Cardiology Stents: Introduction
- Cardiology stents are tubes placed in the coronary artery to clear artery blockages or coronary artery stenosis. They are utilized in a procedure called percutaneous coronary intervention (PCI) or coronary angioplasty.
- This procedure is a minimally invasive procedure to treat stenosis or narrowing of the coronary arteries. Technology plays an indispensable role in the global cardiology stents market. Manufacturers undertake rigorous research and development initiatives to develop nascent products that are functionally superior to their previous versions.
Key Drivers and Restraints of Global Cardiology Stents Market
Rise in number of dialysis centers across the world
- Changes in lifestyle and controlling rapidly rising obesity rate are major factors considered for the treatment of cardio vascular disease (CVD). Percutaneous coronary intervention has become a standard treatment option preferred across the globe for CVD.
- CVDs are listed as a major cause of mortality across the world, responsible for one in every three deaths in the U.S. According to the American Heart Association, coronary heart disease is a prominent cause of death, accounting for 45% of all the deaths in the U.S. occurring due to heart diseases each year.
- Occurrence of restenosis after angioplasty procedure boosts the adoption of novel stents, such as drug-eluting and bioresorbable, which are known to drastically reduce the frequency of restenosis
- Increase in awareness about the technological innovations in interventional cardiology and cost effectiveness of the procedure propel stents production
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Stringent Regulations for Product Approvals
- Approval of medical devices is considered to be expensive. Coronary stents fall under the category III devices of the U.S. FDA. These devices require submission and approval of pre-market approval (PMA) application prior to commercial marketing in the U.S.
- The requirements of clinical and pre-clinical data for stents engage the sponsor and manufacturer for a long period of time. Resources of manufacturers and investors such as time and money are spent on conducting safety testing and clinical pharmacology and toxicology testing of drug substance in case of DES. The FDA’s regulatory procedures are comparatively time-consuming as compared to that of EMA. Hence, commercialization of stents takes more time in the U.S. as compared to that in Europe.
- In 2011, Abbott Vascular received marketing approval for its first bioresorbable stent in Europe, while the same device received the FDA approval in the U.S. in 2016
- Hence, prolonged procedures of drug approval by regulatory authorities in the U.S. deter manufacturers from opting for development and commercialization of stents
Cardiology Stents Market: Segmentation
- In terms of product, the global cardiology stents market can be divided into bare metal stents, drug-eluting stents, bioresorbable stents, and others
- In terms of application, the global cardiology stents market can be split into coronary artery, carotid artery, iliac artery, and others
- Based on end-user, the global cardiology stents market can be segregated into hospitals, specialty clinics, and others
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Asia Pacific Cardiology Stents Market to Expand at a Rapid Pace
- In terms of region, the global cardiology stents market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominates the global cardiology stents market, followed by Europe and Asia Pacific nations such as Japan and China. High geriatric population, lifestyle changes leading to obesity and related health complications, and the advent of advanced technologies such as bio-absorbable and next generation stents are major factors driving the global cardiology stents market.
- However, high cost of coronary stents, lack of reimbursement policies in some regions, and complications such as in-stent restenosis or thrombosis are major factors restraining the global market. However, novel technologies in clinical trials to address the unmet needs and emerging economies such as China, India, Brazil and others are likely to offer significant opportunities to manufacturers operating in the market.
Leading Players Operating in Global Cardiology Stents Market
The global cardiology stents market was highly fragmented in 2019. Key players operating in the global cardiology stents market are:
- Boston Scientific Corporation
- BIOTRONIK AG
- Cardinal Health
- Cook Medical
- Lifetech Scientific
- Terumo Corporation
Global Cardiology Stents Market: Research Scope
Global Cardiology Stents Market, by Product
- Bare Metal Stents
- Drug-eluting Stents
- Bioresorbable Stents
Global Cardiology Stents Market, by Application
- Coronary Artery
- Carotid Artery
- Iliac Artery
Global Cardiology Stents Market, by End-users
- Specialty Clinics
Global Cardiology Stents Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.