Biodegradable Stents Market Trends to Witness an Outstanding Growth by 2024
Global Biodegradable Stents Market: Snapshot
The demand for biodegradable stents has grown significantly with the development of newer technology that has reduced the risk of thrombosis, dual anti-platelet therapy, in-stent restenosis, and second surgery for removal of the stent. Therefore, the introduction of biodegradable stents with advanced technologies has boosted its demand and have gained larger customer base. Moreover, various cardiologist and patients have shown keen interest for using biodegradable stents for coronary and peripheral artery diseases treatment. These factors are responsible for the significant growth of the biodegradable stents market across the globe.
The global biodegradable stents market is projected to rise at staggering 30.1% of CAGR during the forecast period between 2016 and 2024. Rising at this growth rate, the market is expected to reach a valuation US$1.7 bn by the end of 2024 progressing from US$0.18 bn calculated in 2015.
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Rising Incidence of Cardiovascular Disease to Boost Demand for Biodegradable Stents
The global biodegradable stents market is categorized on the basis of material, stent type, and end user. Based on stent type, the market is bifurcated into peripheral artery stents and coronary artery stents. Of these two, coronary artery stents held the maximum share in 2015. Over the coming years, the demand for coronary artery stents is likely to increase because of rapid growth of deaths due to cardiovascular diseases across the globe. Moreover, rising use of stents and growing preference of cardiologists to perform percutaneous coronary intervention procedures is expected to trigger the demand in the biodegradable stents market.
Based on material type, the global biodegradable stents market is bifurcated into polymer and metal. Moreover, in terms of end-user, the global biodegradable stents market is divided into cardiac catheterization laboratories, hospitals, and ambulatory surgery centers.
Recent Approvals from the U.S.FDA to Boost Biodegradable Stents Market in North America
On the regional front, the report on the global biodegradable stents market is categorized into Latin America, Europe, North America, the Middle East and Africa, and Asia Pacific. Among these regions, Europe held maximum shares in the global market in 2015. During the forecast period, this region is likely to rise at staggering 27.2% CAGR between 2016 and 2024. Moreover, recent approvals from the U.S.FDA is likely to grow the North America biodegradable stents market in the forthcoming years.
On the other hand, the demand for biodegradable stents is likely to grow in Asia Pacific due to uptake of newer technologies. Growing prevalence of hypertension and diabetes in this region is likely to boost the demand for biodegradable stents, as patients suffering from these conditions have high possibility to get cardiovascular diseases. Most importantly quick approvals from regulatory bodies in Asia Pacific is also driving the biodegradable stents market.
In the competitive landscape, the report includes some of the key players operating in the global biodegradable stents market. Boston Scientific, Inc., Abbott Laboratories, Elixir Medical Corporation, Kyoto Medical Planning, Biotronik, Terumo Europe NV, and Sahajanand Medical Technologies are some of the prominent players in the global biodegradable stents market.
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