WALTHAM, Mass., Dec. 16 According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, health care reforms in China supported rapid expansion of the Chinese drug-eluting stent market in 2009, and will continue to fuel growth in the coming years. MRG's new Asia Pacific Markets for Interventional Cardiology Devices 2010 report finds that initiatives undertaken by the Chinese government will allow the Chinese drug-eluting stent market to reach a value of more than $900 million by 2014.
The potential Chinese patient population for coronary stenting has historically been underpenetrated due to the high cost of the devices. Despite a rising incidence of coronary artery disease in the country, many patients choose to forego a coronary intervention due to a lack of insurance coverage and an inability to privately finance these procedures. In April 2009, the Chinese government unveiled its plans for a universal health care plan, a component of part of its Healthy China 2020 plan, which was first announced in January 2008. The healthcare reforms will increase access to premium-priced procedures and have huge implications for the drug-eluting stent market.
"This amount of funding earmarked for a public health care system will vastly expand the volume of drug-eluting stent procedures performed in China," says Dan Whalen, Analyst at MRG. "With more people able to afford the procedure, this market is expected to grow an average of nearly 20% per year over the next five years, which presents a huge opportunity for new and emerging drug-eluting stent manufacturers in the region."
MRG's new report, Asia Pacific Markets for Interventional Cardiology Devices 2010, provides critical insight into trends that will fuel market growth for coronary stents, PTCA balloon catheters, and accessory devices through 2014. In addition to China, the report also includes analyses of Australia, India, and South Korea. With detailed analysis of procedures, units, average selling prices, revenues, and competitive dynamics, this report will allow readers to trace current and emerging market trends, identify opportunities, and track competitors.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources, Inc. company (www.DecisionResourcesInc.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack(TM) projects, customer behavior tracking, facility-level procedure forecasting, and customized solutions.
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SOURCE Millennium Research Group