Singapore Coronary Stents Market Analysis

Singapore Coronary Stents Market Analysis

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Singapore Coronary Stents Market is expected to witness growth from $14 Mn in 2022 to $21 Mn in 2030 with a CAGR of 5.35% for the forecasted year 2022-30. The demand for coronary stents in Singapore is being driven by the increased frequency of cardiovascular disorders such as coronary artery disease and hypertension. The market is segmented by type, by mode of delivery, by materials, and by end user. Some key players in this market include Biosensors International Group, Structo, B. Braun, Abbott Laboratories, Biotronik, Medtronic, GE Healthcare, Boston Scientific, Transmedia Healthcare, and Philips Healthcare.

ID: IN10SGMD006 CATEGORY: Medical Devices GEOGRAPHY: Singapore AUTHOR: Jigyasu Bhandari

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Singapore Coronary Stents Healthcare Market Executive Analysis

Singapore Coronary Stents Market is expected to witness growth from $14 Mn in 2022 to $21 Mn in 2030 with a CAGR of 5.35% for the forecasted year 2022-30 Government healthcare spending in Singapore is expected to be $21.67 billion in 2022 and quadruple to $36 billion by 2029. Singapore's healthcare sector is expected to expand by 9%, from $21.4 billion in 2017 to $23 billion in 2023. The sector is anticipated to have more than doubled, reaching $49.4 billion, by 2029. In Singapore, healthcare spending, which includes both public and private costs, is anticipated to make up 5.9% of GDP in 2019 and as much as 9% by 2029.

In 2020, coronary artery disease accounted for 16.2% of all fatalities in Singapore, making it the second most frequent cause of death. With 27,487 hospital admissions, CAD was likewise Singapore's most common reason for hospitalization in 2020. Singaporeans 60 years of age and above had a 22.9% prevalence of CAD. Small metal or plastic tubes called coronary stents are used to maintain the heart's arteries' patency and enhance blood flow. They are frequently applied to treat coronary artery blockages in patients with coronary artery disease. In Singapore, coronary stents are frequently used to treat coronary artery blockages that might result in chest pain or heart attacks. During a process known as angioplasty, which entails threading a catheter through blood vessels to the afflicted location and then expanding a small balloon to widen the artery, the stents are inserted into the artery. The artery is subsequently kept open by the stent, which is then inserted.

Singapore Coronary Stents Market Analysis

Market Dynamics

Market Growth Drivers

The demand for coronary stents in Singapore is being driven by the increased frequency of cardiovascular disorders such as coronary artery disease and hypertension. Manufacturers are spending money to create novel, cutting-edge stents that can successfully cure these disorders. Modern stents that are safer, more efficient, and long-lasting have been created thanks to technological advances. Drug-eluting stents have completely changed the market, and in the years to come, market growth is anticipated to be fueled by a greater emphasis on research and development. The demand for coronary stents in Singapore is being driven by rising cardiovascular disease awareness and the value of early detection and treatment. The involvement of healthcare providers in raising awareness of the advantages of employing coronary stents to treat cardiovascular illnesses is vital.

Market Restraints

The expenses of coronary stent treatment can be high in Singapore, which might reduce the demand for these goods. Patients may select less expensive alternative treatment choices, which could slow the expansion of the industry. In Singapore, coronary stent therapy is competitive with other treatment alternatives like medication therapy and minimally invasive treatments. In order to compete in the market, manufacturers must create cutting-edge, functional items.

Competitive Landscape

Key Players

  • Biosensors International Group (SG)
  • Structo (SG)              
  • Biotronik
  • Boston Scientific
  • B. Braun
  • Abbott Laboratories
  • GE Healthcare
  • Medtronic
  • Philipps Healthcare

Recent Notable Deals

2023: In 2023, CITIC Private Equity purchased Biosensors International, a well-known Singaporean manufacturer of medical devices that specialises in the design and production of coronary stents and other interventional cardiology products. The transaction has a value of about $800 million.

Healthcare Policies and Regulatory Landscape

Singapore's regulatory framework and healthcare regulations are well-established and support the provision of high-quality healthcare services and patient safety. The Health Sciences Authority (HSA) is in charge of overseeing medical devices in the market for coronary stents. Medical device safety, effectiveness, and quality requirements in Singapore are set by the HSA. All medical devices, including coronary stents, need to be approved by the HSA in order to be registered and sold in Singapore. According to the HSA, manufacturers must do extensive testing and clinical trials to prove the reliability and effectiveness of their products. Singapore's regulatory framework for medical devices is renowned for its effectiveness and openness, and the HSA gives producers precise instructions and deadlines to adhere to.

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company Overview Product Applications and Services Recent Developments Partnerships Ecosystem Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Coronary Stents Market Segmentation

By Type (Revenue, USD Billion):

The three main categories of coronary stents are bare-metal, drug-eluting, and bioabsorbable, depending on their nature. The segment for bioabsorbable stents is anticipated to increase at the fastest rate over the forecast period. The benefits that are encouraging the use of bioabsorbable stents include a decrease in problems including thrombosis and inflammation, the cSingaporeity to restore normal vasomotion, and an improvement in aberrant endothelial function. However, in the upcoming years, the expansion of this market segment is anticipated to be constrained by the high cost of bioabsorbable stents.

  • Bare-metal Stents
  • Drug-eluting Stents
  • Bioabsorbable Stents

By Mode of Delivery (Revenue, USD Billion):

The market is divided into self-expanding and balloon-expandable stents according to delivery method. Because of the high use of these stents, rising research initiatives to advance the technology, and rising regulatory approvals for balloon-expandable stents, the balloon expandable stents segment is anticipated to increase at the greatest CAGR over the projection period.

  • Balloon-expandable Stents
  • Self-expanding Stents

By Materials (Revenue, USD Billion):

The coronary stent market is divided into metallic (cobalt chromium, platinum chromium, nickel-titanium, and stainless steel) and other stents according to the material. The market for other stents is anticipated to experience the largest CAGR growth during the projection period. The rapid expansion of this market can be ascribed to the increased use of polymers and copolymers in the production of bioabsorbable stents.

  • Metallic Stents
  • Cobalt-Chromium
  • Platinum Chromium
  • Nickel Titanium
  • Stainless Steel
  • Other Stents

By End User (Revenue, USD Billion):

The coronary stent market is divided into hospitals, cardiac centres, and ambulatory surgical centres based on the end user. According to predictions, the hospital sector will control the market in 2016. This is primarily caused by hospitals using a lot of coronary stents.

  • Hospitals
  • Cardiac Centers
  • Ambulatory Surgical Centers

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

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Last updated on: 12 October 2023

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