Michael Barbella, Managing Editor05.03.21
South Korea's coronary stents market is primed for growth over the next four years, with experts predicting an 11.7 percent compound annual growth rate through 2025.
A recent GlobalData report claims the market's expansion will be driven by increasing use of percutaneous coronary interventions (PCI) for the treatment of heart diseases. Drug eluting stents (DES) accounted for more than 95 percent of the South Korean coronary market in 2020.
“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,” said Vedant Goswami, a medical devices analyst at GlobalData.
Boston Scientific Corp was the leading player in South Korea's coronary stents market last year, followed by Abbott Laboratories and Medtronic plc. Together these companies accounted for around 85 percent of the market in 2020.
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.
“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," Goswami said. "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.”
A recent GlobalData report claims the market's expansion will be driven by increasing use of percutaneous coronary interventions (PCI) for the treatment of heart diseases. Drug eluting stents (DES) accounted for more than 95 percent of the South Korean coronary market in 2020.
“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,” said Vedant Goswami, a medical devices analyst at GlobalData.
Boston Scientific Corp was the leading player in South Korea's coronary stents market last year, followed by Abbott Laboratories and Medtronic plc. Together these companies accounted for around 85 percent of the market in 2020.
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.
“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," Goswami said. "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.”