Albany, NY, Jan. 24, 2018 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research, the global biodegradable stents market was valued at USD 0.18 Bn in 2015 and is estimated to reach a market value of USD 1.7 Bn. by 2024 growing at a CAGR of 30.1% from 2016 to 2024.
Major factors attributing to the high growth rate of the biodegradable stents market during the forecast period are various distinct advantages of the biodegradable stents over the standard drug eluting stents in the treatment of coronary artery and peripheral artery diseases, such as reduced rates of thrombosis and in-stent restenosis, along with elimination of the dual anti-platelet therapy and second surgery required for removal of the stent. Also increasing burden of the coronary artery diseases around the world, increasing geriatric population and sedentary lifestyles, smoking etc. leading to increasing incidences and prevalence of chronic diseases such as diabetes and hypertension, which have also been responsible for high growth rate of the global biodegradable stents market.
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In 2015, coronary artery stents segment accounted for the largest share of the global biodegradable stents market, owing to the increasing incidence of coronary artery diseases around the world, and technological advances in the biodegradable coronary stents in treatment of these diseases. The peripheral artery stents segment is expected to grow at a significant CAGR during the forecast period owing to increasing prevalence of smoking, diabetes and other chronic conditions leading to rising prevalence of peripheral artery diseases.
Among the material type segment, in 2015, the polymer based stents segment occupied the largest share of the global biodegradable stents market, due to various advantages of the biodegradable polymers such as Poly-L-Lactic-Acid (PLLA), resulting into efficient drug delivery and reduced complications arising from the use of permanent polymers in the standard Drug Eluting Stents. However, the metal based segment is expected to grow at a significant CAGR during the forecast period, owing to certain distinct advantages over its polymer based counterparts, such as reduced strut thickness, ease in implantation, better drug delivery and reduced vessel inflammation due to use of polymers.
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The hospitals end users segment in the global biodegradable stents market, acquired largest share of the market in 2015, followed by cardiac catheterization laboratories and ambulatory surgery centers. Increasing preference of patients for better healthcare facilities, along with rising adoption of new techniques and instruments in hospitals, and ease of access to hospitals in emerging countries are major factors responsible for high share of the hospitals in the end users segment of the global biodegradable stents market. Cardiac catheterization laboratories are expected to register significant CAGR during 2016-2024 due to increasing number of cardiac catheterization laboratories coming up in emerging countries.
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Geographically, in 2015 Europe dominated the global biodegradable stents market due to early approvals and rising adoption of biodegradable stents in Europe, combined with rising geriatric population and increasing prevalence of coronary artery diseases in the region. Asia Pacific accounted for the second largest share of the global biodegradable stents market. However, North America is expected to register highest CAGR during the forecast period owing to recent US-FDA approvals for biodegradable stents, along with fast growing coronary stents market in the U.S., and increasing prevalence of coronary artery diseases in the region.
Major players having presence in the global biodegradable stents market include Abbott Laboratories, Boston Scientific, Inc., Biotronik, Elixir Medical Corporation, Kyoto Medical Planning, Terumo Europe NV, Sahajanand Medical Technologies, among others.
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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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