LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global bio-absorbable stents market to grow at a CAGR of close to 41% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global bio-absorbable stents market for 2017-2021. The report also lists hospitals, and ambulatory surgical centers (ASCs) as the two major end-user segments, of which the hospital segment accounted for over 70% of the market share in 2016.
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Technavio healthcare and life sciences analysts highlight the following three market drivers that are contributing to the growth of the global bio-absorbable stents market:
- Increasing prevalence of CADs
- Growing demand for MI procedures
- Growing diabetic population
Increasing prevalence of coronary artery disease (CAD)
There has been a rise in the incidence of cardiac diseases globally, with cardiac arrest being the leading cause of death among individuals aged 60 years and above. According to CDC, cardiac disorders accounted for over 0.45 million deaths in the US each year. Hypertension is the most common reason for heart failure, which is caused due to rise in blood pressure in the arteries. This is an important risk factor for various cardiovascular diseases (CVDs) like heart failure, stroke, CAD, and PVD.
“These health risk factors are attributed to unhealthy dietary habits, increased stress, and lack of physical activity. Thus, the growing number of patients with CHD would increase the demand for bio-absorbable cardiac stents,” says Srinivas Sashidhar, a lead analyst at Technavio for general medical devices research.
Growing demand for minimally invasive (MI) procedures
MI endovascular procedures are performed with minute incisions in the body. Such techniques are being increasingly used to treat aortic aneurysm, stenosis, and plaque in the blood vessel of the heart and other vessel walls of peripheral organs. The peripheral vascular procedures are increasingly adopted in the treatment of chronic limb ischemia. MI procedures offer faster recovery, fewer post-surgery infections, reduced hospital stays, reduced incision marks, bleeding control, minimal complications, and heightened accuracy. Hence, surgeons are employing MI method as a procedure for vascular stent implantation. Therefore, the number of surgical procedures conducted each year to treat various CVDs has increased, driving the demand for innovative MI artery stenting.
Growing diabetic population
The increasing older adult population has a positive impact on the demand for bio-absorbable stents. The disease patterns and age-specific levels of hypertension may vary among countries, resulting in high rates of cerebrovascular disease and CVD, which are likely to require costly medical treatments. Diabetes causes greater complications with CVD. In 2014, about 347 million people had diabetes worldwide. Raised blood glucose levels carry a 42% risk of heart attack or death.
“Thus, with the growing older adult population and rise in the number of people with diabetes, the global bio-absorbable stent market is expected to grow,” says Srinivas.
Browse Related Reports:
- Global Vascular Stents Market 2016-2020
- Global Gastrointestinal Stents Market 2016-2020
- Global Non-Vascular Stents Market 2016-2020
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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