Drug Eluting Stent Market, By Polymer-based Coatings, Polymer-free Coatings, By Application, And Segment Forecasts To 2024
LONDON, Sept. 28, 2016 /PRNewswire/ -- The global drug eluting stent market is anticipated to reach USD 9.2 billion by 2024, according to a new report by Grand View Research, Inc. The increasing geriatric population and the high prevalence of artery diseases are the major factors driving the market growth. Sedentary lifestyles, unhealthy dietary habits, and lack of exercise are some of the factors resulting in the increased prevalence of atherosclerosis. As a result, the demand for Drug Eluting Stents (DES) is escalating as atherosclerosis is widely treated using DES. In addition, a constant decline in the price coupled with the reimbursement coverage is spurring the adoption of DES in the treatment of arterial diseases.
Risks, such as thrombosis and disruption of regrowth of endothelial tissues associated with DES, are challenging the market growth. In addition, stringent regulatory approval guidelines are impeding the market growth by restricting the entry of advanced DES, such as bioabsorbable products, in the developed countries.
Presently, the DES market is highly fragmented with the presence of many players competing with each other. The key players in the market are implementing mergers and acquisitions strategies to strengthen their position in the market by the expansion of market share and customer base.
Further key findings from the study suggest:
The polymer-based coating stent segment was dominating the global market and is estimated to remain dominant throughout the forecast period. The increasing adoption of biodegradable stents is mainly driving the growth of the polymer-based coating stents segment.
The biodegradable polymer-based drug eluting stents are anticipated to have a high demand during the forecast period due to aminimally invasive technique and lesser risk of late stent thrombosis.
The demand for polymer-free drug eluting stents is going to increase considerably with new products entering the market, especially in emerging countries such as Brazil, Mexico, and South Africa.
China, India, Brazil, and South Africa are anticipated to register a significant growth in the near future owing to the rising patient awareness related to DES, presence of the largest pool of geriatric population prone to arterial diseases, and the surging prevalence of chronic diseases such as diabetes and cardiac disorders
Less stringent regulatory approval procedures in Asia Pacific are offering the easy entry of the new products into the market.
Some key players operating in the market include Boston Scientific Corporation, Medtronic, Inc., Abbott Laboratories, Biosensors International Group, Lepu Medical Technology, Biotronik, Stentys, and Terumo Medical Corporation.
North America dominated the global market with a share of 40% in 2015. Technological advancements, such as the introduction of biodegradable stents primarily, led to the highest revenue generation in the region.
In addition, the reimbursement coverage, the presence of a large target patient population, and a well-defined regulatory framework are a few factors that are positively affecting the market.
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