The global Biodegradable Stents Market features a fairly consolidated landscape with few prominent, multinational companies accounting for a behemoth share in the market. The three leading players—Biotronik, Boston Scientific Corporation, and Abbott Laboratories—account for a combined whopping share of 61.5% of the global market, finds Transparency Market Research (TMR). Relentless focus of these players to consolidate their presence by expanding to new geographic areas have largely enabled them maintain a stronghold in the market.
Over the coming years, a number of prominent players are expected to spend profusely in research and development activities with an aim to bring innovative technologies and advanced products to the market. This also tends to intensify the competition in the market, observes TMR. The introduction of innovations in stent technology will be focused on serving the current and emerging healthcare needs better.
The global biodegradable stents market stood at US$18 million in 2015. Proliferating at a robust CAGR of 30.1% during 2016–2024, the global opportunities in the market is projected to reach a valuation of US$1.7 bn by 2024 end.
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The two primary types in the biodegradable stents market are peripheral artery stents and coronary artery stents. Of the two, the coronary artery stents holds the sway contributing the major share in 2015. The segment is expected to rise at a spectacular CAGR of 30.9% over the assessment period. The prominence can be attributed to the rapid rise in incidence of coronary artery disease (CAD) in various parts of the world.
The key regional markets comprise Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. Of these, Europe accounted for the mammoth share in 2015 and in the coming years, which is expected to be increasingly led by Germany. During the forecast period, the regional market is projected to clock a striking CAGR of 27.2%.