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.
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.
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.
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.
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.
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)
22.214.171.124 Product Applications and Services
126.96.36.199 Recent Developments
188.8.131.52 Partnerships Ecosystem
184.108.40.206 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
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.
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.
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.
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.
Insights10 will provide you with the reports within 10 key parameters which are:
Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.
Stage I: Market Data Collection
Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.
Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.
Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:
Stage II: Market Data Analysis and Statistical Model
Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.
Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.
The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.
The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.
Data Triangulation & Validation:
Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.
We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.
Stage III: Interpretation and Presentation
Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)
Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to oﬀer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.
Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.
Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.
The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.
We value your inquiry and offer free customization with every report to fulfil your exact research needs.
This report addresses