence of coronary artery diseases, supportive government reforms and increasing awareness are contributing factors for lucrative growth of coronary stents
The latest treatments available in cardiac care are expected to increase the life span of the elderly population subset. This demographic is characterized with low immunity levels and are prone to chronic diseases including CVDs. Thus, increasing geriatric population is thereby considered as a high impact rendering driver for the growth of this industry over the forecast period.
The coronary stent market is driven by reimbursement coverage provided by the general public Center for Medicare & Medicaid Services (CMS) and private payers. The coverage is availed under national coverage determination for carotid artery stenting, including products and service provider. The providers require completing certain conditions for coverage, all facilities to be certified by CMS to perform CAS procedures.
Reimbursement of medical devices is limited to the developed regions of Asia Pacific. For instance, Japan’s National Health Insurance system provides reimbursement for all medical devices. However, some countries in the Asia Pacific region have no scope for reimbursement and the patients themselves incur the expenses while the unprivileged ones often forego treatment, thus restraining the growth of this vertical in certain countries.
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Further key findings from the study suggest:
DES held lucrative share in 2015. Avoidance of complications, ease of procedures and comfort to the patient are factors responsible for increased usage rate.
BVS are anticipated to growth exponential over the forecast period due to the added advantages such as restoring vasomotor function, and fewer complications offered by the product.
North America held substantial share in global coronary stents market. Sophisticated healthcare system, well planned reimbursement program, high healthcare expenditure and large pool of target population are responsible for the region’s substantial share.
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 the growth of this region.
Grand View Research has segmented the coronary stents market on the basis of product and region:
Global Coronary Stents Product Outlook (Revenue, USD Million, 2013 - 2024)
Bare Metal Stents (BMS)
Drug Eluting Stents
Bioresorbable Vascular Scaffold (BVS)
Coronary Stents Regional Outlook (Revenue, USD Million, 2013 - 2024)
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