The latest market report published by Credence Research, Inc. “Bio-engineered stent Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the bio-engineered stent market was valued at US$ 2,056.8 Mn in 2018, expected to grow at a CAGR of 7.1% during the forecast period from 2019 to 2027.
The global bio-engineered stent market is growing effectively from 2019 to 2027 accredited to the rise in hospital admissions for heart disorders along with enhanced bioengineered technology expansion in the stent industry on a global scale. Growing FDA approvals for new products with enhanced biological solutions, acquisitions and adoption of advanced stents in the emerging nations will drive the market growth in the near future. For e.g. In September 2018, Biotronik received the U.S FDA approval for coronary stent system for the management of acute coronary artery. Additionally, in June 2016 Abbott Laboratories received the FDA approval for Absorb GT1 (bioresorbable vascular scaffold system), a stent that is slowly absorbed by the human body.
Top companies are concentrating on new product improvement and FDA clearance on a global scale. The rising number of partnerships and agreements with research organizations or institutes internationally will drive the market growth in the U.S. and Europe. Europe market to show steady growth owing to the proactive government policies adopted by healthcare agencies, which aids in flourishing the coronary heart disease treatment market in the region. Growing number of clinical trials for future launch by global players expected to drive the growth of the market in the near future. The prominent position of the U.S. is due to factors such as swift adoption of advanced medical technology with integrated biological solutions, intensive R&D for bio absorbable products and significant pool of CVD patients.
Key Market Movements:
- Globally, the bio-engineered stent is growing at a CAGR of 7.1% for the period from 2019 to 2027
- Rapid development of healthcare infrastructure in emerging Asian economies, and proliferating medical tourism industry is also urging the major players to focus their attention in the Asia Pacific and Europe market
- The prominent growth factors include growing surgical procedures globally, FDA approval of new products, increasing geriatric population, and growing awareness related to top applications in the bio-engineered stent industry
- Usage of Dual Therapy Stent (DTS) will grow efficiently
- Top disease indications boosting the global market include coronary artery disease, peripheral arterial disease, carotid artery disease, abdominal aortic aneurysm, thoracic aortic aneurysm, and renal artery stenosis
- Major players in this vertical are ORBUSNEICH MEDICAL, Medtronic, plc., Abbott Laboratories, Vascular Concepts, C. R. Bard, Lombard Medical Technologies, Biotronik SE & Co. KG, Terumo Corporation, Endologix, Inc., Translumina GmbH and others.
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