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.
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