Biodegradable Stents Market Size to Accelerate at a Rapid CAGR of 30.1%

Growing Prevalence of Peripheral and Coronary Artery Diseases Propels Demand

The rising prevalence of cardiovascular diseases, particularly peripheral and coronary artery diseases, is one of the primary factors augmenting the global biodegradable stents market. A study by the Centers for Disease Control and Prevention (CDC) suggests that coronary artery diseases account for an approximately 370,000 deaths in the U.S. each year. In addition, the growing patient preference for biodegradable stenting procedures to non-degradable drug eluting stents and bypass surgeries, owing to fewer complications, higher success rates, and faster recovery period is fuelling the market.

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The increasing number of products receiving regulatory approvals is providing a fillip to the market. “The bottleneck in the approval of first few types of biodegradable stents prompted many companies to venture into the market with new brand offerings such as Fantom (Reva Medical) and Dreams 2-Gen (Biotronik Inc.),” says a TMR analyst. Moreover, the rising adoption of these stents for various other disease indications such as urinary tract infections and other vascular and non-vascular diseases is working in favor of the market.

Transparency Market Research (TMR) observes that the strong focus of these companies towards expanding their business across different geographies has helped them in staying ahead in the market. “The commercialization of bleeding edge technologies such as drug filled stents and polymer free stents in the near future is likely to be a major concern for manufacturers in the market,” states TMR’s lead analyst.

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Polymer-based Stents to Remain Dominant Material Segment through 2024

The valuation of the global biodegradable stents market was US$216.6 mn in 2016 and is poised to reach US$1,773.6 mn by 2024, rising at a phenomenal CAGR of 30.1% therein. Based on material, the polymer-based stents will continue to be the dominant segment until 2024, accounting for 60.1% of the overall market revenue. Due to distinct advantages of metal over polymer, the metal-based segment will expand at the higher CAGR of 33.7% during the same period.

Geographically, Europe will be the leading revenue contributor until 2024, commanding 37.6% of the overall market. Various biodegradable stents received CE Mark approval but lacked the US-FDA approval, which translated into the greater sales in the region. North America will register a tremendous CAGR of 38.8% during the review period. The increasing incidence of coronary and peripheral artery diseases and recent US-FDA approvals for coronary biodegradable stents are contributing to the growth of the region.

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High Price and Lack of Awareness Hinders Widespread Adoption

Despite the safety of biodegradable stents over drug eluting stents, the premium pricing of these stents is creating a dent in the adoption among healthcare providers and patients to accept these stents in interventional cardiology procedures. Furthermore, the lack of favorable reimbursement policies and awareness regarding the availability of biodegradable stents has rendered the adoption rate slow. However, with continuous advancements in the biodegradable stents technology, the next generation of these stents is expected to live up to the expectations, delivering positive effects in all aspects.

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The top five players in the global biodegradable stents market represented over 80.0% share of its value in 2015, indicating a highly consolidated nature of this market. These five players are Boston Scientific Inc., Abbott Laboratories, Terumo Europe NV, Biotronik, and Biosensors International.

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This release was published on openPR.