PUBLISHER: DataM Intelligence | PRODUCT CODE: 1297816
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1297816
The Global Drug Eluting Stents Market reached US$ 6.3 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 10.2 billion by 2030. The global drug eluting stents market is expected to exhibit a CAGR of 6.4% during the forecast period (2023-2030).
The global drug-eluting stents (DES) market has grown significantly in recent years as the prevalence of cardiovascular illnesses has increased and stent technologies have advanced. Some of the most recent trends in the globally drug-eluting stents market include the growing preference for biodegradable polymer-based DES, the expansion of indications, and customized stents for individual patients.
The global drug-eluting stents (DES) market is being pushed by multiple factors such as the increasing prevalence of cardiovascular diseases, the adoption of procedures that are less invasive, and an aging population. For instance, according to a 2023 report by the Centers for Disease Control and Prevention (CDC), heart disease accounted for approximately 695,000 deaths in the United States in 2021, accounting for one in every five deaths.
The aging population is a major driver of the global drug-eluting stents industry. For example, individuals' risk of getting cardiovascular disorders, particularly coronary artery disease, increases considerably as they age. Interventional cardiology techniques are frequently used to treat cardiovascular problems in the elderly.
For instance, according to World Health Organization (WHO) 2022 report, by 2030, about one out of every six people on the planet will be 60 or older. Within this time span, the share of the world population aged 60 and up is expected to increase from 1 billion in 2020 to 1.4 billion. In 2050, the number of persons aged 60 and up will more than treble, approaching 2.1 billion.
Minimally invasive techniques, that employ small incisions to get access to the body, have revolutionized the area of interventional cardiology and are redefining the therapeutic landscape for cardiovascular diseases. Drug eluting stents, which are coated with medication to prevent the re-narrowing of arteries, provide a highly successful and minimally invasive therapy option for coronary artery disease.
Smaller incisions and less disruption to the patient's anatomy result in less post-operative pain and difficulties with DES insertion. Furthermore, advances in medical technology are driving the adoption of minimally invasive procedures such as DES insertion. Catheter-based delivery devices, imaging modalities, and robotic-assisted interventions have all increased the precision and safety of DES procedures dramatically. These improvements allow healthcare providers to undertake complex therapies with better accuracy and improve patient outcomes.
The escalating price of drug-eluting stents is a key impediment to the drug-eluting stent market's progress. The increased cost of these stents in comparison to regular stents is a significant impediment to market growth. The establishment of regulations requiring the increasing use of drug-eluting stents would result in a large increase in overall stent costs.
For instance, according to an order issued by the National Pharmaceutical Pricing Authority (NPPA) in March 2023, the ceiling price of drug-eluting stents (DES), comprising metallic DES and bio-absorbable vascular scaffold or bio-degradable stents, has been revised to Rs 38,265. The ceiling prices for these two types of stents in April 2022 were Rs 9,373 and Rs 34,128 respectively.
The global drug-eluting stent (DES) market has been significantly impacted by the COVID-19 pandemic. As hospitals focused on treating COVID-19 patients, the number of elective treatments, including DES implantations, decreased. Furthermore, because to travel restrictions and social distancing efforts, the epidemic has reduced patient access to healthcare. This has made it more difficult for patients to receive necessary therapy, such as DES implantations.
The COVID-19 epidemic has also raised the cost of DES implantations. This is due to a variety of causes, including greater PPE costs and the necessity for more complex procedures due to the increased risk of infection. The rising expense of DES implantations has made this treatment increasingly difficult to get for some people.
Despite the COVID-19 pandemic's hurdles, the global DES market is likely to rise in the future years. This is because cardiovascular disorders such as coronary artery disease and peripheral artery disease are becoming more common. These diseases are the top causes of mortality and disability around the world.
The Russia-Ukraine conflict is having a negative influence on the global market for drug-eluting stents (DES). The war has caused interruptions in the worldwide supply chain, resulting in higher DES prices. Furthermore, the war has created economic instability, which has reduced demand for DES. As a result, the global DES market is likely to expand at a slower rate than it did prior to the war.
The war has caused interruptions in the global supply chain, resulting in higher DES prices. This is due to the fact that DES are built from a range of components, some of which come from Russia or Ukraine. Palladium, for example, is a critical component in the production of DES, and Russia is a large producer of palladium. As a result of the battle, the price of palladium has risen, resulting in higher DES prices.
Because of the war's economic instability, demand for DES has fallen. This is because when there is economic uncertainty, people are less willing to spend money on elective operations such as coronary artery stenting. Thus, the global drug-eluting stent market is expected to expand at a slower rate than it did prior to the war. The market is still likely to develop, but at a slower rate than it would have been without the war.
The global drug eluting stents market is segmented based on coating, application, end user, and region.
The coronary artery disease (CAD) is characterized by narrowing or blockage of the coronary arteries, which provide blood to the heart muscle. It is a prevalent cardiovascular disease that is a primary cause of morbidity and mortality worldwide. Several variables, including the high prevalence of coronary artery disease, and proven efficacy in CAD treatment, contribute to the coronary artery disease segment's dominance in the global drug eluting stent market.
Coronary artery disease (CAD) is a common disease that affects a sizable section of the world's population. The prevalence of CAD is further increased by the rising incidence of risk factors such as sedentary behavior, poor eating habits, smoking, and obesity. For instance, according to a 2023 report by the Centers for Disease Control and Prevention (CDC), about 375,476 people died from CAD in 2021 alone.
Moreover, CAD affects about 5% of persons aged 20 and over which shows how severely it affects a sizeable segment of the population. Alarmingly, in 2021, over 2 out of every 10 deaths from CAD occurred in those under the age of 65, emphasizing its effect on people who are relatively younger. Thus, owing to this reason the market for drug eluting stent will escalate at a higher CAGR over the forecast period.
North America is estimated to hold around 39.6% of the total market share throughout the forecast period, owing to the well-established healthcare infrastructure, favorable reimbursement policies, and presence of leading market players.
The recent collaborative efforts and agreements among companies are driving the market. For instance, in May 2023, CoSo Health and Medinol collaborated together to make EluNIR available in the United States. Medinol is renowned internationally for its experience developing ground-breaking implantable medical devices. Endovascular, a reputed distributor of peripheral and coronary devices, plays a vital role in ensuring the widespread availability of these goods.
The major global players in the market include: Boston Scientific Corp., Abbott Laboratories, Medtronic Plc, Biotronik Inc., Johnson & Johnson, MicroPort Scientific Corporation, Cook Medical Inc., Stentys S.A., Biosensors International Group, and Terumo Corp., among others.
The global drug eluting stents market report would provide approximately 49 tables, 53 figures, and 195 Pages.
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