According to a recent report published by Reports Monitor, Global Biodegradable Stents Market is estimated to grow at a significant CAGR over the forecast period.
Biodegradable Stent, also known as the bioresorbable stent or naturally-dissolving stents, is manufactured from a material that may dissolve or be absorbed in the body. The biodegradable stents are used for the treatment of cardiovascular conditions belonging to the coronary artery and are placed in the coronary artery via surgical procedure, for drug-eluting, which is administered for vascular restoration. These stents get entirely absorbed in the blood vessels over a period, thus, reducing the risk of complications or any infection. Most biodegradable stents are made up of poly lactic acid, which is a naturally dissolvable material, used in medical implants such as dissolving sutures.
According to World Health Organization, 17.7 million people die every year from cardiovascular diseases, which is an estimated 31% of all deaths occurring worldwide.
As per American College of Cardiology, the coronary heart disease alone was attributed to cost the U.S an estimated $108.9 billion, including the cost of medications, health care services and lost productivity.
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The obese population is more vulnerable to coronary heart diseases, diabetes, and high blood pressure are the major drivers towards the business growth. Moreover, the rise in the number of cardiac surgeries is contributing majorly towards the drug-eluting biodegradable stents market.
In addition to this, the use of biodegradable polymer coating stents has reduced the incidence of coronary restenosis and vessel revascularization, making them a better option over the conventional bare metallic stents. It is another prominent factor promoting the demand for the distinguished stents.
However, biodegradable or bioresorbable stents are expensive as compared to typical metallic stents and generally takes longer time for cardiologists to insert in the coronary artery. This factor could hamper the market growth.
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On the regional basis, the global biodegradable stents market is classified into North America, Europe, Asia Pacific and The Latin America, Middle East & Africa. North America is expected to hold a significant share due to the presence of large patient’s population base. American College of Cardiology stated that every year around 785,000 Americans have a first coronary attack and another 470,000 who already have had one or more coronary attacks have another attack.
As per the report of Centers for Disease Control and Prevention, about 610,000 people die of heart disease in the United States every year, which is 1 in every 4 deaths happening in the country. The large number of heart patient’s population base is likely to fuel the market growth.
Europe is expected to share the same potential owing to government’s favorable healthcare policies and infrastructure in developed countries like Germany, U.K, Italy, Spain and others.
Asia-Pacific market is also expected to boost in the upcoming years with countries like India, China, Japan, Russia, Australia and others, owing to the presence of competent technologies. As per the Indian Brand Equity Foundation, the hospital and diagnostic centers have attracted Foreign Direct Investment (FDI) worth US$ 4.99 billion between April 2000 and December 2017,which could fuel the market growth. India is cost competitive as compared to Western countries as the cost of surgery in India is about one-tenth of that in the US or Western Europe.
Latin America, Middle East Africa region is expected to grow in the upcoming years due to rising awareness and development in healthcare sector in countries like Brazil, Argentina, South Africa, Egypt, and others.
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The major key vendors of the global biodegradable stents are:
- Medtronic (U.S)
- Abbott (U.S)
- Boston Scientific Corporation (U.S)
- KYOTO MEDICAL PLANNING Co., Ltd. (Japan)
- BIOTRONIK (Germany)
- Elixir Medical Corporation (U.S)
- Sahajanand Medical Technologies Pvt Ltd. (SMT) (India)
- ELLA – CS, s.r.o (Czech Republic)
- Arterius (U.K)
- Biosensors International Group (Singapore)
The global biodegradable stents market is bifurcated based on Product type, Absorption Pace, Drugs, Materials, and End-users.
- Coronary Artery Stents
- Peripheral Artery Stents
- Slow-Absorption Stents
- Fast-Absorption Stents
- Limus-Based Drugs
- Metallic Stents
- Polymeric Stents
- Cardiac Centers
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