The global biodegradable stents market projects a decently consolidated market scenario, along with a handful of important international firms holding the huge share of the market. The three top players— Boston Scientific Corporation, Biotronik, and Abbott Laboratories bagged a collective massive share of 61.5% of the biodegradable stents market, says Transparency Market Research (TMR). Consistent focus of major firms to mark their presence by spreading their reach across the globe has majorly helped them in sustaining their lead in the biodegradable stents market.
In the forthcoming years, several key firms are foreseen to invest significantly on the research and development activities to launch innovative products and technologies in the market. This even helps in making the competition fiercer in the global market. Key players leading in global biodegradable stents market are Sahajanand Medical Technologies, Terumo Europe NV., Kyoto Medical Planning, and Elixir Medical Corporation.
The global biodegradable stents market is prognosticated to expand at whooping CAGR of 30.1% within the forecast period from 2016 to 2024. Growing at this speed, the biodegradable stents market is expected to reach around worth of US$1.7 bn by the end of forecast period, advancing from US$0.18 bn, back in 2015.
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On the basis of stent type, the market is divided into coronary artery stents and peripheral artery stents. Of Among these, in 2015, coronary artery stents segment accounted for major share. In the forthcoming years, the demand regarding coronary artery stents is expected to rise due to rising number of deaths owing to cardiovascular diseases all over the world. Regionally, in 2015, Europe accounted for highest shares in the global biodegradable stents. Within the forecast period, Europe region is estimated to grow at a substantial CAGR of 27.2% during 2016 to 2024. Increasing Death Rate due to Cardiovascular Ailments to Fuel Growth
Biodegradable stents emerging as a current advancement and noteworthy improvement over drug-eluting stents in stent innovation has been encountering appealing growth. The demand regarding biodegradable stents is fuelled essentially by their conceivably helpful applications in treating coronary artery sicknesses.
The rising occurrence of the ailment and its significant death rate among global populations is an imperative factor complementing the market. The increasing mortality of cardiovascular sicknesses in low and middle income nations and the developing cases of coronary heart infections in older people in the world are outstanding drivers supporting the demand for biodegradable stents as a possibly strong therapeutic interventions. The rising inclination for stenting methods for treatment of coronary artery ailments is a a major factor fueling the demand.
Biodegradable stents are gaining wide popularity in the field of interventional cardiology, as they are less complicated, safe, and can provide more medications at the site. Moreover, their capability to lessen in-stent restenosis and different complexities represents its alluring growth in biodegradable stents market.
High Price of Stents to hamper Market Growth
Nevertheless, contrasted with drug eluting stents (DES) and bare metal stents (BMS), biodegradable stents are costly. Thus the affordability everywhere is a basic concern prone to restrict the development of the biodegradable stents market. The high cost of these stents may reduce their popularity among value sensitive buyers. Also, further research is required to address possible issues of aggravation caused to patients and mechanical dependability of the biodegradable materials utilized in the stents.
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However, the biodegradable stents market is likely to get a powerful lift by rising awareness about the upsides of biodegradable stents in under developed and developing nations, along with and persistent concentration of players to launch imaginative items. Besides, industry endeavors to carry biodegradable stents into the domain of mass moderateness looks good for the global biodegradable stents market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Biodegradable Stents Market (Stent Type – Coronary Artery Stent and Peripheral Artery Stents; Material – Polymer Based and Metal Based; End Users – Hospitals, Cardiac Catheterization Laboratories, and Ambulatory Surgery Centers) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”
The global biodegradable stents market is segmented based on:
- Coronary Artery Stents
- Peripheral Artery Stents
- Polymer Based
- Metal Based
- Cardiac Catheterization Laboratories
- Ambulatory Surgery Centers
- North America
- Latin America
- Middle East & Africa