Bio-engineered Stent Market to Surpass US$ 5,841.8 Million by 2026 – Coherent Market Insights
SEATTLE--(BUSINESS WIRE)--Feb 14, 2019--According to Coherent Market Insights, the bio-engineered stent market 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).
Key Trends and Analysis of the Bio-engineered Stents Market:
Key players in the market are focused on investing in research for development activities for introducing bio-engineered stent with novel approach such as drug-elution without polymer. Moreover, key players are also focused on offering new and improved products in order to address critical unmet needs of patients. For instance, in October, 2015, Medtronic Plc. tested drug-filled stent (DFS), which is fashioned from a single strand of metal that can have several inner cores. In DFS, the drug is contained in a reservoir, inside the stent and is slowly eluted through small laser-drilled holes in the metal outer core.
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Moreover, key players operating in the market are focused on adopting business strategies such as mergers and acquisitions in order to gain access to innovative products and expand their product offerings in the potential market. For instance, in January 2017, Abbott Laboratories acquired St. Jude Medical, a medical device company. This acquisition is expected to help Abbott Laboratories to increase its presence in medical devices market and increase its product portfolio of bio-engineered stent worldwide.
However, availability of pharmaceutical therapies for the management of cardiovascular diseases is expected to hinder the market growth. For instance, according to American College of Cardiology (ACC)/American Heart Association (AHA), the number of people undergoing pharmaceutical treatment was likely to increase by 13.9 million (from 24.0% in 2013 to 54.4% of the treated patients) in the U.S. in 2017. Moreover, according to the same source, around 30 million people in China were seeking pharmaceutical treatment for hypertension in 2017.
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Key Market Takeaways:
- The bio-engineered stent market is expected to exhibit a CAGR of 8.7% during the forecast period (2018 – 2026), attributed to increasing prevalence of cardiovascular diseases such as coronary heart disease and ischemic heart disease. According to American College of Cardiology, in 2017, cardiovascular disease (CVD) accounted for around 800,000 deaths in the U.S., which accounted for one out of every three deaths in the country and 31% of all deaths worldwide. Moreover, the estimated cost for the treatment of CVD is expected to be US$ 1,044 billion by 2030 worldwide.
- Market growth is attributed to approval and launch of novel bio-engineered stent to reduce the risk of blood stream infections in patients. For instance, in June 2016 Abbott received the U.S. Food and Drug Administration (FDA) approval for Absorb GT1, a coronary stent that is gradually absorbed by the body.
- Key players in the market are focused on adopting merger and acquisition strategies to enhance their product portfolio, which in turn is expected to propel the market growth over the forecast period. For instance, 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.
- Key players operating in the global the 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.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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INDUSTRY KEYWORD: HEALTH CARDIOLOGY MEDICAL SUPPLIES
SOURCE: Coherent Market Insights
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PUB: 02/14/2019 08:35 AM/DISC: 02/14/2019 08:35 AM