Bio-engineered Stent Market size (US$ million) and Compound Annual Growth Rate (CAGR %) for the forecast period (2018 – 2026)
The introduction of new bio-engineered stent systems is projected to boost market growth. In order to reduce thrombus formation and satisfy the important unmet needs of patients in venous access, key market participants are focusing on launching innovative bio-engineered stents. For example, in May 2018, Abbott received the U.S. Food and Drug Administration (FDA) approval for XIENCE Sierra, a gold-standard XIENCE everolimus-eluting coronary stent system. Similarly, in May, 2018, Pursuit Vascular, Inc., received the U.S. FDA clearance for broader indication of its ClearGuard HD caps to include reduction in the incidence of central-line associated bloodstream infection (CLABSI) in hemodialysis patients. The Resolute Onyx, a 2.0mm zotarolimus-eluting stent with innovative continuous sinusoid technology, obtained FDA clearance in May 2017 from Medtronic, Plc.
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).
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To expand their product range, key market players are focusing on strategy such as mergers and acquisitions. For example, in February 2016, Maquet Medical Systems, a Getinge Group Company, announced plans to enter into partnership with Biotronik, a Germany-based manufacturer of cardiovascular and endovascular medical devices, to distribute Biotronik’s peripheral vascular devices in the U.S.
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.
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By Application Type:
- Coronary artery disease
- Peripheral arterial disease
- Carotid Artery Disease
- Renal Artery Stenosis
- Abdominal Aortic Aneurysm
- Thoracic Aortic Aneurysm
By Product Type:
- Drug-eluting Stents
- Bioabsorbable Stents
- Drug-eluting Balloons
By Mode of Delivery:
- Balloon-expandable Stents
- Self-expanding Stents
By Material Type:
By End User:
- Hospitals & Cardiac Centers
- Ambulatory Surgical Centers
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Key Takeaways of the Bio-engineered Stent Market:
Due to the rising prevalence of cardiovascular disorders such as coronary heart disease and ischemic heart disease, the worldwide bio-engineered stent market is predicted to grow at a CAGR of 8.7% over the forecast period.
Due to the rising incidence of coronary artery disease and technological improvements in coronary stents, the coronary stents segment retained a significant position in the bio-engineered stent market in 2018.
In 2018, the bioabsorbable stents segment dominated the bio-engineered stent market in terms of product type. This is due to the growing use of bioabsorbable stents, which dissolve gradually and allow the artery to return to its normal state.
In 2018, the balloon-expandable stents segment dominated the bio-engineered stent market in terms of mode of delivery, since balloon-expandable stents offer more compatibility and flexibility, as well as excellent patient safety.
In terms of Material Type Type, the polymer-based segment dominated the bio-engineered stent market in 2018, owing to its advantages over metallic type.
Key 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.
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Table of Content
Global Bio-engineered Stent Market Research Report
Section 1: Global Bio-engineered Stent Industry Overview
Section 2: Global Economic Impact on Bio-engineered Stent Industry
Section 3: Global Market Competition by Industry Producers
Section 4: Global Productions, Revenue (Value), according to Regions
Section 5: Global Supplies (Production), Consumption, Export, Import, geographically
Section 6: Global Productions, Revenue (Value), Price Trend, Product Type
Section 7: Global Market Analysis, on the basis of Application
Section 8: Bio-engineered Stent Market Pricing Analysis
Section 9: Market Chain, Sourcing Strategy, and Downstream Buyers
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