The global Drug Eluting Stent Market is predicted to experience significant growth, escalating from a worth of USD 7.2 billion in 2021 to a notable USD 17.7 billion by 2030. This expansion is projected to occur at a Compound Annual Growth Rate (CAGR) of 7.6% during the forecast period of 2022-2030.
Understanding the Drug Eluting Stent Market
Drug Eluting Stents (DES) are tiny, expandable mesh tubes used in the treatment of blocked arteries, which are coated with medication to help prevent the artery from narrowing again. The expansion in the DES market is majorly driven by the global rise in the population affected by cardiovascular diseases. As heart conditions become more prevalent, the demand for DES increases accordingly. Other contributing factors to the growth include technological advancements in stent design and material and growing patient awareness about minimally invasive procedures. The market faces challenges in terms of regulatory approvals and potential health risks such as stent thrombosis. Despite these hurdles, the DES market is expected to flourish due to the constant need for efficient solutions in the treatment of coronary diseases.
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Drug Eluting Stent Market Trends
Minimally invasive surgeries: DES are inserted into the body via minor surgeries, reducing the risk, cost, and recovery time compared to traditional open surgeries.
Improved stent design: Advances in material science and medical technology have enabled the creation of more effective and safer drug-eluting stents.
Decreasing instances of restenosis: Drug-eluting stents significantly reduce the risk of restenosis, or the re-narrowing of arteries, compared to bare-metal stents.
Global health awareness: Increased awareness about heart diseases and their treatments is contributing to the growth of the DES market.
Growth Dynamics of the Drug Eluting Stent Market
Rising global cardiovascular disease rates: With an increasing aging population and unhealthy lifestyle choices, the demand for effective heart disease treatments, such as DES, is growing.
Technological advancements: Innovations in stent design, materials, and drugs used are driving the growth of the DES market.
Stringent regulatory approvals: While regulatory approvals ensure safety and efficacy, they also present challenges by increasing the time and cost to market.
Growing health awareness: Increased awareness about heart diseases and the benefits of DES over traditional treatments are contributing to market growth.
Growth Slowing Factors for the Drug Eluting Stent Market
Regulatory hurdles: Regulatory approvals can be time-consuming and expensive, slowing down the introduction of new products.
Potential health risks: DES have been associated with risks such as stent thrombosis, which could limit their adoption.
High cost: DES are often more expensive than bare-metal stents, which can be a barrier in cost-sensitive markets.
Lack of trained healthcare professionals: The lack of skilled professionals to perform the procedure can also hinder the market growth.
Segmentation of the Drug Eluting Stent Market
Drug Eluting Stent Market by Drug:
· Sirolimus
· Paclitaxel
· Zotarolimus
· Everolimus
· Biolimus
· Others
By Coating Type:
· Polymer Based Coating: Stents coated with a thin layer of polymer that acts as a carrier for the drug and controls its release.
· Polymer Free Coatings: These are stents without a polymer layer. The drug is directly coated on the stent or embedded within the stent structure.
Drug Eluting Stent Market by Application:
· Coronary Artery Diseases: Stents used for treating blockages and narrowing in the coronary arteries.
· Peripheral Artery Diseases: Stents used for treating obstructions and narrowing in the peripheral arteries.
By End-User:
· Cardiology Centers: Specialized centers that deal primarily with heart diseases.
· Ambulatory Surgery Centers (ASCs): Healthcare facilities where surgeries that do not require hospital admission are performed.
· Hospitals: Large healthcare facilities that cater to various medical needs, including surgeries for coronary and peripheral artery diseases.
Drug Eluting Stent Market Overview by Region
The DES market is divided based on regions like North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. North America leads the market, followed closely by Europe and Asia-Pacific. Factors such as increased incidence of cardiovascular diseases, advanced healthcare infrastructure, and high adoption rate of innovative technologies contribute to North America's leading position. Similarly, Europe's significant share is attributed to a large patient population, developed healthcare sector, and extensive research and development activities. Asia-Pacific is expected to witness the fastest growth due to rapidly improving healthcare infrastructure, growing medical tourism, and increasing prevalence of heart diseases. Although the market growth in Middle East & Africa and Latin America is comparatively slower, they present significant potential owing to emerging economies and increased healthcare expenditure.
Key Players in the Drug Eluting Stent Market
Prominent players in the Drug Eluting Stent market include Boston Scientific, Medtronic, Abbott, Biotronik, Terumo Corporation, Cook Medical, C R Bard, MicroPort Scientific Corporation, and Biosensors International Group. These companies provide a broad range of stents, enabling patients to receive optimal treatment for their specific cardiovascular conditions. They have a robust presence across various regions and continually focus on research and development activities to introduce innovative and more efficient drug-eluting stents to the market.
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