Healthcare & Medical Devices

Left ventricular assist devices market to gain momentum over 2018-2024, India to crop up as a lucrative growth ground for the industry expansion

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Driven by a spate of technological advancements in the domain of medical equipment, ventricular assist devices (VADs) market has come up to be one of the most lucrative verticals of the healthcare space. A VAD is essentially a medical device that is used to help with the heart functions & blood flow in patients with failing or weak hearts. Technological developments of late are making VADs less invasive, more risk-free and efficient, fueling a significant increase in their adoption rate, further advancing ventricular assist devices industry growth. These technological enhancements coupled with constantly improving implementation procedures have successfully reduced the associated health risks while also ensuring an increased survival rate in patients.

U.S. ventricular assist devices market, By age, 2017 & 2024 (USD Million)
U.S. ventricular assist devices market, By age, 2017 & 2024 (USD Million)

The global VADs market is also expected to accumulate significant proceeds on account of the growing obese and geriatric population worldwide, a demographic most likely to experience heart problems & heart diseases. According to the World Health Organisation (WHO), a survey in 2016 discovered that over 1.9 billion adults, above 18 years of age, were overweight with approximately 650 million of them being obese. Meanwhile, a report from the United Nations predicts the global geriatric population to more than double by 2050. These factors are quite overtly, compelling further innovations in the healthcare industry, expediting ventricular assist devices market trends.

U.S. VADs market | Impact of growing cardiovascular diseases on the regional industry growth

The United States ventricular assist devices market is touted to be largely driven by the growing number of cardiovascular disease CVD cases across the nation. According to a 2018 report by the American Heart Association, approximately 92.1 million adults across the U.S. are suffering from some form of CVD or the after-effects of a stroke. Around 2,300 Americans lose their lives to CVDs every day – an average one death every 38 seconds. The U.S. Centers for Disease Control & Prevention (CDC) lists high cholesterol, high blood pressure and smoking as the key risk factors leading to heart diseases, further specifying that approximately 47% of Americans are suffering from at least one of the three listed risk factors.

These conditions coupled with recent technological advancements across the nation as well as favorable reimbursement policies would be some of the major influencing parameters fueling the growth of the U.S. ventricular assist devices market. As a matter of fact, the U.S. ventricular assist devices industry size is projected to register a modest CAGR of 9.8% over 2018-2024.

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Left VADs market | To be propelled by the lack of heart donors

Left VADs are increasingly becoming a prevalent treatment options for individuals suffering from Stage-D heart failure with a reduced ejection fraction. According to a report published on the Journal of the American College of Cardiology (JACC), owing to technological advancements, the devices are becoming more durable and reliable, significantly extending the prospects of survival in patients suffering from the ailments. Although there are adverse effects, the device greatly improves the quality of life, claim medical experts.

Nonetheless, with an ongoing organ donor shortage experienced for cardiac transplantation, the Left VADs are increasingly becoming the go-to substitute for a full-fledged transplant, especially in elderly patients. Attributing to these inducing factors, the left VADs market is projected to record a CAGR of about 10.6% over 2018-2024.

The populous Indian sub-continent is anticipated to crop up as another remunerative revenue pocket for ventricular assist devices market. Quite overtly, the growth across the country is powered by the extensive prevalence of cardiovascular disorders in the region. A report presented in the AHA Journals in 2016 claimed that premature mortality (in terms of years of life lost) on account of CVD in India surged by 59% – from 23.2 million in 1990 to 37 million in 2010. Even the World Health Organization declared that cardiovascular diseases are one of the major factors contributing to the cases of mortality across the region, that would quite overtly push the India VADs market size in the years to come.

The positive growth graph of India VADs industry can also be attributed to the nation’s expanding medical tourism industry, that stems from the significantly cheaper cost of medical treatment in the country. While a LVAD procedure costs approximately $175,400 in the U.S., the same procedure costs approximately $12,600 in a hospital in India that provides superlative medical treatment from skilled doctors. According to IMS Health & FICCI, India accounts for about 18% of the world’s medical tourism market. In the decades to come, medical tourism is touted to emerge as a major factor propelling the India ventricular assist devices industry growth.

It is quite evident from the aforementioned trends that the global VADs market is well positioned to accumulate sizable gains over 2018-2024. Powered by the escalating prevalence of CVDs worldwide and the robust technological advancements in healthcare, the overall VADs industry size is liable to be pegged at USD 2 billion by 2024.

Author Name :Akshay Kedari

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Japan point of care testing market to depict commendable momentum by 2024, rising incidences of HIV to augment the regional industry expansion

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The escalating demand for advanced diagnostic equipment among diabetic and HIV patients, is undeniably sure to fuel point of care testing market trends. The key objective of the product is to generate clinical results quick enough for the appropriate treatment to be implemented, leading to improved clinical outcomes. PoCT becomes increasingly important for patients staying in remote locations as it offers added time to take appropriate steps in case of emergency.

U.S. point of care testing market, by product, 2017 & 2024 (USD Million)

U.S. point of care testing market, by product, 2017 & 2024 (USD Million)

Reports from the National Center for Biotechnology Information (NCBI) estimate that the prevalence of diabetes (type 1 & 2 diabetes) will increase by 54% to over 54.9 million Americans between 2015 to 2030, while the annual medical costs related to diabetes will increase by 53% to over $622 billion by 2030. It is thus rather overt that the growing number of patients suffering from diabetes, and even HIV and cardiovascular diseases, will augment the point of care testing industry size in the years to come.

The point-of-care testing market share will depict a steady upsurge on account of the changes in healthcare delivery which are aimed at providing affordable care closer to the patient’s home, given that the aim of the product is to offer easier user interface and result accuracy. This is rather significant in the context of applications such as self-monitoring of blood glucose or even nephrology testing, that has become vital on account of the fact that the kidneys are one of first organs to be affected in patients suffering from high blood pressure or diabetes. Indeed, the robust increase in the number of patients suffering from the aforementioned disorders, in tandem with the growing incidences of kidney failure and other kidney diseases, will drive PoC testing industry share from nephrology testing applications, projected to depict a CAGR of 7.4% over 2018-2024.

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Speaking of the geographical landscape, it is vital to mention that Japan is one of the most crucial regional contenders of the PoC testing market. In fact, Japan point of care testing market size is projected to grow at a CAGR of 8.7% over 2018-2024, powered by the rising number of people suffering from HIV and other disorders, that prompts an expansive adoption rate of point of care testing devices in the country.

Designers of PoCT devices are constantly seeking ways to make their products easy to use and offer enhanced user comfort. With the growing potential for PoCT to improve healthcare monitoring particularly through timely detection of infectious diseases, developers are focusing on technology that can address the needs of user in a clinically and cost-effective manner and avoid the launch of expensive devices that fail to deliver the required outcomes. For instance, in January 2018, Siemens Healthineers unveiled their new Stratus CS Acute Care System that delivers the needed biomarkers to cover the spectrum of acute cardiac care. The system was reported to efficiently reduce turnaround time from 76 to 20 minutes and 25% reduction in total costs for point-of-care cTnl testing.

Trends that are likely to characterize PoC testing market in the upcoming years:

The trend of testing performed outside of the conventional labs has undoubtedly increased in recent times, driven by the need to offer healthcare closer to the patient’s bedside. The increasing use of well-established PoCT technologies will offer easier-to-use, affordable, accurate, and compact healthcare monitoring capabilities, fostering the trend further. With growing technological advancements in the healthcare sector and rising patient population, the fad of out-of-the-lab testing will certainly characterize point of care testing market in the years ahead.

Small handheld PoCT devices have been projected to gain traction in the times to come, given that these are portable and can be used by patients or healthcare professionals in locations close to the patient such as by the bedside, in the clinic or in the patient’s home. These devices encompass an all-in-one diagnostic feature that makes them all the more desirable in the emergency rooms in a hospital. For instance, small, portable devices most often deploy fingerstick, capillary samples without the requirement for sample containers, and further avoid the transport of samples to labs located far away from the patient. In essence, the product’s high convenience and reduced risk associated with testing procedures will augment the future dynamics of the overall point of care testing market.

Author Name : Mateen Dalal

EP ablation catheter based electrophysiology market to garner hefty proceeds over 2018-2024, rising adoption of innovative product development strategies to expedite the industry outlook

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In recent years, electrophysiology market has emerged as one of the most lucrative revenue generating business spheres of the healthcare sector. The increasing popularity of electrophysiology for performing diagnostic studies by collecting radiologic and electrocardiographic data of patients is one of the prominent factors propelling the product demand. In addition, healthcare service providers have also been giving preference for electrophysiology for ensuring patient comfort and safety.

U.S. Electrophysiology Market, By Product, 2013 – 2024 (USD Billion)
U.S. Electrophysiology Market, By Product, 2013 – 2024 (USD Billion)

Taking into account the surging adoption of this methodology, several companies involved in the electrophysiology industry have been looking forward to expanding their product portfolio to gain competitive benefits. The regulatory bodies like FDA have also been encouraging companies to develop adequate products for troubleshooting the existing challenges regarding electrophysiology cardiovascular practices.

The prevalence of cardiac problems across the globe has been witnessing a steep rise lately. In most of the regions mainly across the African continent, due to lack of medical facilities, patients with severe cardiac conditions often succumb to the disease sooner than ever. On these grounds, renowned hospitals have been taking initiatives to deploy advanced healthcare facilities across African countries.

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Merely a few months before, in Kenya, the Agha Khan hospital located in Mombasa decided to start an cardiac electrophysiology program. With this initiative, the Agha Khan hospital has become only hospital in East and Central Africa equipped with an electrophysiology facility at affordable prices. Such initiatives taken by the healthcare service providers across African contents to enhance the livelihood of the regional masses with the deployment of advanced medical essential services are poised to propel Africa electrophysiology industry size over the years ahead.

Speaking more about the regional presence of players in the electrophysiology market, it is prudent to mention that prominent companies have been concentrating on launching a new range of products across various geographies. Recently, focusing on the increasing need of noise cancellation during the collection electrocardiographic data, BioSig Technologies Inc., has developed a non-invasive electrophysiology system that can acquire high-fidelity cardiac signals. The collection of clear cardiac signals can potentially improve the efficiency and accuracy of electrophysiology studies. For this recent launch, BioSig Technologies also received a 510 (K) clearance from U.S. Food and Drug Administration (FDA).

Prior to the clinical trials, BioSig Technologies has worked with several medical centers and clinics in the U.S., that have seemingly helped this medical device company highlight the limitations of its existing electrophysiology practices. In 2017, BioSig had also signed a 10-year partnership agreement with a non-profit academic medical center, Mayo Clinic that helped the company develop a healthcare platform and expand its facility centers across other areas of clinical importance. Powered by such collaborative deals with clinics and medical centers, companies such as BioSig Technologies have been looking forward to expanding their reach in electrophysiology market.

In the last few years, pertaining to the ease of technical operations, reliable performance, and powerful consoles, cryoablation systems have gained more popularity than ever before. Considering the growing importance for EP ablation catheters across the globe, the players in the electrophysiology market have been investing in advancement of existing cryoablation systems. Validating the aforementioned fact, in the mid of 2018, BTG plc launched an advanced version of its already existing cryoablation systems that facilitates effective and precise treatments without any need of surgery. The updated version will observe a tremendous demand as patients have been giving preference for minimally invasive treatments. For the record, in 2017, EP ablation catheters held approximately 48% share of electrophysiology market which is expected to grow over the years ahead on account of the growing involvement of companies in new product development.

Hefty investments in clinical research and new product innovations to gain long-term revenue benefits are slated to enhance future product demand. The growing popularity of minimally invasive therapies will favorably encourage industry magnates to conduct in-depth research and development activities, that will further influence the industry trends. Driven by the growing number of clinical research activities across the globe, electrophysiology market will generate a revenue of more than USD 6.5 billion by the end of 2024.

Author NameSunil Hebbalkar

Advanced wound care market to amass hefty proceeds from wound dressings, global industry valuation to cross USD 13 billion by 2024

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The increasing prevalence of diabetes, especially among the global geriatric population is likely to expedite advanced wound care market trends in the years ahead. This can be credited primarily to the rising occurrence of chronic wounds resulting in limb amputations among diabetic patients. Data released by the World Health Organization (WHO) revealed that over 400 million people are affected by diabetes worldwide. Given today’s lifestyle and dietary trends the occurrences are projected to continue to escalate. Back in 2016 alone, diabetes was the seventh leading cause of death with almost 1.6 million deaths directly credited to diabetes annually.

India Advanced Wound Care Market, By Product, 2013 – 2024, (USD Million)

India Advanced Wound Care Market, By Product, 2013 – 2024, (USD Million)

Although several people experience wounds, cuts, and minor scratches or ulcers, for people with diabetes, even minor wounds can lead to major consequences. Several people affected by diabetes develop wounds that never heal or do so at a slow pace. Wounds that cannot be cured pose a high risk of infection that can rapidly spread to tissues, bones or other parts surrounding the affected area, which in some cases can lead to deadly complications. These patients thus form a pivotal part of the consumer base for advanced wound care market companies.

Speaking of wound healing, it has been speculated that slow healing wounds constitute one of the most dreaded and common complications of diabetes. In the United States alone, around 15 percent of diabetic patients are estimated to get one at some point in their life, with caring costs accounting for $20 billion every year, excluding an estimation of 2 million workdays that are lost due to foot wounds that won’t heal.

Considering the major drawbacks of diabetic wounds, doctors are consistently focused on developing advanced wound care methods, specifically a slew of wound therapy devices and wound dressings, so they don’t lead to severe treatments like limb amputations. Additionally, with technological advancements in wound care, there have lately been fewer cases of amputations. For instance, a study conducted in 2012 stated that the rate of leg and foot amputations among adults affected by diabetes in the U.S. decreased by 65 percent from 1996 to 2008.

Wound dressings, encompassing myriad dressing techniques such as hydrogel dressings, foam dressings, antimicrobial dressings, and the like, form a pivotal part of the product landscape of advanced wound care market. This is primarily on account of the plethora of dressing styles available that can be individually scrutinized and used for numerous types of wounds such as venous ulcers, open wounds, burns, stalled wounds, necrotic wounds, and broken skin. Apparently, in 2017, would dressing held the highest proportion of the advanced wound care market share.

Of late, advanced wound dressings like trauma hydrocolloidal dressings are used to promote oxygen circulation in and around the wound, speeding up wound healing. Other types such as hydrocolloidal dressings that are not just latex free but also biocompatible with the patient’s body are also being deployed extensively. Powered by the massive variety of advanced dressings available and the incredible benefits delivered by these dressings for wound healing, advanced wound care market size from wound dressings is anticipated to depict a CAGR of 4.8% over 2018-2024.

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A pivotal factor that would contribute substantially to the demand for advanced wound care is the increasing rate of the geriatric population around the world. According to the World Population Prospects, the number of older adults aged 60 years and above is expected to double by 2050 from 962 million in 2017 to 2.1 billion in 2050. Likewise, the American Diabetes Association (ADA) claims that over 25% of the population aged 65 within the United States suffer from diabetics. The geriatric population is invariably linked to reduced functional status and high risk of institutionalization, and they are also more receptive to complications including both chronic microvascular and cardiovascular complications.

The report by ADA further suggested that older adults with diabetes have the highest rates of lower limb amputations along with other complications that include visual impairment, myocardial, and end-stage renal disease. The overall elderly population base susceptible to chronic wounds will thus lead to increased cost burden on the healthcare systems throughout the world, which is estimated to direct investments in developing advanced wound care technology. This would quite overtly, have a transformational impact on the remuneration portfolio of the global advanced wound care market.

The availability and awareness related to wound care especially in developing nations is likely to generate substantial demand for these products in the years ahead. As per a report compiled by Global Market Insights, Inc., advanced wound care market size is slated to cross USD 13 billion by 2024.

Author Name : Krithika Krishnan

Automated liquid handling systems market to observe robust growth over 2018-2024, advent of next-generation products to stimulate the industry trends

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The exponentially increasing deployment of liquid handling instruments in chemical and biomedical laboratories has been fueling liquid handling systems market from the last few years. These systems are extensively used in laboratories owing to the fact that they help reduce the time required for performing laboratory tasks and increase the working efficiency and accuracy. On these grounds, most of the life science research organizations have also been preferring liquid handling solutions on a large scale. Considering the heavy product demand across healthcare, chemical, and biomedical sector, players in liquid handling systems market are investing heavily to launch advanced product ranges. Indeed, in the last few years, a wide range of next-generation products have emerged in the liquid handling systems market which generated a revenue of USD 1.4 billion in 2017.

U.S. Liquid Handling Systems market, By Type, 2013 – 2024 (USD Million)
U.S. Liquid Handling Systems market, By Type, 2013 – 2024 (USD Million)

Speaking along the same lines, a few days before, the California based, biotechnology tools company, Labcyte launched a new range of liquid handlers integrated with acoustic droplet ejection technology. It has been investing in research and development activities for quite a while, to revolutionize the liquid handling tools. In this newly launched liquid handling system, it has integrated several other lucrative features that help avoid the chances of cross-contamination of liquids. It also improves data quality which is one of the vital factors in life science research and is used to revolutionize workflows in genomics, drug discovery, precision medicine, and synthetic biology.

As of now, end-users have been giving preference for highly accurate, touchless, fully automated, and low-volume dispensing fluid transfer equipment. In regard to this, companies have been developing advanced versions of liquid handling systems. The heavily advanced systems will quite overtly, observe more demand from the end-users. For the record, Labcyte’s instruments have also imprinted a similar influence on the players in the biotechnology and pharmaceutical industries as well as research organizations, service laboratories, academic institutions, and hospitals.

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Validating the aforementioned fact, in April 2018, the well-known pharmaceutical company, Merck, signed an agreement with Labcyte Inc., to use its patented droplet ejection technology in drug discovery and development activities. The development of modernized products has thus been generating new opportunities for the players in the liquid handling systems industry.

Speaking more about the recent advancements, a renowned manufacturer of electromechanical and pneumatic systems and industrial automation, Festo, launched a next-generation liquid handling system to automate the biomedical research activities including sample inspection, cell and genome research, and in-vitro diagnostics. The ability of automated products to handle the fluid sample at high speed with precision will transform the future of the companies that are investing in the invention of automated liquid handling systems. In line with the increasing popularity of automated medical devices, automatic liquid handling systems industry will register a CAGR of 5.9% over 2018-2024.

With the surging demand for automatic liquid handling systems, companies have also been looking forward to diversifying the technology and product development tactics by acquiring the firms that have been manufacturing next-generation medical devices. For instance, a technology-focused investment firm, Battery Ventures has recently acquired TTP Labtech Ltd which designs and develops liquid handling equipment. This acquisition will help Battery Ventures to strengthen its profile and gain popularity in the growing life-sciences market.

Nowadays, laboratory equipment manufacturers have been taking the help of the latest hardware facilities and software as well, that have been turning out to be rather beneficial to lower the design time and speed up the installation. The use of the latest technology for product development has been helping them to gain competitive benefits by launching the newer versions in the market within a shorter time. It is noteworthy to mention that the growing involvement of companies in product advancement activities will significantly improve the industry trends in the years to come.

The increasing availability of a wide range of automated liquid handling systems will further strengthen the product demand noticeably. Driven by the on-going innovations and the trend of mergers & acquisitions, liquid handling system market will surpass a revenue collection of USD 2 billion by the end of 2024.

Author NameSunil Hebbalkar

U.S. compounding pharmacies market to be driven by a strict regulatory landscape, industry valuation to cross USD 7 billion by 2025

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Endowed with numerous regulatory compliances, the U.S. compounding pharmacies market has been traversing toward becoming one of the most profitable business spaces. Owing to the lack of safety and absence of clinical clearances, compounded medications have been under stringent scrutiny that has been helping players in the U.S. compounding pharmacies to strengthen their existing manufacturing practices. The surging use of compounded medicines for pain relief and hormone replacement therapies is poised to fuel the product demand over the years ahead. The business tactics adopted by the pharmaceutical companies to proliferate the supply of superior compounded drugs will further propel the industry share.

   U.S. Compounding Pharmacies Market, 2014 – 2025 (USD Billion)
                 U.S. Compounding Pharmacies Market, 2014 – 2025 (USD Billion)

In U.S, compounded medications are not approved by the FDA so far, indeed, this regulatory agency has been working continuously to encourage compounding pharmacies with the implementation of new policies. Over the last few years, FDA has been dedicatedly striving toward the development of compliances for compounding pharmacies. In fact, recently, it has deployed new guidance documents that describe the fundamental scope, insanitary conditions, and effective inspection procedures required for maintaining the effectiveness and safety after the consumption of drugs. In order to comply with the guidelines provided by the FDA, players in the U.S. compounding pharmacies industry are planning to set up drug formulation workflow processes. The integration of safe handling procedures and effective formulations will further strengthen the U.S. compounding pharmacies industry outlook over the years ahead.

Compounded drugs are important for the patients whose clinical requirement cannot be fulfilled by FDA-approved drugs. The patients suffering from the allergy need medicines without compromising on certain flavoring agents that further fuels the demand for compounded drugs which also play a critical role in case there is a shortage of FDA-approved medication. Say for instance, in the U.S., most of the FDA approved medicines have not been available in a liquid form that is primarily required for the elderly patients and children who cannot swallow pills.

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Meanwhile, the main concern related to the compounding pharmacies is the huge number of unchecked compounds that have been largely available in the distribution centers. In accordance, the U.S. government has deployed some reforms that mandates compounding pharmacies to obtain a certification from the Pharmacy Compounding Accreditation Board (PCAB) or another equivalent regulatory body. In addition, the FDA has also sent a letter to the state pharmacy board to encourage outsourcing facilities to register with the FDA.

The registration potentially allows the so-called outsourcing facilities to sell their products in bulk to physicians and hospitals without a prescription for individual patients. Such perks provided by the regulatory bodies for encouraging compound pharmacies is poised to enhance the U.S. compounding pharmacies market size.

Currently, as per the estimates by the American Pharmacists Association, there are nearly 7,500 pharmacies providing compounding services across U.S. The number will increase over the coming years as several smaller firms have been investing in the development of low-risk drugs that will significantly boost U.S. compounding pharmacies market share.

The regulatory compliances implemented by the governing bodies will help pharmacies develop potentially more effective compounded medications on a large scale over the years ahead. The increasing use of compounded medication for overcoming the risks associated with the consumption of regulated drugs on the health of the geriatric and pediatric populace will further expedite the industry size considerably. Powered by the lower manufacturing costs of these medicines, by the end of 2024, U.S. compounding pharmacies market will generate a revenue of more than USD 7 billion.

Author NameSunil Hebbalkar

Coronary stents market to be characterized by the rising BVS product sales, U.S. to evolve as a highly viable revenue pocket over 2018-2024

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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.

India Coronary Stents Market Size, By Product, 2017 & 2024, (USD Million)
 India Coronary Stents Market Size, By Product, 2017 & 2024, (USD Million)

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.

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.

Author NameSunil Hebbalkar