Pune, India, January 2022/MRFR Press Release/- Market Research Future published a half cooked research report on “Global Bioresorbable Scaffolds Market research report forecast to 2030” Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2030.
Abbott Vascular (U.S.), BIOTRONIK (Germany), Kyoto Medical Planning Co. Ltd. (Japan), REVA Medical, Inc. (U.S.), Xenogenics Corp. (U.S.) are some of the prominent players at the forefront of competition in the Global Bioresorbable Scaffolds Market and are profiled in MRFR Analysis.
Global Bioresorbable Scaffolds Market - overview
The Global Bioresorbable Scaffolds Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, the Bioresorbable Scaffolds Market is anticipated to reach USD 2,920.6 Million by 2030 at 19.9% CAGR during the forecast period 2022-2030.
Bioresorbable scaffolds are the medical devices used during surgeries of coronary artery disease. These scaffolds are introduced recently and allow successful acute revascularization of coronary artery stenosis. The main advantage of the bioresorbable scaffolds is inclusive of complete bioresorption, leaving no foreign body. Increasing prevalence of cardiovascular disease and diabetes are the major drivers of for the market growth during the forecast period. According to WHO in 2014, cardiovascular diseases were the major cause of deaths, globally. Moreover, it was estimated that during the same year, about 39% of adults who aged 18 years were over overweight whereas 13% were obese. Additionally, rapid development in the devices used for the cardiovascular surgeries, rising demand for bioresorbable scaffolds, adoption of desk-bound lifestyle, and government support for the research and development of better medical devices have fuelled the market growth. However, availability of alternative therapies and high cost of the bioresorbable scaffolds are estimated to restrain the market growth during the forecast period.
Global Bioresorbable Scaffolds Market - competitive analysis
Characterized by the presence of several well-established and small players, the global market of bioresorbable scaffolds appears to be highly competitive and fragmented. International players are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, product portfolios, quality, and pricing. The Market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The intense competition prevalent in the market dictates the consolidation among marketers.
Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position.
In April-2016, Abbott entered into a definitive agreement with St. Jude Medical Inc. which led to its acquisition. This created a premier medical device leader with top positions in high-growth cardiovascular markets, including atrial fibrillation, structural heart and heart failure as well as a leading position in the high-growth neuromodulation market. Under the agreement, St. Jude Medical shareholders received USD 46.75 in cash and 0.8708 shares of Abbott common stock, representing total consideration of approximately USD 85 per share. At an Abbott stock price of USd 43.93, this represented a total transaction equity value of USD 25 billion.
In June-2016, BIOTRONIK commercially launched of Solia S ProMRI, with a 5.6 French lead body, the smallest MR conditional pacing lead making it available in the U.S in 45, 53 and 60 centimeter lengths.
In July-2017, REVA Medical, Inc completed the reduction in its workforce in connection with the commercialization of its Fantom scaffold. A total of 11 full-time employees were let go, with 49 full-time employees remaining, in the transition from research and development activities to commercial activities. The Company estimates that it will incur aggregate cash charges of approximately USD 420,000 associated with the workforce reduction, comprising approximately USD 410,000 in severance payments and approximately USD 10,000 in continuation of benefits.
Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Bioresorbable Scaffolds Market Research Report
Global Bioresorbable Scaffolds Marketmarket - regional analysis
The global bioresorbable scaffolds market is dominated by America owing to the presence of huge population suffering from cardiovascular diseases, presence of number of leading companies and increasing geriatric population. Moreover, increasing obese and diabetic population, lack of exercise, increasing stress and desk-bound lifestyle has provided push for the growth of the market. Followed by the Americas, Europe has the second largest market due to the availability of huge research funds and increasing government support. Moreover, increasing healthcare expenditure along with the presence of developed economies like the Italy, Germany, France, and others within the region fuels the market growth within the region. Asia Pacific accounts for the fastest growing market due to the rapid development in technology, growing healthcare industry and a huge patient suffering. On the other hand, the Middle East & Africa accounts the least share in global bioresorbable scaffolds market, especially due to the presence of poor economies within the African region.