“The global drug-eluting device market size was US$ 3.2 billion in 2023 and is likely to grow at a strong CAGR of 5.9% in the long run to reach US$ 4.9 billion in 2030”.
Market Dynamics
Introduction
Drug-eluting devices are medical implants or devices that release therapeutic drugs over time while maintaining their structural integrity and functionality within the body for an extended period. These devices do not degrade and hence are required to be removed once the functionality of the implant is achieved. These devices also help prevent restenosis (overgrowth of scar tissues). Polyurethane (PU), ethylene-vinyl acetate (EVA), and silicone are the common polymer materials used in coating the scaffold of these devices.
Market Drivers and Challenges
Multiple drivers are currently driving the market for drug-eluting devices. Some of the key drivers in the market are increasing cardiovascular diseases across the globe, rising surgical procedures in the medical industry, growing healthcare expenditure by developing countries, and an increasing aging populations. However, some challenges in the market restrain the high growth in this market, like stringent regulations for medical devices, the high cost of the drug-eluting device compared to substitute products, and low penetration of drug-eluting devices.
Recent Market JVs and Acquisitions:
A moderate number of strategic alliances, including M&As, JVs, etc., have been performed over the past few years:
- In November 2023, OrbusNeich acquired an 84% stake in PT Revass Utama Medika (an Indonesian medical device distributor) for US$ 15.2 million. This acquisition will help OrbusNeich in selling its portfolio of drug-eluting stents and balloons in the Asian market with the distribution network of PT Revass Utama Medika.
- In October 2022, Cordis acquired MedAlliance who are key manufacturers of drug-eluting balloons in the European market. Their product SELUTION SLR™ (Sustained Limus Release) drug-eluting balloon will be a key product that will be commercially marketed by Cordis in the future.
Recent Product Development:
- In 2022, Medtronic Plc. Drug-eluting stent product Onyx Frontier™ received U.S. Food and Drug Administration (FDA) approval. This stent product will be highly useful in the treatment of patients with coronary artery diseases. It is made up of BioLinx polymer (a blend of 3 polymers) and Zotarolimus drug.
- In 2024, Boston Scientific Corporation announced that the FDA has approved its Agent paclitaxel drug-coated balloon (DCB). This device is intended to address coronary in-stent restenosis. The device got FDA breakthrough device designation back in 2021.
Market Segments' Analysis
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Segmentations
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List of Sub-Segments
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Segments with High Growth Opportunity
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Application-Type Analysis
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Coronary stents, Balloons, and Others
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Coronary stents are expected to be the leading application in the market, whereas balloons are likely to grow at the fastest rate in the coming years.
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Degradability-Type Analysis
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Biodurable and Bioresorbable
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Biodurable continues to hold the largest share, whereas bioresorbable will show a very high-growth trend in the market.
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End-User-Type Analysis
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Hospitals and Ambulatory Surgical Centers
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Hospitals will continue to dominate the market, whereas ambulatory surgical centers will show the fastest growth in the market.
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Country Analysis or Region Analysis
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North America, Europe, Asia-Pacific, and The Rest of the World
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North America is expected to maintain its reign over the forecast period, whereas Asia-Pacific is likely to grow at the fastest rate.
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By Application Type
“Coronary stents are expected to remain dominant, whereas balloons will be the fastest-growing application type in the market during the forecast period.”
- The global drug-eluting device market is segmented into coronary stents, balloons, and periphery stents.
- Coronary stents are used mainly for coronary artery diseases and there is rising demand for these stents due to prevalent use in preventing restenosis.
- Balloons are new products in the current market and are in the early stages of development in the market. These products show better results in the prevention of restenosis for coronary diseases when compared to stents.
By Degradability Type
“Biodurable is expected to remain dominant in the market and bioresorbable will be the fastest growing degradable type in the market during the forecast period.”
- The market is segmented into biodurable and bioresorbable.
- The present biodurable drug-eluting devices are highly dominant due to the biocompatibility of the biodurable polymers and are replacing the traditional stents and implants.
- Bioresorbable drug-eluting devices' strong growth is due to their biodegradable materials, which will remove the need for a second surgery for removing stents.
By End-User Type
“Hospital end-users are expected to be dominant in the market, whereas ambulatory surgical centers will be the fastest-growing end-users during the forecast period.”
- The market is segmented into hospitals and ambulatory surgical centers.
- The hospital remains a key end-user market with increasing angioplasty and increasing implant surgeries in the hospitals. Also, stents and balloons are mostly used in hospitals.
- Ambulatory surgical centers' strong growth is due to rising demand for urgent treatment.
Regional Analysis
“North America is expected to remain the largest market, whereas Asia-Pacific will be the fastest growing for drug-eluting devices during the forecast period.”
- North America is expected to dominate the market, driven by the market's high maturity and awareness of drug-eluting products. The region has high approval rates as well as the presence of multiple leading manufacturers in the region. Also, the high per-capita income of people in this region will garner considerable demand for these high-cost products.
- Asia-Pacific will grow the fastest due to increasing coronary diseases, especially in countries like China and India where stent requirements are very high. The region has shown an increased focus on healthcare in the past few years, especially after COVID-19.
Key Players
The market is highly consolidated with the presence of less than 50 players. Most of the major players compete in some of the governing factors, including price, service offerings, regional presence, etc. The following are the key players in the drug-eluting device market. Some of the major players are providing a complete range of services, including engine and airframe.
Here is the list of the Top Players (Based on Dominance)
- Boston Scientific Group
- Medtronic Plc
- Abbott Laboratories
- Becton, Dickinson and Company
- Philips Group
- Cordis Corp
- Terumo
- Lepu Medical
- Biotronik SE
- Orbus Neich
Note: The above list does not necessarily include all the top players in the market.
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Report Features
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The global drug-eluting device market is segmented into the following categories.
Global Drug-Eluting Device Market, by Application Type
- Coronary Stents (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Balloons (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Peripheral Stents (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Global Drug-Eluting Device Market, by Degradability Type
- Biodurable (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Bioresorbable (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Global Drug-Eluting Device Market, by End-User Type
- Hospitals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Ambulatory Surgical Centers (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Global Drug-Eluting Device Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Argentina, and Others)
Research Methodology
- This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s global drug-eluting device market realities and future market possibilities for the forecast period.
- The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
- The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
- This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
- More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
- We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Customization Option
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances
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