Bioabsorbable Vascular Stents Market Size, Industry Analysis Report, Regional Outlook, Application Growth Potential, Competitive Market Growth & Forecast, 2020 - 2026
Report ID: GMI1643
Bioabsorbable Vascular Stents Market size is expected to witness lucrative growth in the period 2017-2024. Bioabsorbable vascular stents can be disintegrated by human body without external intervention. Hence, they eliminate the need for post-treatment involvements and prevent inflammation leading to stent restenosis and thrombosis. Bioabsorbable stents avoid stent-in-stent procedures and cut the need for dual antiplatelet therapies; thus, increasing the demand for bioabsorbable stents.
Global bioabsorbable vascular stents market is strongly driven by escalating growth in geriatric population, rising incidences of cardiac ailments, coronary & peripheral artery diseases, and increasing number of obese people. Furthermore, promising product pipelines and rising technological advancements will boost the business growth.
However, slow adoption rate of stents in disease management, inadequate reimbursement policies, stringent regulatory scenario, and the presence of substitutes will hamper the market growth.
Based on the material type, the market is segmented into polymer-based and metal-based bioabsorbable stents. The polymer-based stents market is set to witness a higher growth than metallic bioabsorbable stents due to its comparative advantages over metallic type.
By application type, the market is segmented into coronary and peripheral artery stent. The coronary artery stents hold a major market share and are expected to continue their dominance in the coming years owing to the healthcare industry’s objective to reduce deaths due to cardiovascular diseases. Preferences of cardiologists toward coronary intervention procedures are expected to make significant revenue from this segment during the forecast period.
The rising incidence of peripheral artery disease propels the demand for peripheral stents. Escalating geriatric population is another factor responsible for the rise in demand for peripheral stents. The development of imaging techniques improved the surgeries involving the placement of peripheral vascular stents and owing to this, there will be an anticipated increase in stenting procedures. However, high price and low awareness of the peripheral stents among the general population about peripheral vascular diseases are expected to hamper the revenue growth.
By end use, the type of bioabsorbable vascular stents market is segmented into hospitals and cardiac centers. The factors that result in a higher market value of hospital segment is the advanced medical infrastructure and trained professionals to cater to the needs of people, which are not usually seen in cardiac centers and small clinics. The hospital segment dominated the market during 2016 in terms of revenue and will continue to lead until the end of 2021.
North America region dominates the global bioabsorbable stents market. Technological advancements and increased awareness about the treatment of coronary ailments in bioabsorbable stents support the growth of this market. The U.S. represents the largest market for bioabsorbable stents; however, due to the stringent regulatory scenario of the FDA, only one product (Abbott Absorb) is available in the U.S. However, many products are in the clinical pipeline and in the developmental phase, which is an indicator of bright future of this market.
Europe holds the second largest revenue share. Increasing aging population, unhealthy lifestyle habits, and the strong healthcare infrastructure are the major driving factors. Regions such as Germany, France, and the UK are some of the early adopters of advanced technology, therefore, the adoption of bioabsorbable vascular stents in these countries should be high resulting in the high growth of this market in coming years.
APAC bioabsorbable vascular stents market is poised to witness high growth rate in coming years. Increasing public awareness about various coronary and peripheral artery diseases in the region will primarily generate the demand for stents. Japan, South Korea, Australia, China, and India are poised to experience high growth rate. Favorable government policies are expected to create a broader customer base in countries, such as India, where stents prices are capped at 40% lesser than the company’s set prices. Moreover, approval of new stents in Asia will also augment the market growth. Recently, Meril Life Sciences bioresorbable vascular scaffold got the official government approval to market the stent. Asia Pacific region is likely to be the fastest growing region due to opportunities for growth, rising prevalence of lifestyle diseases, and entering of new investors in the interventional cardiology market.
Saudi Arabia and South Africa dominates the Middle East and Africa bioabsorbable vascular stents market. Increasing initiatives by the public and private sectors in South Africa along with the introduction of new stent products will fuel the bioabsorbable stents market growth in coming years.
Some of the key vendors in global bioabsorbable stents market are Medtronic, Abbott Laboratories, Boston Scientific Corporation, Biosensors International Group, Ltd., BIOTRONIK SE & Co., KG, Meril Life Sciences Pvt. Ltd., and Kyoto Medical Planning Co., Ltd.
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