Global market of absorbable heart stent is expected to reach USD 6.2 billion in 2023 from USD 3.1 billion in 2016 with a CAGR of approximately 9.6% during the forecast period 2017-2023.
Stents are small expandable tube like devices used to inflate the arteries of the patient in order to prevent blockage. These are called as Heart stent or cardiac stent. Stent is inserted into the artery of a patient suffering from a coronary disease due to the build-up of plaque. It is used for widening the narrowed arteries and it helps in reducing chest pain and the chance of heart attack. Global Absorbable Heart Stent Marketsegments and sub-segments with respect to four main geographies and their countries- Americas, Europe, Asia-Pacific, and Middle East & Africa.
Generally, conventional cardiac stents are made up of metallic mesh. They remain inside patient’s body permanently or are sometimes removed during further surgical procedures. However, having a stent permanently in the body leads to some of the risks such as infection, bleeding at the site where stent is placed, arrhythmia, and damage to the blood vessels because of the stent among others. To counter these types of hurdles, development of the absorbable heart stent was made.
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Absorbable stents are the ones which get dissolved in the body over the period of time. Absorbable stents are made up of material that may be easily absorbed in the body. They can be made either from a metal or a polymer. Metallic absorbable stents are made up of zinc, magnesium, iron and their alloys. Polymeric absorbable stents are mostly preferred because of their ability to maintain a strong scaffold. Drivers for the market of absorbable stents are increasing demand of absorbable stents, increase in patient pool, and increasing number of cardiac procedures. Changing lifestyle, increasing physical and psychological stress also favor the growth of this market. However, some of the recent studies have suggested that, absorbable stents are causing the increase in the number of heart attacks. Scientists have said that, research is being carried out on the long term effect of the stents after they get dissolved in the body. Recently in September 2017, Abbott Vascular, one of the biggest players in this market, has terminated the sales and operations for the absorbable stents all across the world. This major step by the big company may show a short term dip in the global absorbable stent market. Apart from this, the price of stents in developed countries and cost of cardiac surgery may cause hindrance for the growth of the absorbable stent market.
Competitive Analysis:
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.).
Regional Analysis:
Globally, Absorbable Heart Stent Industry is spread across four regions- Americas, Europe, Asia Pacific and Middle East and Africa. The Americas captures a significant market share owing to high expenditure on the health care especially in the U.S. and Canada. Increase in chronic heart disease and increasing geriatric population suffering from risk factors for heart disease like diabetes and obesity drive this market in America. Additionally, the greater number of cardiac surgeries procedures due to greater healthcare penetration in the U.S. and Canada drives the absorbable heart stent market. The high concentration of the major hospitals in the developed countries of this region coupled with good reimbursement rates is adding fuel to the market growth.
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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Brief TOC
- Introduction
- Research Methodology
- Market Dynamics
- Market Factor Analysis
- Global Absorbable Heart Stent Market, By Type
- Global Absorbable Heart Stent Market, By End User
- Global Absorbable Heart Stent Market, By Region
- Competitive Landscape
- Company Profile
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