A notable number of DES approvals by Food and Drug Administration, China Food and Drug Administration, Japanese Ministry of Health, and other such regulatory authorities is driving growth in the global drug-eluting stents market. Another factor which is critical in the market is increase in incidence of cardiovascular diseases.
As per Transparency Market Research, “The global drug-eluting stents market will grow at a compound annual growth rate of about 5% from 2019 to 2027, which will pull up its worth to about USD 8.3 billion by the end of the forecast period. Multiple growth factors such as increase in numbers of geriatric people, increase in research and development (R&D) activities and technological advancement are propelling the market forward.”
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It is pertinent to note here that eating out frequently, consuming high levels of junk food, excessive smoking and drinking, and a sedentary and hectic lifestyle are driving up cases cardiovascular diseases. And, this is driving up the curve of de-eluting stents market.
Besides, older people are increasing in number as can be noted from the fact that by 2050, 2 billion people will be in 60s or over. In 2017, this was a small number of about 970 million and it was small percentage of total population. It is also important to note here that in the age group of 65 and above by the mentioned year, one in every six people across the globe will fall. Since, this demographic is susceptible to heart-related diseases, it will drive up the market for drug-eluting stents.
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Additionally, development and adoption of new generation drug-eluting stents is paving way for higher demand for treatment of peripheral artery disease. Players are actively trying to improve products via innovation. This is an important factor of growth. This also ensures that technology and research and development hold a place of prominence in the market landscape.
North America to be a Prominent Region in the Global Drug-eluting Stents Market over the Forecast Period
From 2019 to 2027, North American region will chart significant growth and account for a dominant share of the global drug-eluting stents market. Numerous factors of growth will contribute to this market position. Some of these are impressive reimbursement policy, a large number of cases of cardiovascular diseases among its population, and rapidly ageing population – one in every four to be aged 65 and above by the year of 2050.
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Besides, diseases such as obesity, diabetes, and other chronic illnesses are also being noted. In the United States of America, the figures for incidence of chronic illnesses are steep – six in every ten people suffer from one such illness. There is a massive prevalence of drinking and smoking as well. These factors are driving the region market upward and forward.
Another region that is set to show great promise over this period is Asia Pacific (APAC). Its compound annual growth rate will be about 6% from 2019 to 2027. Presence of a large number of older people and increase in government efforts towards improvement of healthcare outcomes is leading to growth in this region.
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The Drug-eluting Stents Market to Witness Intense Competition over the Forecast Period
The slightly fragmented vendor landscape of global drug eluting stents market has a decent number of players marking its landscape. These are both active and ready to fight off the competition by opting for effective measures. Top players in the market include Boston Scientific Corporation, Medtronic, Abbott, Biosensors International Group, Ltd ( Bluesail Medical Co., Ltd.), Biotronik, MicroPort Scientific Corporation, Terumo Corporation, Cook, STENTYS SA, and Medinol Ltd, among others.
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