Updated on 23 July 2015
Bioabsorbable scaffolds market is estimated to expand from $143.7 mn in 2014 to $2.1 bn by 2021
Singapore: The global market value for bioabsorbable scaffolds (BAS) will expand rapidly from $143.7 million in 2014 to $2.1 billion by 2021, driven primarily by new product approvals and a paradigm shift in the clinical treatment of vascular diseases towards minimally-invasive procedures, according to research and consulting firm GlobalData.
According to the analysis, the growth will occur across the ten major markets of the US, France, Germany, Italy, Spain, the UK, Japan, Brazil, China, and India, marking a compound annual growth rate (CAGR) of 42.1 percent.
Mr Amen Sanghera, analyst covering medical devices at GlobalData, says that while BAS devices have yet to gain regulatory approval in the US, China and Japan, there are already four CE-Marked BAS devices approved in the five European countries.
Mr Sanghera commented, "Abbott Vascular is the primary player in this market with its drug-eluting BAS, Absorb BVS, which is available across the 5EU and in selected Latin-American and Asian countries. The product is expected to gain US Food and Drug Administration approval by 2016.
Abbott Vascular recently gained the CE Mark for a package incorporating both Absorb BVS and the company's state-of-the-art catheter delivery system, the GlideTrack. This package is expected to increase the uptake of the Absorb BVS system, as it addresses clinical concerns surrounding the delivery of its device to occluded coronary vessels."