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Absorbable Heart Stent Market is Growing decent pace and expected to grow at a CAGR of 9.6% from 2018 to 2023 | Top key Players - Abbott Laboratories (U.S.), Biotronik (Germany), Arterial Remodeling Technologies SA (France)
Absorbable Heart Stent Market
In 2015, according to WHO reports, globally, the prevalence of cardiac disease in adults aged 18 and above was around 24.1% in men and 20.1% in women largely from low and middle income countries. Increasing unhealthy habits, lack of physical exercise and increasing prevalence of cardiac diseases contributed growth to the market. According to American college of cardiology, absorbable heart stent will replace the conventional metal stents in coming years. This is due to number of advantages of using absorbable heart stents. Most bioresorbable stents are made of polylactic acid. It is a naturally dissolvable material used in medical implants. Demand for absorbable heart stents is increasing due to advancement in technology of developing heart stents and increase in number of cardiac surgeries.
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On the other hand, there are few hurdles in the growth of this market. One of the biggest player in absorbable stent market, Abbott Vascular, has stopped manufacturing of its interventional cardiology product ABSORB GT. The company has terminated sales and operations related to this product in all the countries across the world due to the increased heart attack incidences with the use of its product. This major development may result in thwarting the growth of the market in the near future. However, market may regain its growth if the company resolves the issue in time and come up with better product in the market. Global absorbable heart stent market is expected to reach USD 6.2 billion by 2023 at a CAGR of 9.6% during forecast period 2017 to 2023.
Global absorbable heart stent Market Players:
Key players in absorbable heart stent market are: Abbott Laboratories (U.S.), Biotronik (Germany), Arterial Remodeling Technologies SA (France), Amaranth Medical Inc. (U.S.), Kyoto Medical Planning Co. Ltd. (Japan), Elixir Medical Corporation (U.S.), and Reva Medical Inc. (U.S.).
Abbott Laboratories is an American healthcare company operating in more than 150 countries across the world. ABSORB GT is a bioresorbable vascular scaffold system manufactured by the company. In April 2016, the company entered into an agreement of acquiring St. Jude Medical thus strengthening its position in the market for heart stents and other vascular devices.
Biotronik is a multinational biotechnology company. Orsiro is a drug eluting stent and PK papyrus is a covered stent manufactured by the company. The company won Cardiostim Innovation Award for Best Practice Improvement in the year 2016.
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Europe is the second largest market in the world due to growing medical devices industry and healthcare penetration. The European market growth is led by countries such as Germany and France. Germany is expected to be the fastest growing market over the assessment period due to its large medical devices industry. Asia Pacific region is expected to grow rapidly; China and India are likely to lead this market due to fast growing healthcare sector and large unmet needs over the forecast period. Middle East & Africa currently contribute least in the overall growth of this market. However, considering the growth in the healthcare sector in Middle Eastern countries like UAE, and Saudi Arabia among others, it is very likely that this region will show a decent growth in the absorbable stent market in the near future.
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