Market Size of Drug Eluting Stent Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.30 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Drug Eluting Stent Market Analysis
The drug-eluting stent market is expected to register a CAGR of 5.3% during the forecast period.
The COVID-19 pandemic has had a significant impact on the drug-eluting stent market. As countries implemented lockdown measures and healthcare resources were redirected towards managing the pandemic, elective procedures, including cardiac interventions like stent implantation, were postponed or cancelled. For instance, according to an article published by The Lancet, regional health, in May 2022, during the COVID-19 pandemic, the number of patients who underwent percutaneous coronary intervention substantially decreased in Japan. Patients who underwent percutaneous coronary intervention during the pandemic presented high-risk characteristics associated with significantly higher in-hospital mortality. This led to reduced procedures and decreased demand for drug-eluting stents. However, the drug-eluting stent market is witnessing a rebound due to the adoption by healthcare workers and increased awareness of cardiovascular health post-pandemic, thereby driving the market growth in the post-pandemic period.
The primary factor for the growth of the market is the increasing prevalence of cardiovascular diseases such as peripheral and coronary artery diseases as drug-eluting stents are specifically designed to prevent the re-narrowing of blood vessels as these stents are coated with medications that inhibit the proliferation of smooth muscle cells and reduce the risk of restenosis. For instance, according to the American Heart Association 2021 report, peripheral artery disease (PAD) affects more than 200 million people worldwide and is associated with high mortality and morbidity. Thus, an increased burden of peripheral artery diseases contributes to the growth of the studied market.
Additionally, growing demand for minimally invasive surgeries is expected to drive market growth as they involve using small incisions and drug-eluting stents to treat narrowed or blocked coronary arteries. For instance, an article published by the National Library of Medicine in January 2023 reported more than three million minimally invasive surgery cases were calculated annually in the United States. These procedures offer several advantages, such as reduced trauma to the body, shorter hospital stays, faster recovery times, and fewer complications. Hence, with a high demand for minimally invasive procedures, the need for drug-eluting stents increases, leading to market growth.
Furthermore, various strategies adopted by the key market players, such as product launches, mergers and acquisitions, and partnerships to expand the product footprint, are further expected to increase the market growth. For instance, in October 2021, Boston Scientific Corporation reported positive data for the Eluvia Drug-Eluting Vascular Stent System (Eluvia stent) during a late-breaking clinical trial presentation at the Vascular InterVentional Advances (VIVA) meeting in Las Vegas.
Hence, as per the factors such as the increasing prevalence of cardiovascular diseases such as peripheral and coronary artery diseases and the growing demand for minimally invasive surgeries, the drug-eluting stent market will likely grow over the forecast period. However, the strict regulatory approval process of products and adverse effects associated with the drug-eluting stents coupled with product recalls are expected to restrain the market's growth.
