Global Bio-engineered Stent Market – Life Saving Treatment for Cardiovascular Diseases
Bio-engineered stent plays a major role in modern healthcare as it expands the blood vessel to prevent a blockage of arteries in cardiovascular diseases such as coronary heart disease and ischemic heart disease.
The global bio-engineered stent market size was valued at US$ 2,764.2 million in 2017, and is projected to exhibit a CAGR of 8.7% over the forecast period (2018 – 2026).
Figure 1. Global Bio-engineered Stent Market Value (US$ Mn), by Region, 2017
Source: Coherent Market Insights Analysis (2019)
Increasing prevalence of cardiovascular diseases such as coronary heart disease and ischemic heart disease is expected to propel growth of the bio-engineered stent market
Bio-engineered stent is used in treating blockage of coronary and peripheral artery, which is related to coronary heart disease, ischemic heart disease, and other cardiovascular diseases. High prevalence of coronary heart disease, ischemic heart disease, and other cardiovascular diseases is expected to propel demand for bio-engineered stent, which in turn is expected to drive the market growth. According to American Heart Association, in 2018, around 92.1 million people in the U.S. were suffering with some form of cardiovascular diseases or the after-effects of stroke. Moreover, around 836,546 deaths in the U.S. were due to cardiovascular diseases, which accounted for 1 in every 3 deaths in the country. Direct and indirect costs in the treatment of cardiovascular diseases and stroke in the country were estimated to be around US$ 329.7 billion in 2018, which includes both health expenditures and lost productivity.
Similarly, according to World Health Organization (WHO), 2015, cardiovascular diseases are the highest cause of morbidity and mortality worldwide, with around 17.7 million cases representing 31% of all worldwide deaths in 2015, of which around 6.7 million were due to stroke and 7.4 million were due to coronary heart disease.
However, availability of alternatives for the treatment of cardiac diseases, product recalls and failure, and stringent regulations for product approvals are expected to hinder the market growth. For instance in November 2017, Abbott recall Class 1 Device Recall Absorb Bioresorbable Vascular Scaffold (BVS) System, a absorbable coronary drug-eluting stent due to elevated rates of major adverse events, specifically, myocardial infraction and scaffold thrombosis when compared to patients treated with the Xience metallic drug eluting stent.
Figure 2. Global Bio-engineered Stent Market Share (%), by Material, 2018 and 2026
Source: Coherent Market Insights Analysis (2019)
Increasing adoption of bio-engineered stents in North America is expected to bolster the market growth
North America holds a dominant position in the global bio-engineered stent market, owing to rapid growth in geriatric population, increasing incidences of cardiac ailments, coronary and peripheral artery diseases, and high prevalence of obesity in the region. According to World Population Prospects, the number of people aged 80 or over is projected to triple by 2050, from 137 million in 2017 to 425 million in 2050 in the U.S. This age bracket is expected to more than double worldwide, increasing from 962 million in 2017 to 2.1 billion in 2050.
Moreover, key players in the market are focused on receiving regulatory approvals for novel products to reduce the burden of blood stream infections associated with bio-engineered stents. For instance, in September 2018, Biotronik SE & Co. KG received the U.S. Food and Drug Administration (FDA) approval for PK Papyrus covered coronary stent system for the treatment of acute coronary artery.
Major players operating in the global bio-engineered stent market include, Medtronic, plc., Boston Scientific Corporation, Abbott Laboratories, Biotronik SE & Co. KG, B. Braun Melsungen AG, Terumo Corporation, MicroPort Scientific Corporation, Stentys Sao, Meril Life Sciences Pvt. Ltd, Vascular Concepts, W. L. Gore and Associates, C. R. Bard, Endologix, Inc., Lombard Medical Technologies, Translumina GmbH, and JOTEC GmbH.
Bio-engineered stents consist of short narrow metal or plastic tube, which is used to treat blocked arteries. It is used by patients who are suffering from different types of cardiovascular diseases such as coronary heart disease and ischemic heart disease. Different types of bio-engineered stent are available in market for various diseases such as coronary artery disease, peripheral arterial disease, carotid artery disease, renal artery stenosis, abdominal aortic aneurysm, thoracic aortic aneurysm among others.
Increasing prevalence of renal diseases is a major factor driving bio-engineered stents market growth. According to American Heart Association Council, in 2015, cardiovascular disease was the leading cause of death worldwide, accounting for over 17.9 million deaths annually and this number is expected to increase to over 23.6 million by 2030. According to the same source, cardiovascular diseases accounted for around 836,546 deaths in the U.S. in 2015, which accounted for around 1 in every 3 deaths.
Moreover, key players in the market are focused on adopting various strategies such as new Product Type launch and approvals and partnerships and collaborations to increase their foothold in the market. For instance, in May 2017, Medtronic plc., received the U.S. Food and Drug Administration (FDA) approval and Resolute Onyx, 4.5 MM and 5 mm sizes Drug-Eluting Stent. This device has proven clinical performance and superior deliverability of the Resolute Integrity. This device is intended to treat people with coronary artery disease in the U.S.
However, availability of alternatives for the treatment of cardiac diseases, Product Type recalls and failure, and stringent regulations for Product Type approvals are expected to hinder the market growth. For instance in November 2017, Abbott recall Class 1 Device Recall Absorb Bioresorbable Vascular Scaffold (BVS) System, an absorbable coronary drug-eluting stent due to elevated rates of major adverse events, specifically, myocardial infraction and scaffold thrombosis when compared to patients treated with the Xience metallic drug eluting stent.
Key features of the study:
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