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.
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.
Global Biodegradable Stents Market: Overview
Biodegradable Stents are the third generation of stents used in the treatment of coronary artery diseases, which are completely absorbed in the body after the drug is eluted. The biodegradable stents have emerged as a perfect replacement to the standard Drug Eluting Stents having a permanent polymer coating over them. Introduction of biodegradable stents has resulted into reduction in rates of thrombosis, in-stent restenosis, and dual anti-platelet therapy required with the DES and Bare Metal Stents, as the polymer or metal is completely absorbed in the vessel, resulting into efficient drug delivery, and vascular restoration. Players in the stents market are now looking beyond the coronary and peripheral artery disease treatment applications of the biodegradable stents after various clinical trials which have demonstrated the efficiency of these biodegradable stents in other vascular interventions.
Global Biodegradable Stents Market: Scope
The market overview section of the report comprises qualitative analysis of the overall biodegradable stents market considering the factors determining the market dynamics such as drivers, restraints and opportunities, along with Porter’s five force analysis and market attractiveness analysis. In addition, market opportunity analysis for the stent type, and material types, and key industry developments has also been provided. Key industry developments include the major events occurred in past decade and are expected to occur during the forecast period which are likely to affect the market dynamics.
Global Biodegradable Stents Market: Segmentation
The global biodegradable stents market has been segmented on the basis of stent type, material and end users. On the basis of stent type, the global market is categorized as coronary artery stent, and peripheral artery stent. Moreover, on the basis of material, the biodegradable stents market has been segmented into polymer based, and metal based stent. Furthermore, on the basis of end users, the global biodegradable stents market has been classified as hospitals, cardiac catheterization laboratories, and ambulatory surgery centers.
The market for these stent types, material and end users has been extensively analyzed on the basis of factors such as usage pattern, sales revenue, geographic presence and technological developments. The market size and forecast in terms of revenue (USD million) for each of these segments have been provided for the period 2014 to 2024, considering 2015 as the base year. The report also provides the compounded annual growth rate (CAGR) for each segment for the forecast period 2016 to 2024.
Global Biodegradable Stents Market: Regional Outlook
Geographically, the biodegradable stents market has been classified into five segments namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The market size and forecast for each region has been provided for the period 2014 to 2024, in terms of types, material and applications, along with the CAGR (%) for the forecast period 2016 to 2024.
Key Players Mentioned in this Report are:
The report also provides a section on the competitive landscape, wherein the market share analysis of leading players in the global biodegradable stents market, in terms of percentage share in 2016 has been discussed. A list of recommendations has also been included for new entrants as well as existing market players to help them establish a strong presence in the market and increase their market share.
The report concludes with the profiles of major players in the global biodegradable stents market such as Abbott Laboratories, Boston Scientific, Inc., Terumo Europe NV, Biotronik, Elixir Medical Corporation, Sahajanand Medical technologies, and Kyoto Medical Planning among others. The major market players are evaluated on various parameters such as company overview, financial overview, product portfolio, business strategies and recent developments.
The global Biodegradable Stents Market is segmented as follows:
- Global Biodegradable Stents Market, by Stent Type
- Coronary Artery Stents
- Peripheral Artery Stents
- Global Biodegradable Stents Market, by Material
- Polymer Based
- Metal Based
- Global Biodegradable Stents Market, by End user
- Cardiac Catheterization Laboratories
- Ambulatory Surgery Centers
- Global Biodegradable Stents Market, by Geography
- North America
- Latin America
- Middle East & Africa