Drug-eluting stent is a tube like, semi-rigid device made up of metal and coated with a medication. The medication is slowly released to aid prevention of reoccurrence of arterial blockage. Drug-eluting stents are of different types such as first, second, and third-generation drug eluting stents. First generation drug eluting stents considerably decrease the risk of in-stent restenosis condition observed with bare-metal stent (BMS). Second generation drug-eluting stents can decrease risk and rate of one year stent thrombosis. Third generation drug-eluting stent is widely used in percutaneous coronary intervention.
The global drug-eluting stents market was valued at $6,382 million in 2019, and is projected to reach $8,777 million by 2027, registering a CAGR of 8.7% from 2020 to 2027.
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Rise in prevalence of cardiovascular diseases such as congenital heart disease, abnormal heart rhythms, heart valve disease, heart attack, and heart failure is expected to drive growth of the market. In addition, technological advancements in drug eluting stents design and stent delivery systems is another major factor that boosts the market growth. Moreover, rise in number of product approvals and favorable reimbursement policies, coupled with high incidence rate of artery diseases also fuel growth of the drug-eluting stents market. However, stringent government regulations for product approval restricts growth of the market. Conversely, growth potential in emerging economies is expected to create lucrative opportunities for the market growth during the forecast period.
COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe respiratory diseases. The COVID-19 pandemic has affected drug-eluting stents production and import & export of raw material and finished goods, owing to shutdowns in various COVID-19-affected countries. Temporary disruptions of inputs or production might stress some companies, particularly those with inadequate liquidity. Moreover, delayed shipments & production schedules create financial problems for companies with heavy debts. This, in turn, has limited impact of COVID-19 on the market.
The global drug-eluting stents market is segmented on the basis of coating, application, end user, and region. On the basis of coating, the market is divided into polymer-based coating and polymer free coating. Polymer-based coating segment is further bifurcated into biodegradable and non-biodegradable. The polymer free coating segment is further segmented into microporous surface, microstructured surface, slotted tubular surface, and nanoporous surface.
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The polymer free coating segment dominated the global market in 2019, and is anticipated to continue this trend during the forecast period. Key factors such as high adoption of DES, owing to lower in-stent restenosis rates, quicker drug eluting rate, and higher drug loading capacity of nanoporous surfaces propel the market growth. Moreover, polymer free coating offers advantages such as inflammatory issues produced by polymers used in stents can be avoided by excluding polymer coating completely and releasing anti-proliferative drug directly from the stent surface.
By end user, the market is divided into hospitals, ambulatory surgical centers, and others. The hospitals segment accounted for maximum market revenue in 2019, and is anticipated to maintain its dominance during the forecast period. This is attributed to preference among individuals for hospitals, owing to availability of advanced equipment for heart surgery as compared to ambulatory surgical centers and other end users and development of new hospitals in developing countries.
North America accounted for the largest share of the global drug-eluting stents market in 2019, and is expected to remain dominant throughout the forecast period. This was attributed to higher adoption of drug-eluting stents, higher number of R&D activities to develop novel drug-eluting stents, large number of target population with higher health awareness, availability of trained medical professionals, and supportive reimbursement policies in the healthcare system. Asia-Pacific is expected to experience highest growth rate during the forecast period, majorly owing to growth in prevalence of cardiovascular diseases and rise in geriatric population.
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The Major Key Players Are:
Abbott Laboratories, Alvimedica, B. Braun Holding GmbH & Co. KG, Biosensors International Group, Biotronik Inc., Boston Scientific Corporation, Cook Group (Cook Medical), Medtronic Plc, Stentys SA, and Terumo Corporation.
Key Findings Of The Study
- By coating, the polymer free coating segment held the largest market share in 2019, and is expected to remain dominant throughout the forecast period.
- On the basis of application, the coronary artery disease segment held the largest market share in 2019, and is expected to remain dominant throughout the forecast period.
- On the basis of end user, the hospitals segment held largest market share in 2019, and is expected to remain dominant throughout the forecast period.
- Region wise, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 10.0% during the forecast period.
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