DUBLIN, March 15, 2019 /PRNewswire/ -- The "Bioabsorbable Stents Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The global bioabsorbable stents market was valued at USD 112.14 million in 2018, and is estimated to be valued at USD 183.28 million in 2024, witnessing a CAGR of 8.53%. Factors that are driving the market include a high prevalence of cardiovascular diseases, steep increase in the aging population, and the expanding base of the obese population.
As per the report of the World Health Organization (WHO), it is seen that the number one cause of death across the world is cardiovascular disease. Furthermore, the WHO has estimated that in 2016, approximately 17.9 million people died due to cardiovascular diseases (CVDs) which represents 31% of the total global deaths, and 85% of these deaths were due to heart attack and stroke.
As reported by the Australian Heart Foundation, cardiovascular disease (CVD) is a major cause of death in Australia, with 43,477 deaths being attributed to CVD in Australia in 2017. Cardiovascular disease kills one Australian every 12 minutes. Hence, this global rise in the prevalence of CVD is expected to fuel the market growth.
Key Market Trends
Polymer-based Bioabsorbable Stents Sub-segment is Expected to hold its Highest Market Share in the Product Type Segment
In the product type segment of the market, polymer-based bioabsorbable stents are believed to have the largest market size and are expected to witness a CAGR of 8.95% in the forecast period.
Bioabsorbable stents (BAS)/polymer-based bioabsorbable stents are made of the materials that can completely dissolve or be absorbed in the body. These are used both in peripheral and coronary artery disease. Most of the bioabsorbable stents are made of polylactic acid that is a naturally dissolvable material.
However, the polymer materials, such as polycarbonates, polyesters, corrodible metals, and bacterial-derived polymers are under investigation for developing the next-generation bioabsorbable stents. The risk of the in-stent restenosis using drug-eluting and metallic stents (DES) has raised the need for bioabsorbable stents.
The BAS has a low rate of late-stent thrombosis (LST) and restenosis, which led to the acceptance of BAS for clinical purposes. The product Absorb GT1 Bioresorbable Vascular Scaffold System (BVS) from Abbott was the first absorbable stent for coronary artery disease that received FDA in 2016, and was commercially available in Europe from 2011.
However, on September 14, 2017, Abbott announced the end of sales of the Absorb bioresorbable vascular scaffold, due to poor sales and safety concerns, which led to a strong negative impact on the market. However, owing to the increased significance of the same, this sub-segment is expected to register substantial growth in the coming future.
Europe Dominates the Market and is Expected to do the Same in the Forecast Period
Europe currently dominates the market for bioabsorbable stents and is expected to continue its stronghold for a few more years. This region is expected to increase its market share in the future, owing to the increased usage of bioabsorbable stents.
There is a rise in the usage because the region has a large number of people suffering from cardiovascular diseases and there is a huge demand for technologically advanced treatment options for the same.
The bioabsorbable stents market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by introducing new products at affordable prices.
Companies, like Boston Scientific Corporation, Arterius Limited, Elixir Medical Corporation, Kyoto Medical Planning Co. Ltd, and Terumo Corporation, hold the substantial share in the market.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 High Prevalence of Cardiovascular Diseases Globally
4.3.2 Steep Increase in Aging Population
4.3.3 Expanding Base of Obese Population
4.4 Market Restraints
4.4.1 Stringent Regulatory Scenario
4.4.2 High Device Cost
4.4.3 Safety Issues Related to Bioabsorbable Stents
4.5 Industry Attractiveness - Porter's Five Forces Analysis
5 Market Segmentation
5.1 By Product
5.1.1 Polymer-based Bioabsorbable Stents
5.1.2 Metal-based Bioabsorbable Stents
5.2 By Application
5.2.1 Coronary Artery Disease
5.2.2 Peripheral Artery Disease
5.3 By Absorption Rate
5.3.1 Slow Absorption Rate
5.3.2 Fast Absorption Rate
5.4 By End User
5.4.2 Other End Users
5.5.1 North America
5.5.4 Middle East & Africa
5.5.5 South America
6 Competitive Landscape
6.1 Company Profiles
6.1.1 Boston Scientific Corporation
6.1.2 Arterius Limited
6.1.3 Elixir Medical Corporation
6.1.4 Kyoto Medical Planning Co. Ltd.
6.1.5 Terumo Corporation
6.1.6 Abbott Laboratories Inc.
6.1.7 Amaranth Medical
6.1.9 Meril Life Sciences Pvt. Ltd.
6.1.10 Reva Medical
7 Market Opportunities and Future Trends
For more information about this report visit https://www.researchandmarkets.com/research/6cktt4/global?w=5
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets