The treatment of cardiovascular conditions related to the coronary artery is a complicated process, and consequently, it is always advisable to operate the subject just once and let the healing process be as natural as possible. Biodegradable stents, also known as bioabsorbable stents, get biodegraded overtime and leave behind only the healed natural vessel. This allows the restoration of vasoreactivity with the potential of vessel remodeling. As the number of patients suffering from cardiovascular diseases escalates across various regions of the world, the demand in the global biodegradable stents market will expand at a significant CAGR of 30.1% during the forecast period of 2016 to 2024, says a recent market intelligence report by Transparency Market Research (TMR). The report evaluates that global market for biodegradable stents had opportunities worth merely US$18 mn in 2015, which will upswing up to US$1.7 bn by the end of 2024.
Rapidly growing population of geriatrics who commonly suffer from cardiovascular diseases, constant focus of the key market players on clinical trials of bioabsorbable stents, recent technological advancements, and increasing preference of the patients for minimally invasive therapies are some of the factors that are expected to positively reflect on the market. However, high price of biodegradable stents is expected to hinder the growth rate of the market.
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Which market segments are most profitable?
According to the TMR report, coronary artery and peripheral artery are the two segments of the market on the basis of stent type. Out of these, coronary artery stents segment accounts for the maximum demand and will continue to increase at a CAGR of 30.9% during the forecast period. This is a reflection of incremented incidences of coronary artery diseases across the world. Geographically, the report studies the opportunities available in the regions of North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa, and rates Europe as the most lucrative regional market. Extended demand from Europe is primarily dominate by Germany.
What is the nature of competition among the prominent players?
The global biodegradable stents market exhibits a consolidated positions of a few players. The TMR report evaluates that in 2015, Boston Scientific, Inc., Abbott Laboratories, and Biotronik collectively accounted for 61.5% of the market and expects them to remain dominant over the course of the forecast period via aggressive expansions of their business in emerging economies, and acquisition of promising new players. These players plan to invest in order to develop new technologies and sophisticated products in the next few years, which will further consolidate their position in the overall healthcare industry.
Reva Medical, Inc., Elixir Medical Corporation, Kyoto Medical Planning. Co. Ltd., and Arterial Remodeling Technologies are a few other prominent companies identified by the report who are currently participating in global biodegradable stents market.