Drug Eluting Stent Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Drug Eluting Stent Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Drug Eluting Stent market is expected to register a CAGR of 5.3% during the forecast period (2022-2027).

Due to lockdown regulations and the high infection rate caused by the COVID-19 pandemic, surgical procedures have been affected. Additionally, patients with cardiovascular diseases have experienced delays in diagnosis and treatment as a result of decreased patient traffic in hospitals and diagnostic facilities, which has had an impact on the market for drug-eluting stents. As per the study published in March 2022, entitled "The Effect of COVID-19 on Adult Cardiac Surgery in the United States in 717,103 Patients" determined that the volume of adult cardiac surgery had decreased by 52.7%, and the number of elective cases had decreased by 65.5%, demonstrating the detrimental effects of COVID-19 on cardiac surgical procedures. Due to the fact that drug eluting stents are primarily used to treat peripheral artery disease and congestive artery diseases, the decline in cardiac procedures had a significant negative impact on market growth. However, it is anticipated that market growth will pick up throughout the forecast period.

The market is primarily driven by the rising geriatric population and the growing adoption of minimally invasive procedures across the globe. For instance, according to the research study published in December 2021, by Jhumki Kundu and Sampurna Kundu, for older persons of age 45 and over, the overall self-reported prevalence of diagnosed cardiovascular diseases (CVDs) was 29.4%. The prevalence rate rose with age, from 22% in the 45–54 age group to 38% in the 70+ age group, which shows that the senior population is at high risk of having CVDs, which is expected to have a positive impact on the studied market. According to the World Health Organization Facts of 2021, the proportion of the global population aged 60 and up will nearly double from 12% to 22% between 2015 and 2050. By 2050, 80% of the world's elderly will live in low- and middle-income countries. Additionally, as per the 2021 statistics by the Ministry of Statistics and Program Implementation (MoSPI), India, the number of females and males in the elderly population is projected to reach 100.9 million and 92.9 million in 2031, respectively. As a result, demand for drug-eluting stents is anticipated to rise throughout the projected period due to an aging population that is more susceptible to cardiac devices and is being prescribed several medicines.

Furthermore, various strategies adopted by the key market players such as product launches, mergers and acquisitions, and partnerships further expand the market growth. For instance, in in April 2021, Abbott had received a CE mark in Europe for XIENCE drug-eluting stent for a shorter duration of dual antiplatelet therapy (DAPT) for patients with high bleeding risk (HBR). Thus, all the above-mentioned factors are expected to boost the market growth over the forecast period. However, stringent regulatory approval procedures and adverse effects with drug eluting stents restrain the market growth.

Key Market TrendsCoronary Artery Disease Segment is Expected to Hold a Major Market Share in the Drug Eluting Stent Market

Plaque accumulation in the arteries supplying the heart with oxygen-rich blood is known as coronary artery disease. A heart attack may occur due to a constriction or blockage caused by plaque. Shortness of breath and soreness in the chest are symptoms. The segment growth is driven by the rising burden of coronary artery disease and technological advances in the drug-eluting stent over the forecast period. According to the study titled "Drug-eluting stents for the treatment of coronary artery disease: A review of recent advances" published in February 2022, to reduce in-stent restenosis, coronary drug-eluting stents were developed. Drug combinations having several effects or use for various actions are both delivered through the drug eluting stent. Thus, due to the benefits of the drug eluting stent to a delivered combination of drugs are anticipated to boost the segment growth.

Innovations are being produced as a result of the continuous drug eluting stent research and development. Companies are introducing new, more sophisticated drug-eluting stent systems, which are anticipated to significantly support the growth of the coronary artery drug market. For instance, in September 2021, BIOTRONIK received United States Food and Drug Administration (FDA) approval of its Orsiro Mission bioabsorbable polymer coronary drug-eluting stent system (BP-DES).

As a result of the aforementioned factors, the drug-eluting stent segment is expected to have a sizable proportion of the market in the studied market throughout the forecast period.

North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period

North America is expected to hold a major market share in the drug eluting stent market due to favorable reimbursement policies coupled with a high incidence rate of artery diseases in this region. Moreover, technological advancements in the drug eluting stents and the presence of well-established healthcare infrastructure are also fueling the growth of the overall regional market to a large extent. According to the Center for Diseases Control and Prevention in July 2022, 20.1 million adults 20 and older will have coronary artery disease in 2020. Every year, about 805,000 Americans have a heart attack. Each year, heart disease costs the United States economy USD 229 billion. Thus, a growing burden of heart diseases and rising spending on it are expected to boost the market growth over the forecast period.

Additionally, the growing geriatric population in the country supports further market expansion. According to America’s Health Rankings Senior Report published in 2021, the number of older adults living in the United States is significant and growing; by 2050, it is anticipated that there will be 85.7 million adults in the country who are 65 or older. Such a high prevalence of this disease along with the aging population is likely to increase the adoption of therapies for this, driving the market growth.

Additionally, a number of tactics used by the major market players, including product launches, mergers and acquisitions, and alliances, further accelerate market expansion. For instance, in June 2021, Abbott received approval from the United States Food and Drug Administration (FDA) for its XIENCE family of drug-eluting stents for one month (as short as 28 days) for dual-antiplatelet therapy labeling for high bleeding risk (HBR) patients in the United States. Thus, all above mentioned factors expected to boost the market growth over the forecast period in the North America Region.

Competitive Landscape

The Drug Eluting Stent Market is consolidated competitive and consists of few major players. Some of the companies which are currently dominating the market are Boston Scientific Corporation, Terumo Corporation, Abbott Laboratories, Medtronic Plc, Biotronik SE & Co. KG, Biosensors International Group, Ltd, MicroPort Scientific Corporation, Cook Medical, Shandong JW Medical Systems and Stentys SA.

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