According to the research report the coronary stent market is expected to reach USD 10.31 billion by 2021 from USD 7.16 billion in 2016, at a CAGR of 7.6% from 2016 to 2021.
The coronary stent market is witnessing significant growth across the globe owing to factors such as technological advancements, increasing number of percutaneous coronary intervention (PCI) procedures, rising burden of coronary artery disease (CAD), increasing demand for minimally invasive procedures, and rising geriatric population. Moreover, development of bioresorbable vascular scaffold (BVS) and expansion in emerging markets provide significant growth opportunities in the market.
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Key players in this market are pursuing strategies such as product approvals; product launches and enhancements; partnerships, collaborations, and contracts; expansions; acquisitions; and certifications.
The coronary stent market is segmented based on type, material; mode of delivery, end user, and region. Based on type, the coronary stent market is segmented into bare-metal stents, drug-eluting stents and bioabsorbable stents. The bioabsorbable stents segment is expected to grow at the highest CAGR during the forecast period. These stents help restore normal vasomotion, improve abnormal endothelial function, and lower the risk of complications such as thrombosis and inflammation. Such advantages are driving high growth in the bioabsorbable stents market.
Based on mode of delivery, the coronary stents market is segmented into balloon-expandable stents and self-expanding stents. The balloon-expandable stents segment is expected to grow at the highest CAGR during the forecast period due to factors such as increasing research activities to improve this technology, high utilization of these stents, and growing regulatory approvals for balloon-expandable stents.
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Asia is expected to grow at a highest CAGR during the forecast period. Factors such as large population base, growing prevalence of cardiac diseases, rising adoption of advanced technologies, and low manufacturing costs in the region are expected to drive market growth in Asia. Moreover, the growing focus of major players in this region is expected to boost the coronary stents market in Asia.