Coronary Stents Market drivers of growth analyzed in a new research report
Category: #health  By Partha Ray  Date: 2019-08-30
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Coronary Stents Market drivers of growth analyzed in a new research report

The rising prevalence of a sedentary lifestyle has had a positive impact on the coronary stents market share pertaining to the surging prevalence of heart-related diseases that have been fueling the need for several surgeries. Lifestyle changes have led to a spur in the obese population and the number of people suffering from chronic ailments such as cardiovascular disorders. As the demand for coronary stents for heart surgeries has been depicting an upsurge, healthcare companies have been developing sustainable and affordable products that will help them to gain competitive benefits. The increasing focus of players involved in the coronary stents market toward the development and commercialization of bio-resorbable polymer technologies for vascular applications is also slated to push industry trends.

In line with healthcare product manufacturing companies, regulatory bodies have also been playing a crucial role related to the clinical trials, commercial operations, financial support, and pipeline product development. For instance, in 2016, U.S. Food and Drug Administration has given the approval for the use of bio-resorbable stents for treating coronary artery diseases. Before sanctioning the clinical permission, the FDA undertook a clinical trial to check its applicability while treating the patients with a major advanced cardiac issue. As per estimates, every year, nearly 370,000 people lose their lives due to coronary heart diseases in U.S. In this regard, the recent approval for the bio-resorbable stent to treat coronary artery diseases is likely to generate lucrative opportunities for coronary stents market contenders. Reportedly, with the growing prevalence of coronary artery disease, bioresorbable vascular scaffold (BVS) based coronary stents industry is likely to register a CAGR of 7.6 percent over 2018-2024.

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Though advanced clinical facilities have been deployed in U.S. on a large scale, the high prices of the coronary stents as compared to the other countries have been encouraging the government to implement a slew of supportive policies. Some of the governmental agencies have also been studying technology related policies to control the prices of cardiac devices. The supportive stand taken by the regional governments will turn out to be rather beneficial for companies, as they are encouraged to get involved in the development of cost-effective medical technologies. The deployment of supportive medical facilities along with the growing popularity of minimally invasive treatments are poised to enhance the U.S. coronary stents market trends. Regionally, U.S. accounted for nearly USD 2331.8 million of North America coronary stents market share in 2017.

In order to deal with the issues related to the prices of cardiac devices, most of the countries have been striving to develop in-house medical devices with the help of local healthcare companies. As coronary artery disease is one of the leading causes of mortality across the globe, the tactics adopted by the regional government to curb the number of heart attacks by boosting the availability of affordable medical facility across the country will have a significant impact on the product demand. Validating the aforementioned fact, recently, a medical company based in Vietnam has developed stents in collaboration with hospitals. The Vietnamese healthcare organizations have claimed that the coronary artery made in Vietnam has emerged fruitful for the patients pertaining to its positive results after completion of surgery. In addition, the advent of a new stent will cut approximately 30 to 40 percent of the device cost that will ultimately reduce the financial burden for patients.

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The ongoing innovations related to the advancement of coronary stents around the world are likely to have a notable influence on the coronary stents industry outlook. The extensive support of healthcare regulatory bodies and regional governments to increase the availability of highly advanced medical facilities at an affordable cost will fuel the product demand over the years ahead. Reportedly, the overall coronary stents market will surpass a revenue collection of USD 11.9 billion by the end of 2024.

 

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About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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