The global coronary stent market is estimated to garner a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to increasing cases of heart strokes. The coronary stents are used to treat narrowed coronary arteries to reduce muscle damage during a heart attack by restoring blood flow to the heart. Furthermore, the data released by the World Health Organization (WHO) states that 17.9 million people die each year from cardiovascular diseases. The global coronary stent market is expected to witness growth during the forecast period owing to an aggressively increasing number of patients suffering from cardiovascular diseases. Moreover, the application of coronary stents is considered to be a safe procedure. The report published by the Harvard College states that an estimated two million people get coronary artery stents every year. Hence, on the back of an increasing number of people requiring coronary stents procedure, the global coronary stent market is projected to witness promising growth during the forecast period. Apart from this, governments all over the world are allotting humungous budgets to upgrade the healthcare infrastructure. The data published by The World Bank states that in 2019, 9.84% of the world’s GDP is allotted for health expenditure. The widening government initiatives are further estimated to foster the growth of the global coronary stent market during the forecast period.
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The market is segmented by end-user into hospitals, specialty clinics, and ambulatory surgical centers. Out of which, the hospital segment is anticipated to hold the largest share in the global coronary stent market on account of the increasing number of patients with heart diseases in the hospitals. As heart diseases are soaring, more heart patients are getting admitted to the hospital in order to seek treatment. Owing to this, the hospital sub-segment is projected to accumulate the largest share in the global coronary stent market during the forecast period.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global coronary stent market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to witness modest growth over the forecast period on the back of the presence of trailblazing healthcare infrastructure. Furthermore, the report published by American Medical Association states that the USA has allotted a USD 4.1 trillion health budget in the year 2020. The enormous health investment in the region is estimated to render lucrative opportunities for the growth of the global coronary stent market during the forecast period. Moreover, the prevailing cases of heart attacks in the region are also estimated to act as a catalyst to boost market growth. According to the report published by the Centers for Diseases Control and Prevention, 1 person dies every thirty-six seconds in the USA from cardiovascular diseases.
The global coronary stent market is also estimated to exhibit significant growth in the Asia Pacific region, owing to the presence of a large number of patients in the region. Countries such as India and China are extremely populous where health awareness is rising amongst the people. Additionally, rising investment in revamping healthcare infrastructure is also expected to uplift the global coronary stent market growth during the forecast period.
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The global coronary stent market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global coronary stent market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The rising cases of heart attacks are estimated to be the major factor driving the growth of the global coronary stent market during the forecast period.
The market is anticipated to attain a notable CAGR of ~6% over the forecast period, i.e., 2022 - 2031.
The major players in the market are BIOTRONIK SE & Co KG, Becton, Dickinson, and Company (BD), and MicroPort Scientific Corporation.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by stent type, deployment, end-user, and by region.
The hospital segment is anticipated to hold the largest market size in value over the forecast period and display significant growth opportunities.
Lack of awareness amongst the people is estimated to hamper the market growth.
The North America region is estimated to provide more business opportunities for growth of the global coronary stent market during the forecast period owing to the presence of developed health-care infrastructure.
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