Absorbable Heart Stent Market - Brief Analysis by Top Key Players

Absorbable Heart Stent Market: Introduction

As the global health care industry undergoes reforms to convert the current fee-for-service model to a fee-for-value model, reduction in patient complications and the number and duration of hospital stays is being focused on. Interventional cardiology, in particular, is at a pivotal point, with remarkable advancements taking place in the device technology, operator techniques, and clinical safety and efficacy. Significant advances have been made in the treatment of coronary artery disease (CAD), which has started the era of absorbable heart stents. Moreover, the advent of absorbable heart stents has considerably changed and revolutionized the landscape of interventional cardiology and made angioplasties more predictable.

Bio-resorbable stents degrade completely within 6 months or a year. This leaves the blood vessel naturally healed. These stents can help reduce chronic inflammation of the artery and avoid use of the long-term antiplatelet therapy. Increase in awareness about advantages of absorbable heart stents over bare metal stents, new product launches, and regulatory approvals are likely to drive the demand for fully absorbable heart stents in the near future. For instance, in April 2017, Reva Medical received the CE mark for its Fantom drug-eluting scaffolds.

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Key Drivers and Restraints of Global Absorbable Heart Stent Market

Cardiovascular diseases is a major health concern, whose prevalence is increasing rapidly. Changing lifestyle, increase in the prevalence of obesity, and addiction to alcohol are various risk factors for the development of heart diseases. As per the American Heart Association, in 2018, cardiovascular diseases (CVDs) caused nearly 836,546 deaths in the U.S. In other words, one in every three deaths in the country was caused by CVDs in 2018. Furthermore, nearly 2,300 people in the U.S. die of cardiovascular diseases every day and CVDs is the leading cause of deaths in the U.S., followed by stroke and heart failure.

The prevalence of cardiovascular diseases in Europe is also increasing. According to the European Heart Network AISBL, in 2015, more than 85 million people in Europe were living with cardiovascular diseases and nearly 49 million people in the European Union had cardiovascular diseases.

Increase in geriatric population is another major driver of the global market for absorbable heart stents. Hypertension, obesity, diabetes, tobacco smoking, dyslipidemia, lack of physical inactivity, and family history are key risk factors for the development of cardiovascular diseases among geriatric population. According to the World Health Organization (WHO), the global geriatric population is expected to increase from 524 million in 2010 to 1.5 billion by 2050. This is anticipated to drive the demand for absorbable heart stents, thereby creating immense growth opportunities for players operating in the global absorbable heart stent market during the forecast period. As per the American Heart Association, 85.6 million adults in the U.S. have one or more types of CVDs, out of which 43.7 million adults are aged 60 years or above.

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Changing demographics in developing economies, such as China, India, Brazil, and South Africa, are anticipated to provide significant growth opportunities to pharmaceutical companies. Increase in the number of cardiac procedures using stents has led to increase in the adoption of absorbable heart stents. The number of percutaneous coronary interventions (PCIs) has increased at a steady pace. According to the Fortis Escorts Heart Institute, in 2016, 495,000 PCIs were performed in India, with drug-eluting stents (DESs) accounting for 80% of the total i.e. 594,000 stents implanted. As per a study by the Chinese People's Political Consultative Conference (CPPCC), in 2015, 500,000 stents were implanted in China, nearly 100% of which were DESs.

Coronary Diseases Segment to Dominate Global Market

In terms of application, the coronary diseases segment accounted for a major market share in 2018. The segment is projected to expand at a steady pace during the forecast period. The segment is likely to be driven by increase in the prevalence of coronary diseases and rise in the number of percutaneous coronary intervention (PCIs) worldwide.

According to the WHO's Global Health Observatory, coronary diseases is the leading cause of death among diabetic patients. The prevalence of coronary diseases is increasing in highly populated countries across the globe. Countries with growing population, such as China, India, and Russia, have the largest number of deaths caused due to CVDs.

Moreover, reduction in prices of stents by regulatory authorities in countries such as India is providing local population with an access to new and advanced absorbable heart stents. This, in turn, offers significant opportunities to the absorbable heart stent market in Asia Pacific. Geographical expansion by China-based players in India and availability of reimbursement for coronary stents in Japan are likely to offer lucrative opportunities to the market in the region in the near future.

However, the number of deaths caused by cardiovascular diseases is lower in developed countries in spite of increasing prevalence of CVDs in these countries

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Hospitals Segment to Lead Global Absorbable Heart Stent Market

The hospitals segment accounted for a prominent share of the global absorbable heart stent market in 2018

The segment is estimated to expand significantly during the forecast period, due to increase in the number of cardiovascular procedures, availability of well-equipped health care facilities for cardiac diseases, and continuous demand for cost-effective coronary interventions

However, the hospitals segment is likely to lose market share by 2027, due to shift of percutaneous coronary interventions (PCIs) from inpatient settings to ambulatory care centers

As per the Physician/Supplier Procedure Summary 2013-2014, the number of percutaneous coronary interventions (PCIs) in inpatient settings decreased by 45% i.e. from 159,710 in 2013 to 81,839 in 2014

The ambulatory surgical centers segment is expected to witness significant growth during the forecast period

As per a report of the Physician/Supplier Procedure Summary, in 2014, Medicare paid physicians higher for invasive cardiology procedures conducted in outpatient settings than inpatient ones

In 2014, payments made to physicians for invasive cardiology procedures in outpatient settings were valued at US$ 539.3 Mn, while those in inpatient settings were valued at US$ 508.4 Mn

Key Manufacturers Operating in Global Market

The global absorbable heart stent market is moderately fragmented, with market players focusing on strategic partnerships, collaborations, mergers, acquisitions, and new product launches. Key players operating in the global market are:

Boston Scientific Corporation
Medtronic
Abbott
Biosensors International Group, Ltd (Bluesail Medical Co., Ltd.)
Biotronik
MicroPort Scientific Corporation
Terumo Corporation
Cook
STENTYS SA
Medinol Ltd

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