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The Global 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% from2016 to 2021.Major factors contributing to the growth of the global coronary stent market include :
• Technological advancements
• Increasing number of percutaneous coronary intervention (PCI) procedures
• Rising burden of CAD, increasing demand for minimally invasive procedures
• Rising geriatric population
Moreover, development of bioresorbable vascular scaffold (BVS) and expansion in emerging markets provide significant growth opportunities in the market. However, alternative treatment methods for CAD, stringent regulations for product approval, and numerous cases of product failure and product recall may hinder the growth of coronary stent market during the forecast period.
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Various companies are focusing on technological advancements to improve the coronary stents offerings.
Companies like Biosensors International Ltd., Abbott Laboratories, and Boston Scientific focused on developing biodegradable and bifurcated stents to deal with concerns about thrombosis caused by long-term device implantation.
For instance, in May 2014, Boston Scientific (U.S.) launched the Promus PREMIER Everolimus-eluting Platinum Chromium Coronary Stent System in Japan. Currently, the coronary stents market is witnessing a new phase of technological developments, with the launch of fully dissolving stents.In July 2016, Abbott Laboratories (U.S.) received U.S. FDA approval to commercially launch its Absorb bioresorbable heart stent. Absorb is the only fully dissolving stent approved for the treatment of CAD.
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The Global Coronary Stent Market Research Report Coverage:
Coronary stents market is categorized On the Basis :
• On the Basis of Type:
The coronary stent market is segmented into bare-metal stents, drug-eluting stents and bioabsorbable stents. The drug-eluting stents segment is expected to account for the largest market share in 2016. This can primarily be attributed to the advantages of drug-eluting stents over bare-metal stents, such as lower risk of restenosis and other related complications.
• On the Basis of Mode of Delivery:
The coronary stent 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 the increasing research activities to improve this technology, high utilization of these stents, and growing regulatory approvals for balloon-expandable stents.
• On the Basis of Material:
The coronary stent market is segmented into metallic stents (cobalt chromium, platinum chromium, nickel titanium, and stainless steel), and other stents. The other stents segment is expected to grow at the highest CAGR during the forecast period. The high growth in this segment is attributed to the growing utilization of polymers and copolymers for the development of bioabsorbable stents.
• On the Basis of End User:
The coronary stent market is segmented into hospitals, cardiac centers and ambulatory surgical centers. The hospitals segment is estimated to dominate the market in 2016. This can primarily be attributed to high utilization of coronary stent in hospitals.
• On the Basis of Region :
Asia is projected to be fastest-growing region in the coronary stent market during the forecast period. High growth in this region can be attributed to factors such as large population base, growing prevalence of cardiac diseases, rising adoption of advanced technologies, and low manufacturing costs in the region. Moreover, the growing focus of major players in this region is expected to boost the coronary stents market in Asia.
Apart from comprehensive geographical analysis, product analysis, and market sizing, the report also provides a competitive landscape that covers growth strategies adopted by industry players in the last three years. In addition, the company profiles comprise basic views on the key players and their product portfolios, developments, and strategies adopted. The abovementioned market research data, current market sizes, and forecast of future trends will help key players and new entrants make informed decisions regarding product offerings, geographical focus, changes in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.
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