The global market for cardiac drug stents had a size of USD 9.93 billion in 2022, and it is projected to achieve a revenue Compound Annual Growth Rate (CAGR) of 5.9% throughout the forecast period. Key drivers for the growth in market revenue include the increasing incidence of cardiovascular diseases, a shift towards less invasive therapeutic procedures, faster evaluation and approval processes for cardiac drug stents, and the integration of technological advancements into stent designs.
Government authorities have expedited the evaluation and commercialization of cardiac drug stents, which is bolstering market revenue growth. For example, on July 26, 2022, the U.S. Food and Drug Administration (FDA) approved the innovative Pulsar-18 T3 peripheral self-expanding stent system by BIOTRONIK, which offers an improved method for insertion during endovascular treatments. The company announced that the device's full commercial launch in the United States would commence in early August.
Companies are also actively engaging in Research and Development (R&D) efforts, pursuing mergers and acquisitions, forming partnership agreements, and establishing other collaborations, all of which are contributing to the growth in market revenue. For instance, on March 31, 2021, the B. Braun SeQuent Please ReX drug-coated PTCA balloon catheter underwent an expedited FDA Investigational Device Exemption (IDE) clinical trial, thanks to a partnership between B. Braun Interventional Systems Inc. and Infraredx, a Nipro Company. This collaboration solidified the commitment of the B. Braun Group of Companies and Nipro Corporation, a Japanese firm, to enhancing the treatment of coronary artery disease on a global scale.
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Some of the major companies included in the global market report are Boston Scientific Corporation, Medtronic plc, B. Braun SE, Biotronik, Abbott, Terumo Corporation, Biosensors International Group, Ltd., MicroPort Scientific Corporation, Cook, and BD, among others.
Driving Factors of Cardiac Drug Stent Market
The cardiac drug stent market is influenced by several key factors that shape its dynamics and growth. These factors play a crucial role in determining the demand for cardiac drug stents and the direction in which the market is headed. Here are some of the driving factors of the cardiac drug stent market:
1. Prevalence of Cardiovascular Diseases: The rising incidence of cardiovascular diseases, such as coronary artery disease, is a significant driver of the cardiac drug stent market. As the global population ages and lifestyles become more sedentary, the demand for stents to treat these conditions increases.
2. Technological Advancements: Continuous advancements in stent technologies, including drug-eluting stents and bioresorbable stents, drive market growth. Innovations in stent design, materials, and coatings improve their efficacy and safety.
3. Increased Awareness: Growing awareness about heart health and the availability of minimally invasive procedures like stent implantation lead to higher patient acceptance and adoption of cardiac drug stents.
4. Healthcare Infrastructure: Improved healthcare infrastructure, especially in emerging markets, allows for better access to cardiac interventions, including stent placement.
5. Regulatory Approvals: Regulatory approvals and standards play a pivotal role in the cardiac drug stent market. Compliance with safety and efficacy regulations is crucial for market players.
6. Competitive Landscape: Competition among manufacturers results in product innovations, cost-effective solutions, and better pricing for consumers, fostering market growth.
7. Health Insurance Coverage: The availability of health insurance coverage for stent procedures influences patient decisions and market growth. Wider insurance coverage can drive demand.
8. Demographic Trends: Changing demographics, such as an aging population with a higher risk of heart diseases, contribute to market growth as they require more cardiac interventions.
9. Emerging Markets: The cardiac drug stent market is expanding in emerging economies due to improving healthcare access and rising income levels.
10.Clinical Research: Ongoing clinical research and trials in the field of cardiology provide insights into the effectiveness of different stent types and help in developing new products.
11.Patient Preferences: Patient preferences and choices, often influenced by the recommendation of healthcare professionals, can impact the selection of specific stent types.
12.Cost-effectiveness: The cost-effectiveness of stent procedures compared to other treatment options, such as bypass surgery, can drive market growth, especially in regions with cost-conscious healthcare systems.
13.Complications and Risks: The awareness of potential complications and long-term risks associated with stent implantation may influence patient decisions and market dynamics.
14.Global Economic Conditions: Economic factors, including fluctuations in currency exchange rates and economic stability, can affect market growth, especially for multinational companies.
15.Post-market Surveillance: Rigorous post-market surveillance and monitoring of stent safety and performance are essential to maintaining trust among patients and healthcare providers.
In conclusion, the cardiac drug stent market is influenced by a complex interplay of factors, including disease prevalence, technological advancements, regulatory environment, patient awareness, and economic conditions. Understanding these driving factors is crucial for stakeholders in the market, including manufacturers, healthcare providers, and policymakers, to make informed decisions and drive sustainable growth in the industry.
Segments Covered in the Report
Stent Type Outlook (Revenue, USD Billion; 2019-2032)
- Bioresorbable Stent
- Covered Stent
- Bare Metal Stent
- Drug-eluting Stent
- Others
Mode of Delivery Outlook (Revenue, USD Billion; 2019-2032)
- Balloon Expandable Sheet
- Self-expandable Sheet
Biomaterial Outlook (Revenue, USD Billion; 2019-2032)
- Natural Biomaterial
- Polymeric Biomaterial
- Metallic Biomaterial
End-use Outlook (Revenue, USD Billion; 2019-2032)
- Hospitals
- Ambulatory Surgical Centers
- Specialty Clinics
- Others
Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
1. U.S.
2. Canada
3. Mexico
Europe
1. Germany
2. U.K.
3. France
4. Italy
5. Spain
6. Sweden
7. BENELUX
8. Rest of Europe
Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
Latin America
1. Brazil
2. Rest of LATAM
Middle East & Africa
1. Saudi Arabia
2. U.A.E.
3. South Africa
4. Israel
5. Rest of MEA
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