2018 China Coronary Stent Market Development Report: Estimated Threefold Growth Potential, with Lepu, MicroPort, and JW Medical Ranking Top Three

In recent years, percutaneous coronary intervention (PCI) has developed rapidly in China, leading to a swift expansion of the stent market. Moreover, with the growing prevalence of cardiovascular diseases and an aging population, the growth potential (“ceiling”) for cardiac stents will be even higher.

PCI Has Developed Rapidly but Has Significant Room for Improvement

According to data released at the 21st National Interventional Cardiology Forum, the number of percutaneous coronary intervention (PCI) procedures performed in mainland China in 2017 reached 753,142, representing a year-on-year increase of approximately 13%.

Based on an average usage of 1.47 coronary stents per PCI procedure, it is estimated that over 1.1 million stents were used in China in 2017. Assuming an average length of 20 mm per stent, these stents would span approximately 22 kilometers if connected end to end.

Figure 1. Volume of PCI Procedures and Average Number of Cardiac Stents Implanted in Mainland China, 2009–2017

However, the 22-kilometer length of stents implanted is still insufficient. On average, 532 patients per million undergo PCI treatment, compared to 3,135 per million in the United States and approximately 2,047 per million in Japan.

Given the similar epidemiological data on cardiovascular diseases across countries, it is estimated that China has at least threefold growth potential in the number of percutaneous coronary intervention (PCI) procedures. In the future, the volume of cardiac stent implantations will also grow in tandem with PCI procedures. The compound annual growth rate is projected to remain at 15%, indicating at least threefold growth potential.

Broad Market Prospects for Cardiac Stents: Lepu Medical, MicroPort, and Jiwei Occupy the Top Three Positions in the Chinese Market

In terms of the global coronary stent market, the size is estimated at around $7 billion, with a growth rate of approximately 6%. The United States and East Asia together account for 70% of the market. In addition, the market sizes in developing countries such as China, Brazil, and India are growing faster than the global average, with the growth rate of the coronary stent market generally exceeding 10%.

In China, assuming an end-user price of RMB 8,000–9,000 per stent, the domestic market size for coronary stents at the end-user level is estimated to be around RMB 8.8–9.9 billion.

Moreover, the prevalence of cardiovascular diseases and the aging population will further drive the stent industry.

From the perspective of stent technology, although Abbott's bioresorbable stent has been withdrawn from the market, the global momentum in the research and development of bioresorbable stents remains strong. Technological innovation continues to be the central theme and a key driver of sales growth in the stent industry.

Based on the 2017 market share data, Abbott, Boston Scientific, and Medtronic occupied the top three positions in the global market, with market shares of 28%, 26%, and 23%, respectively; approximately 80% of the domestic cardiac stent market was held by Chinese brands.

The top three companies in the Chinese market by market share are Lepu Medical (24%), MicroPort (23%), and Jiwei Medical (20%, a wholly-owned subsidiary of Biosensors International). The combined market share of these three domestic coronary stent manufacturers has reached 67%, basically achieving import substitution. The future trend is to further capture market share from imported brands and other smaller domestic enterprises.

Figure 2 Market Landscape of Cardiac Stent Implantation Volume in Mainland China