Angioplasty Balloons & Stents Market: Introduction
According to the report, the global angioplasty balloons & stents market was valued at US$ 5.9 Bn in 2018 and is projected to expand at a CAGR of 4.5% from 2019 to 2027. A stent is a small, mesh-like device made of metal. When a stent is placed inside of an artery, it acts as a support or scaffold, keeping the vessel open. By keeping the vessel open, the stent helps to improve blood flow to the muscle and reduce pain. Stent procedures are usually used along with balloon angioplasty. In fact, about 80% of patients who have balloon angioplasty will have a stent placed as well. North America is a highly lucrative market for angioplasty balloons & stents due to quick adoption of new product, favorable reimbursement, and high awareness and availability of different treatment options.
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Favorable Reimbursement Policies for Various Cardiovascular Procedures to drive Angioplasty Balloons & Stents Market
Favorable reimbursement policies for various cardiac procedures have led to an increase in the number of patients undergoing treatment in outpatient and inpatient hospital settings. In the past few years, several drug-eluting stents have received reimbursement in France, Japan, and other countries across the world. In May 2019, MicroPort Scientific Corporation obtained reimbursement for Firehawk, Rapamycin Target Eluting Coronary Stent System in France. Hence, favorable reimbursement policies for various cardiac procedures is expected to drive the global angioplasty balloons and stents market.
Stents to Offer Lucrative Opportunities
In terms of product, the global angioplasty balloons & stents market has been bifurcated into balloons and stents. The stents segment dominated the global angioplasty balloons & stents market in 2018. Growth of the segment can be attributed to the development of advanced stents that minimize restenosis.
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Hospitals to be Major End User
Based on end user, the global angioplasty balloons & stents market has been divided into hospitals, ambulatory surgical centers, and cath labs. Hospitals is likely to be a highly lucrative segment from 2019 to 2027 and account for major market share in terms of revenue. However, the ambulatory surgical centers segment is projected to expand at a high CAGR during the forecast period. Rise in awareness about the advantages of surgical procedures such as low cost of expenses than hospitals and shorter stay is attributed to the ambulatory surgical centers segment’s rapid growth.
North America to Dominate Angioplasty Balloons & Stents Market
In terms of region, the global angioplasty balloons & stents market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global angioplasty balloons & stents market in 2018. Favorable reimbursement policies, quick adoption of advanced products, and presence of major players who constantly promote their brands through wide distribution channels are the key factors driving the market in the region.
Asia Pacific is anticipated to be a lucrative market for angioplasty balloons and stents due to large number of patients, low cost of products leading to increase in patients availing the procedure, and rise in disposable income in countries such as India.
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Abbott, Medtronic, BD, and Boston Scientific Corporation are the leading players operating in the global angioplasty balloons and stents market. The global angioplasty balloons & stents market is fragmented in terms of number of players. Key players in the global market include Medtronic, Abbott, Boston Scientific Corporation, Cook Medical, Biosensors International Group, Ltd., MicroPort Scientific Corporation, Terumo Corporation, Stentys SA, Biotronik, Inc., and BD. New product approvals for specific features, wide distribution channels, and higher R&D investment are key strategies adopted by major players operating in the global market.
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