ALBANY, New York, January 17, 2017 /PRNewswire/ -- The competitive landscape in the Global Biodegradable Stents Market is quite consolidated as major players in the market hold a massive chunk. In 2015, Abbott Laboratories, Boston Scientific, Inc., and Biotronik led the pack with a 61.5% share in the global market. The unwavering focus of these companies on expanding their business in newer territories has enabled them to dominate the global market. In the coming years, the players are expected to invest in advanced and sophisticated products to offer better products to the overall healthcare industry.

According to the research report, the global biodegradable stents market is anticipated to be worth US$1.7 bn by 2024 as compared to US$18 mn in 2015. During the forecast years of 2016 and 2024, the global market is expected to expand at a CAGR of 30.1%.

Europe Emerges as Leading Regional Market Backed by German Demand

The two types of stents available in the global biodegradable stents market are coronary artery stents and peripheral artery stents. Of these, the coronary artery stents are expected to progress at a CAGR of 30.9% during the forecast period. The high incidence of coronary artery diseases is expected to drive this segment in the coming years.

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In terms of regions the global market is divided into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The report indicates that Europe will emerge as the dominant segment in the global market in the coming years. This regional market is expected to surge at a CAGR of 27.2% during the forecast period. Germany will lead the Europe biodegradable stents market in the coming few years.

Rise in Cardiovascular Diseases Spikes Demand for Biodegradable Stents

The Centers of Disease Control and Prevention (CDC) states that coronary artery diseases are responsible for 370,000 deaths across the U.S. every years. The global biodegradable stents market has been growing against the backdrop of high incidence of cardiovascular diseases, which are related to coronary artery diseases. The market is also being driven by the high prevalence of chronic conditions and rising geriatric population, which is prone to cardiovascular disorders. "The growing preference for stenting procedures for treating coronary artery diseases over bypass surgeries is also anticipated to boost the sales in the global market," estimates the lead author of this research report. This trend is likely to be a key trend in the market as stenting reduces complications, assures better success rate, fastens recovery time, and costs less.

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