Albany, New York, Oct. 25, 2018 (GLOBE NEWSWIRE) -- As per expert analysts, the global Biodegradable Stents Market is predicted to grow at a meteoric and outstanding CAGR of 30.1% during the forecast period ranging from 2016 to 2024. The market had registered revenue worth US$18 mn in 2015, which is further expected to increase up to US$1.7 bn by the end of 2024. Geography-wise, the global biodegradable stents market is spread across Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. Of these, a strong medical infrastructure in Europe made this region comprise maximum shares in this market in 2015. In this region, the market is projected to grow at a spectacular CAGR of 27.1%, compared to other geographies.
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Rising Instances of Coronary Heart Diseases Propels Needs for Biodegradable Stents
A rising demand for quality treatment for coronary artery diseases is primarily driving the global biodegradable stents market. Moreover, with recent innovations and enhancements made to the stent device functionalities, the market is expected to witness radical change in the near future. Moreover, biodegradable stents offer numerous advantages such as being less painful, ability to degrade after usage, eco-friendly by causing minimum waste, and others. Such advantages are rapidly increasing the demand for these stents. Moreover, with increasing mortality in developing regions owing to an increasing prevalence of coronary heart diseases especially in the elderly people. And by using biodegradable stents, this mortality can certainly be reduced, thereby fetching a lot of preference over traditional alternatives. With changing lifestyles that involves a high prevalence of obesity, high blood pressure, high cholesterol deposition, and other issues, the number of people affected with heart diseases is projected to increase. This could provide a huge impetus to the market’s growth in the near future.
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High Costs of the Instruments Increases Unaffordability
However, those having less disposable income might not be able to afford the relevant processes that are involved in the usage of biodegradable stents. This is a prime factor hindering progress in the global biodegradable stents market. Such unaffordability mainly exists due to high costs involved in manufacturing these stents. In addition, biodegradable stents exist in a premium segment of medical instruments. Owing to a shortage in the availability of these devices in remote and underdeveloped regions, the global biodegradable stents market is hindered notably from a geographical perspective. Nonetheless, many players are soon expected to regulate costs of device production. This could certainly offset most restraints affecting the global biodegradable stents market.
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The global biodegradable stents market depicts the presence of a highly consolidated vendor landscape, says Transparency Market Research on the basis of a newly published report. Such consolidation mainly exists due a handful of players holding maximum shares in this market. Most of the businesses are multinational in nature and are focusing on attaining as much revenue as possible by expanding to new regions in order to maintain their presence. For example, Boston Scientific Corporation, Biotronik, and Abbott Laboratories, had accounted for about 61.5% of the total market shares. In the next few years, several companies are anticipated to increase their investments in the global biodegradable stents market, mainly to enhance research and innovation. Most players are targeting the implementing of recent demands from the healthcare sector that primarily involves incorporating the latest technologies in their devices.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Biodegradable Stents Market (Stent Type - Coronary Artery Stent and Peripheral Artery Stents; Material - Polymer Based and Metal Based; End Users - Hospitals, Cardiac Catheterization Laboratories, and Ambulatory Surgery Centers) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”
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Key Takeaways:
- A rising demand for quality treatment for coronary artery diseases is primarily driving the global biodegradable stents market.
- Most players are targeting the implementing of recent demands from the healthcare sector that primarily involves incorporating the latest technologies in their devices.
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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