Global Bioabsorbable Stents Market: Drivers and Geographical Analysis
The global bioabsorbable stents market report by DecisionDatabases.com anticipates a revolutionary growth by 2022.Bioabsorbable stents are biologically absorbed by body and provide mechanical support to the healing artery and vessel for the required time after coronary intervention. The report provides market's mergers/acquisitions, partnerships, collaborations, new product launches, new product developments and other industry developments.
The major growth drivers as concluded in the “Global Bioabsorbable Stents Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast
" include rising geriatric population base along with the increasing prevalence of coronary and peripheral artery disease among aging population across the globe. In addition availability of strong product portfolio is also expected to fuel market demand in the near future. Bioabsorbable stents are projected to cannibalize existing metallic stent market and thus are expected to witness a rapid growth over the coming years. However, limited technology and high cost of stents devices are some of the major challenges for the industry players, which may hinder market growth over the forecast period.
Bioabsorbable stents eliminate the risk of using metallic stents and improve outcomes, such as reduced acute vessel collapsing, abolished stent thrombosis and improve lesion imaging. It also helps in vessel remodeling and in the improvement of the endothelial function, which is not possible with the metallic stent. Bioabsorbable stents also eliminate the requirement for second surgical procedure to remove the metallic stent, thus accelerating the recovery time for patients.
The global bioabsorbable stents market has been segmented based on material into polymeric stents, and metallic stents. The polymeric stent is a leading product segment and is anticipated to witness a significant growth over the forecast period owing to growing usage of polymeric stent due to its convenience and fast patient recovery. The bioabsorbable stents market has been further segmented based on absorption rate into fast absorption, and slow absorption. Furthermore the global bioabsorbable stents market has been segmented based on drug, application and end user into various segments. The coronary artery disease is a major application segment and is projected to grow with the highest CAGR over the coming years on account of rising aging population along with the growing prevalence of coronary disease.
Europe is one of the leading markets for bioabsorbable stents and is expected to grow at a considerable rate over the forecast period owing to the presence of major players such as Abbott and others in the region. FDA regulations play a major role in the market growth for bioabsorbable stents in North America. The Asia Pacific market is expected to witness a substantial growth in the near future on account of growing healthcare industry and increasing foreign investment in various medical R&D.
The major players include Abbott Laboratories, Reva Medical, Inc., Elixir Medical Corporation, Kyoto Medical Planning Co., Ltd., Amaranth Medical, Inc., Arterial Remodeling Technologies, Biotronik Xenogenics Corporation, Meril Life Sciences, SMT, Tepha, Inc., and Arterius Limited.
In sep 2014, Abbott has introduced bioabsorbable vascular scaffold (BVS), an advance stent technology to expand its market penetration.
In 2015, Boston Scientific got the first third-generation bioabsorbable stent to FDA approval.
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