(I-BusinessNews.Com, March 03, 2021 ) According to the research report the Coronary Stents Market is expected to reach USD 10.31 billion by 2021 from USD 7.16 billion in 2016, at a CAGR of 7.6% from 2016 to 2021.
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The growth of this market is mainly driven by factors such as technological advancements, increasing number of percutaneous coronary intervention (PCI) procedures, rising burden of CAD, increasing demand for minimally invasive procedures, and rising geriatric population. Moreover, development of bioresorbable vascular scaffold (BVS) and expansion in emerging markets provide significant growth opportunities in the market.
Prominent players in the coronary stent market include Medtronic plc (Ireland), Abbott Laboratories (U.S.), Boston Scientific Corporation (U.S.), Biosensors International Group, Ltd. (Singapore), BIOTRONIK SE & Co. KG (Germany), B. Braun Melsungen AG (Germany), TERUMO CORPORATION (Japan), STENTYS SA (France), MicroPort Scientific Corporation (China), Meril Life Sciences Pvt. Ltd. (India), Vascular Concepts (India), and Translumina GmbH (Germany).
Other players in the market include companies such as OrbusNeich (Hong Kong), Aachen Resonance GmbH (Germany), amg International GmbH (Germany), Arterial Remodeling Technologies (France), Bioabsorbable Therapeutics, Inc. (U.S.), Devax, Inc. (U.S.), Elixir Medical Corporation (U.S.), Eurocor GmbH (Germany), Fortimedix B.V (Netherlands), InspireMD (U.S.), Medinol Ltd. (Israel), Micell Technologies, Inc. (U.S.), Reva Medical, Inc. (U.S.), Sahajanand Medical Technologies Pvt. Ltd. (India), TriReme Medical Inc. (U.S.), Tryton Medical, Inc. (U.S.), eucatech AG (Germany), ICON Medical Corp. (U.S.), InSitu Technologies Inc. (U.S.), and XTENT, Inc. (U.S.).
Abbott Laboratories (U.S.) is one of the key players in the coronary stents market. With robust product portfolio and large geographic presence, the company has managed to create its identity in the coronary stents market. The company focuses on continuous product developments to maintain its leading position in the coronary stents market. For instance, in May 2015, the company received CE Mark approval for its Absorb GT1, a fully dissolving stent system.
Medtronic plc (Ireland) is one of the leading players in the coronary stent market. The company’s leading position can be attributed to its product portfolio and its brand identity in the coronary stents market. The company mainly focuses on product launches and expansions to grow in the coronary stents market. Some of its product launches include Resolute Onyx Drug-Eluting Stent (DES) (November 2014) and Resolute Onyx Drug-Eluting Stent in India (July 2015). Thus, continuous innovation and R&D helps the company maintain its position in the market
Companies are focusing on adopting organic and inorganic growth strategies to synergistically develop advanced products in the market. These strategies help market players to strengthen their product offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.
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The overall growth strategies mapped from 2014 to January 2017 include product approvals; product launches and enhancements; partnerships, collaborations, and contracts; expansions; acquisitions; and other developments such as certifications. Approvals, product launches, and enhancements accounted for the largest share of the overall strategic developments mapped in the above-mentioned period. Medtronic plc (Ireland), Abbott Laboratories (U.S.), Boston Scientific Corporation (U.S.), Biosensors International Group, Ltd. (Singapore), BIOTRONIK SE & Co. KG (Germany), B. Braun Melsungen AG (Germany), TERUMO CORPORATION (Japan), STENTYS SA (France), and MicroPort Scientific Corporation (China) are the companies that majorly adopted these strategies.
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