New Delhi, September 16, 2016: The bioabsorbable stents is expected to soon replace bare metal stents and drug eluting stents. Presently, bioabsorbable stents have certain limitations, but these can be resolved in the coming future with the help of technological advancements. These stents are in demand as their benefits outnumber the limitations.
Growing Geriatric Population and Increasing Prevalence Of Chronic Diseases to Fuel Stents Market Growth
Rising prevalence of chronic diseases along with rapidly increasing geriatric population, worldwide, is set to increase the demand for stent implants. According to a WHO report, around 524 million people were above the age of 65 years in 2010, which is expected to reach 1.5 billion by 2050; which would constitute about 16% of the total world population. It is estimated that 27% of Japanese, 16% of the U.S., 24% of the UK, 17% of Russian, and 14% of Chinese population will be above 65 years by 2020. Incidence of chronic diseases, such as cardiovascular diseases, obstruction of the urine flow and abdomen & gastrointestinal tract related problems increases with age. For instance, according to the American Heart Association, in 2013, around 70.2% of men and 70.9% of women in the age group of 60-79 years have cardiovascular disorders in the U.S. Moreover, it has been predicted by World Health Organization that there will be an increase of 50% in cardiovascular disorders cases in China between 2010 and 2030 due to increase in geriatric population. Moreover, there is an increasing prevalence of chronic diseases among all age groups due to change in lifestyle. Thus, increasing geriatric population and growing prevalence of chronic diseases are expected to drive the global market.Geriatric population and prevalence of chronic diseases are expected to increase in future, which is a key factor for the growth of the market
Improving Health Insurance and Reimbursement Scenario to Improve Adoption and Penetration of stents
Improving health insurance and reimbursement scenario in developing countries is a key major driver for the stents market. The National Health Service Surveys of China reported that the insurance coverage has increased from 23% to 87% between 2003 and 2008. It had a coverage rate of 72% in urban areas and 93% in rural areas in 2008. The reimbursement rates have also improved. In addition, several insurance agencies in the market have made these procedures affordable in the developing countries, thereby increasing their market scope
Bioabsorbable stents are made up of biocompatible materials (such as polylactic acid) which dissolves in due course of time. The dissolving feature of bioabsorbable stents has increased their demand in market as a healing artery needs a mechanical support only for the first few months. Moreover, if a stent remains inside an artery for a longer period it may lead to certain clinical complications such as restenosis. A major example of such stents is endothelial progenitor cell capture stent which uses EPC cells of the bone marrow to develop endothelium, thus preventing stent thrombosis.
The aforementioned advantages of bioabsorbable stents have enticed the attention of several key market players to invest in the manufacturing bioabsorbable stents. In this regard, Abbott Laboratories has recently developed Absorb GT1 Bioresorbable Vascular Scaffold System (BVS) for treatment of coronary artery diseases. In addition to this, Elixir Medical Corporation received CE mark approval for DESolve 100 novolimus-eluting bioresorbable coronary stent in May 2014. This stent is thinner when compared to BVS and degrades within a year. Several other companies such as Biotronik, Kyoto Medical, Reva Medical and Micell Technologies have also increased their R&D activities to develop efficient bioabsorbable stent systems and currently more than 15 bioabsorbable stents programs are in progress. In this regard, Terumo Corporation acquired Arterial Remodeling Technologies in 2014 to develop a bioabsorbable stent for coronary artery diseases. Boston Scientific has also made investments in Amaranth Medical in January 2014 for the development of drug eluting bioabsorbable stents. Thus, the demand for bioabsorbable stents is increasing continuously and they will soon take over the traditional stents market.
Corporate Comm India(CCI Newswire)
