Global Statistics Representing Biodegradable Stents Market Scenario
Increasing prevalence of cardiovascular diseases such as coronary artery disease, high blood pressure, cardiac arrest, blockage of the artery is driving the growth of the biodegradable stents market in future. As per the Centre of Disease control, around 1 of every 13 Americans aged above 18 years and older has diagnosed with coronary artery disease. Bridgeable stent is a device which is inserted into a blood vessel to prevent the blockage by expanding them.
High prevalence of carotid artery stenosis, and coronary artery disease are responsible for the growth of the market. For instance, as per Stroke Association of U.K. estimation, approximately 20% of all strokes are caused by carotid artery disease. Apart from this, increasing geriatric population, changing lifestyle, advancement in technology are some other factors supporting the growth of the market on account of increasing artery diseases.
The global biodegradable stents market was valued around USD 210.11 million in 2017 and register CAGR of 25.2% during forecast period from 2019-2026.
The global biodegradable stents market is segmented by product application, absorption rate and end user.
Based on product type the market is segmented into polymer based biodegradable stents, and metal based biodegradable stents. Bioresorbable polymer-based stents segment is expected to grow dominate during forecast period. This is attributed to growing focus on developing polymeric stents and rising approvals for polymer-based stents.
Based on the application, the biodegradable stents market is segmented into coronary artery disease, peripheral artery disease. On the basis of application, coronary artery disease is leading segment across the globe.
On the basis of absorption rate, the market is segmented into slow absorption rate, intermediate absorption rate, and fast absorption rate.
Based on the end users, the biodegradable stents market is segmented into hospital and cardiac centres.
Geographically, biodegradable stents market is segmented into North America, Europe, Asia Pacific, Latin America and The Middle East & Africa (LAMEA).
North America is likely to account for the largest share of the global biodegradable stents market in the forecast period 2019–2026. This is attributed to high blood pressure, high blood cholesterol levels leading to increasing artery diseases. For instance, approximately 15 million people suffer from coronary diseases in U.S. Apart from this, increasing population of tobacco smoking and obesity leading to artery diseases is also increasing the demand of biodegradable stents for eluting drug.
Europe is expected to witness significant growth in biodegradable stents market. Increasing prevalence of coronary artery diseases such as ischemic heart disease, angina, unstable angina, myocardial infarction, and sudden cardiac death is expected to propel the growth of the market. According to British Heart Foundation, during 2014-2016, over 66,000 died due to coronary heart disease in the U.K. Increasing cardiac diseases across Europe has increased demand for cardiac stent devices, which is expected to drive the market.
Asia–Pacific is expected to be fastest growing market during the forecast period. This significant growth is attributed to increasing prevalence of cardiovascular diseases such as hypertension, cardiac failure is propelling the growth of the market. It was estimated that, approximately 60% people suffered from heart diseases (American heart diseases 2018). Similarly, increasing geriatric population, chronic diseases, obesity are some other factors supporting the growth of the market.
LAMEA is expected to witness a considerable growth in the global market during the forecast period. The significant growth is attributed to increasing cardiovascular diseases, increasing awareness about the health and high disposable income in the Middle East countries are projected to drive the growth of the market.
These are prominent players in biodegradable stents market include Abbott Laboratories, Boston Scientific, Inc., Terumo Europe NV, Biotronik, Elixir Medical Corporation, Sahajanand Medical technologies, and Kyoto Medical.
Biodegradable Stents Market Segmentation
Biodegradable Stents Market By Product
Biodegradable Stents Market By Application
Biodegradable Stents Market By Absorption Rate
Biodegradable Stents Market By End User
Biodegradable Stents Market By Region
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Our report covers biodegradable stents market insights, focusing on recent development in the market in different region and development strategies of the companies. Moreover, following sections are specifically covered in the report.
• Definitive Market Data
• biodegradable stents market Analysis
• Competitive Analysis
• Recent Opportunities in the Market
• 6-7 year performance forecasts: major segments covering top product, application, absorption rate, end users and geographies
• Market Share Analysis
• Potential Venture Avenues