December 23, 2022 — According to Coherent Market Insights, the global Drug Eluting Stents market is estimated to be valued at $2,897.2 million in 2022 and is expected to exhibit a CAGR of 6.6 % during the forecast period (2022-2030).
Key Trends and Analysis of the Global Drug Eluting Stents Market
Major players operating in the market are focusing on obtaining product approvals, which is expected to drive the market growth over the forecast period. For instance, in November 2022, Boston Scientific, a company developing and manufacturing medical devices, announced the U.S. Food and Drug Administration (FDA) approval of the Ranger Drug-coated balloon developed for treating peripheral artery disease. This drug is efficiently used to transfer the drug into tissue and the results are based on RANGER II SFA pivotal trial.
Furthermore, increasing technological advancements and the development of new products by key players are anticipated to drive the market growth over the forecast period. For instance, in September 2018, MicroPort Scientific Corporation, a healthcare company, developed ‘Firehawk’, a drug-eluting stent that is used for treating patients with coronary artery disease. Firehawk is a new generation Rapamycin target eluting coronary stent system.
The global drug eluting stents market is expected to exhibit a CAGR of 6.6% during the forecast period, due to the increasing prevalence of coronary artery disease. For instance, according to the Journal of American College of Cardiology, prevalent cases of total cardiovascular diseases, which include coronary artery disease, peripheral artery disease, and rheumatic heart diseases, are nearly doubled from 271 million in 1990 to 530 million in 2019 across the globe. Particularly, the global numbers of prevalent cases and deaths due to peripheral artery disease have risen consistently by 95% from 1990 to 2019.
Among drug, the sirolimus segment is expected to hold a dominant position over the forecast period, owing to increasing research and development activities as well as the rising number of ongoing clinical trials for sirolimus drug eluting stents. For instance, in March 2021, Biotronik, Inc., a medical device company, in collaboration with Biam Institute for Clinical Research, a non-profit academic research organization, and Medstar Health Research Institute, a not-for-profit healthcare organization, completed a clinical trial to ensure the safety and efficacy of BIOFLOW-V, an Orsiro Sirolimus Eluting Coronary Stent System used in the treatment of coronary artery lesions.
North America is expected to hold a dominant position in the global drug eluting stents market over the forecast period, owing to increasing product launches, product approval, and presence of major players in the region. For instance, in September 2018, Boston Scientific Corporation, a medical device company, received the U.S. FDA approval for Eluvia, a drug eluting vascular stent system developed for the treatment of peripheral artery disease which is expected to drive the drug eluting stents market growth in the North America region.
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