Global Biodegradable Stents Market: Snapshot
The biodegradable stents are used for treating cardiovascular conditions pertaining to the coronary artery. These stents are also known as bioabsorbable or bioresorbable vascular scaffolds and are surgically placed in the coronary artery for eluting the drug that is administered for vascular restoration and the polymer coating. The biggest advantage of these stents is that they get entirely absorbed in the vessels over a period of time, reducing the risk of complications or infections. This advantage is the primary reason for the growth of the global biodegradable stents market. According to the research report, the global biodegradable stents market was valued at US$18 mn in 2015 and is expected to reach US$1.7 bn by 2024, as the market progresses at a CAGR of 30.1% between 2016 and 2024.
Advantages of Biodegradable Stents Keep the Sentiment in Global Market Positive
As compared to predecessors of biodegradable stents, the newer technology has significantly reduced the risk of thrombosis, in in-stent restenosis, dual anti-platelet therapy, and second surgery for removal of the stent. These factors have played a pivotal role in shaping the trajectory of the global market in a positive direction over the past few years. The efficiency of biodegradable stents has won the market numerous consumers in the recent past. Thus, several patients and cardiologists have shown a keen interest in the uptake of biodegradable stents in the treatment of coronary and peripheral artery diseases.
The two type of stents available in the global market are the coronary artery stents and peripheral artery stents. Of these, the coronary artery stents held a dominant share in the global market in 2015. The segment is expected to continue its dominance in the coming years due to the exponentially rising number of deaths due to cardiovascular diseases. The high prevalence of coronary artery diseases across the globe around the world, rising preference of cardiologists towards percutaneous coronary intervention procedures, and increasing uptake of use of stents are expected to make a significant contribution to the soaring revenue of this segment in the forecast period.
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Asia Pacific Paces Ahead due to Vast Unmet Medical Needs
In terms of geography, the global biodegradable market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Europe held a lion’s share in the global biodegradable stents market in 2015. Asia Pacific closely followed as the developing nations of the region are showing keen interest in uptake of newer technologies. These regions are expected to show continued progress in the overall market due to high adoption rate of biodegradable stents due to quick approvals from regulatory bodies. Furthermore, high incidence of diabetes and hypertension across Asia Pacific are also expected to spike the demand for biodegradable stents as patients suffering from these conditions are highly susceptible to cardiovascular diseases. The report indicates that North America biodegradable stents market will also show considerable progress with recent approvals from the U.S. FDA.
The key players operating in the global biodegradable stents market are Abbott Laboratories, Boston Scientific, Inc., Kyoto Medical Planning, Biotronik, Elixir Medical Corporation, Sahajanand Medical Technologies, and Terumo Europe NV. The competitive landscape in the global biodegradable stents market is likely to remain consolidated all throughout 2016 and 2024 as major players will hold a dominant share.