In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
On June 13,2019, Abbott joined forces with Apollo Hospitals to fight against cardio vascular diseases in India.
On November 5, 2019, Boston Scientific Corporation or its affiliates announced results from IMPERIAL trial and the data presented included a 24-month analysis of the EluviaTMDrug-Eluting Vascular Stent (DES) showing higher primary patency rate during the surgery for femoral popliteal in the U.S.
In medical sciences, a stent or a scaffold is any device that facilitates blood flow in blood vessels by expanding them and preventing any blockages in the path.A bioresorbable coronary scaffold is also referred to asbioresorbable coronary stent and its main functionality is to prevent blockages in the blood vessels. It is manufactured from materials that may dissolve or be absorbed into the body. Before bioresorbablescaffolds, stents made out of metal were being used to treat patients with cardio-vascular diseases but the stent caused thrombosis (formation of blood clot) and in cases of revascularization led to surgical difficulties resulting in casualties.
Polymers like Poly L-lactide (PLLA), tyrosine poly carbonate and salicylic acid were used as base materials for bioresorbable scaffolds but serious concerns about scaffold performance were discovered in research studies conducted by US FDA which led to its commercial discontinuation.Metal scaffolds comprising of metals like iron, magnesium, zinc and other alloys are being used in cardio vascular disease treatment. Magnesium-based scaffolds are approved for use in several countries which have approximately 95% resorption rate within 24 months of implantations.
The market is segmented by material, by product, by application, by end user and by region. On the basis of end user, the market is segmented into hospitals, medical clinics and others. The hospital segment is anticipated to hold the leading share on account of rising number of elderly patients with heart disorders. Increase in obese population and the rising prevalence of cardio vascular diseases (CVDs) globally along with the high mortality rates among the older population are some of the significant factors boosting the market growth. Based on product type, the market is segmented into drug-eluting, novolimus-eluting, everolimus-eluting and other drug introduction techniques, out of which, the highest stance is estimated to be held by drug-eluting stents. This can be attributed to the ease of operability and easy availability in the market. The market is further segmented by application into Myocardial Infraction, Vascular Bypass and other CVD operations. Among these segments, the utilization of bioresorbable coronary scaffolds in vascular bypass was the largest revenue generating segment in 2019 owing to the prevalence of CVDs and recommended SOP by the medical professionals. The availability of bioresorbable scaffolds for ailments like rheumatic heart disease and other CVDs, knee implants and other joint-related painsisestimated to boost the market growth during the forecasted period.
Prevalence of Cardio Vascular Diseases amidst Ageing Population
According to the World Health Organization, CVDs are the number 1 cause of death globally; more people die annually from CVDs than any other cause.Another WHO estimate states that between 2015 and 2020, the proportion of world’s population of people over 60years will nearly double from 12% to 22%.To reduce the mortality rates and improve the life expectancy, the production of bioresorbable coronary scaffolds will increase which is anticipated to drive the market growth.
Overweight, Obesity and Work patterns
Almost 4 Billion people on the planet live in urban areas today and their lifestyle which includes eating habits and workhours, are having a significant impact on health of the individuals, both physical and mental.Working hours and patterns are leading to mental ill-health which results in significant rise in cases of depression, stress, anxiety, eating disorders leading towards alcohol/drugs. According to World Health Organization (WHO), in 2019, 38 million children under the age of 5 were overweight or obese. The potential risk of rising CVDs in the population demography is projected to drive the bioresorbable coronary scaffolds market growth positively.
COVID’19 and its aftermath
As per the WHO,the death toll is high among COVID-19 patients who are already suffering from various other illnesses like pneumonia, coronary heart diseases and others prior to COVID’19.The treatment for the patients suffering from CVDs and later affected by COVID’19 involves the use of ventilators and bioresorbable coronary scaffolds. This results in healthcare professionals urging the governments to provide them the scaffolds for proper treatment.
The advancements in the field of developing scaffolds which are potentially bioresorbable and with superior scaffold performance are estimated to result in healthcare professionals recommending this alternative for treating CVDs.
The potential factor associated with causing a negative impacton the growth of the market is estimated to be the high costassociated with bioresorbable coronary scaffolds. This might result in a large section of the population not being able to afford the scaffolds during treatment.
Our in-depth analysis of the bioresorbablecoronary scaffoldsmarket includes the following segments:
By End User
On the basis of regional analysis, the bioresorbable coronary scaffolds market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market the bioresorbable coronary scaffolds. The prevalence of obesity among the ages 5-16 years and related illnesses leading to CVDs among in this region are further predicted to increases the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of growing aged population.
The bioresorbable coronary scaffoldsmarket is further classified on the basis of region as follows: