The coronary stents market in South Korea is expected to grow at double digit compound annual growth rate (CAGR) of 11.7% between 2020 and 2025, driven by increasing use of percutaneous coronary interventions (PCI) for the treatment of heart diseases, forecasts GlobalData, a leading data and analytics company.
GlobalData’s latest report, ‘Coronary Stents (Cardiovascular) – Global Market Analysis and Forecast Model (COVID-19 market impact)’, reveals that drug eluting stents (DES) accounted for more than 95% of the South Korean coronary market in 2020.
Boston Scientific Corp was the leading player in the South Korean coronary stents market in 2020, followed by Abbott Laboratories and Medtronic plc. Together these companies accounted for around 85% of the market in 2020.
Vedant Goswami, Medical Devices Analyst at GlobalData, comments: “With about 600,000 population suffering from angina pectoris and myocardial infarction in 2020, there is a strong demand for coronary stenting procedure in South Korea.”
In addition, the coronary stents market growth in South Korea is driven by improved outcomes of stenting procedures and lower prices. Access to quality healthcare facilities and better screening and diagnosis are expected to further boost the market growth.
Mr Goswami concludes: “The use of DES devices in coronary stenting procedures is quite high in South Korea due to their superior clinical outcomes compared to other stents. This trend is expected to continue in the future mainly due to the decline of bare metal stents’ usage and long-term clinical trials assessing the safety and effectiveness of bioabsorbable stents (BAS) are still under progress. High cost of BAS compared to DES is also a major factor for increased adoption of DES in South Korea.”