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.
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.”