Biodegradable Stents Market grows with growing prevalence of peripheral and coronary artery diseases

The competitive landscape in the global biodegradable stents market is quite consolidated as major players in the market hold a massive chunk. In 2015, Abbott Laboratories, Boston Scientific, Inc., and Biotronik led the pack with a 61.5% share in the global market. The unwavering focus of these companies on expanding their business in newer territories has enabled them to dominate the global market. In the coming years, the players are expected to invest in advanced and sophisticated products to offer better products to the overall healthcare industry.

According to the research report, the global biodegradable stents market is anticipated to be worth US$1.7 bn by 2024 as compared to US$18 mn in 2015. During the forecast years of 2016 and 2024, the global market is expected to expand at a CAGR of 30.1%.

Europe Emerges as Leading Regional Market Backed by German Demand

The two types of stents available in the global biodegradable stents market are coronary artery stents and peripheral artery stents. Of these, the coronary artery stents are expected to progress at a CAGR of 30.9% during the forecast period. The high incidence of coronary artery diseases is expected to drive this segment in the coming years.

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In terms of regions the global market is divided into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The report indicates that Europe will emerge as the dominant segment in the global market in the coming years. This regional market is expected to surge at a CAGR of 27.2% during the forecast period. Germany will lead the Europe biodegradable stents market in the coming few years.

Rise in Cardiovascular Diseases Spikes Demand for Biodegradable Stents

The Centers of Disease Control and Prevention (CDC) states that coronary artery diseases are responsible for 370,000 deaths across the U.S. every years. The global biodegradable stents market has been growing against the backdrop of high incidence of cardiovascular diseases, which are related to coronary artery diseases. The market is also being driven by the high prevalence of chronic conditions and rising geriatric population, which is prone to cardiovascular disorders. “The growing preference for stenting procedures for treating coronary artery diseases over bypass surgeries is also anticipated to boost the sales in the global market,” estimates the lead author of this research report. This trend is likely to be a key trend in the market as stenting reduces complications, assures better success rate, fastens recovery time, and costs less.

Bare metal stents (BMS) and drug eluting stents (DES) continue to remain in the artery long after it has eluted the drug. This can lead to thrombosis, in-stent restenosis, and other complications, which can require surgical removal of the stent. Thus, use of biodegradable stents are remarkable safer as they get completely absorbed in the artery soon after the drug is eluted. This factor has won the biodegradable stents incredible traction over the past few years.

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Unaffordability of Biodegradable Stents Dissuades Patients

Although the global biodegradable stents has a noteworthy CAGR, the market is likely to suffer due to the high cost of the products. Thus, the advantages of biodegradable stents are getting stymied due to their unaffordability. The premium pricing of these stents is expected to restrain the overall market’s growth in the coming years. Furthermore, the slow adoption rate of these stents in regions and countries where medical awareness is relatively low is also hampering the progress of the global market.

This review is based on Transparency Market Research’s report, titled “Biodegradable Stents Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”

Biodegradable Stents Market grows with rising popularity of biodegradable stents for cardiovascular disease management

Global Biodegradable Stents Market: Overview

Stents are extensively used for treating blocked arteries. These tiny and expandable mesh tubes help to keep the arteries open. Metallic stents are the most commonly used stents for the treatment of coronary and peripheral artery diseases. However, these stents have limitations such as the risk of stent thrombosis or a mismatch between the stent and the size of the vessel. While stent thrombosis requires prolonged anti-platelet therapy, the mismatch of a stent with the vessel size leads to a smaller lumen after stent implantation. Furthermore, metallic stents interfere with modern imaging technologies such as multi-slice computerized tomography (MSCT) and magnetic resonance imaging (MRI). As a result, the demand for biodegradable stents has increased as these stents significantly reduce the risks of adverse thrombotic events and completely degrade after a certain period.

On the basis of material, the global biodegradable stents market can be segmented into metallic alloy and polymeric biodegradable stents. Magnesium and iron are commonly used in the manufacture of metallic alloy biodegradable stents. The biocompatibility of the metallic alloy biodegradable stents depends on numerous factors. Biodegradable stents made of magnesium are gaining popularity as they have lower degradation time. Polymeric biodegradable stents are usually made of Poly D, L-lactide/glycolide copolymer (PDLA), Poly-L-Lactic acid (PLLA), polycaprolactone, and Polyglycolic Acid(PGA).

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Global Biodegradable Stents Market: Trends

The growing prevalence of peripheral and coronary artery diseases has boosted the demand for biodegradable stents. According to the World Health Organization (WHO), cardiovascular diseases such as peripheral arterial disease, coronary heart disease, deep vein thrombosis, and congenital heart disease are the primary cause of natural death across the globe. In 2012, an estimated 17.5 million people died from cardiovascular diseases, which translates to 31% of all global deaths. Of these deaths, about 7.4 million were due to coronary heart disease. The rising popularity of biodegradable stents for cardiovascular disease management has propelled the growth of the global biodegradable stents market. Biodegradable stents eliminate the need for dual anti-platelet therapies and treat coronary artery diseases effectively.

The slow adoption rate of stents is the major hindrance in the expansion of the global biodegradable stents market. Furthermore, there are drawbacks associated with the implantation of biodegradable stents. For example, the strength of polymeric biodegradable stents is lower compared to conventional metallic stents. Unfavorable reimbursement policies have also been detrimental to the growth of the market. The global biodegradable stents market has a significant opportunity to grow with extensive research and development activities being carried out by key market players.

Global Biodegradable Stents Market: Region-wise Outlook

The global biodegradable stents market has been segmented into four key regions: Europe, Asia Pacific, North America, and Rest of the World. The growing adoption of biodegradable stents for the treatment of coronary ailments has boosted the growth of the market across North America. The U.S. and Canada are driving the demand for biodegradable stents in North America. In Europe, the U.K., France, Italy, and Germany are contributing significantly to the growth of the market.

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During the forecast horizon, Asia Pacific is anticipated to emerge as a potential market for biodegradable stents due to the growing prevalence of various coronary and peripheral heart diseases in the region. India, China, and Japan are the prominent markets for biodegradable stents in this region.

Some of the key players in the global biodegradable stents market are Arterial Remodeling Technologies SA, American Medical Systems Inc., Boston Scientific Corporation, Cedars-Sinai Medical Center, Cordis Corporation, Bristol-Myers Squibb Company, Abbott Laboratories, Amaranth Medical Inc., Kyoto Medical Planning Co. Ltd., REVA Medical Inc., BIOTRONIK SE & Co. KG, Tepha Inc., Xenogenics Corporation, Eurocor GmbH, and Elixir Medical Corporation.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.