The Middle East and Africa Coronary Stent Market size is estimated to grow USD 0.81 billion by 2027 from USD 0.51 billion in 2020, estimated to be growing at a CAGR of 9.44% during the forecast period.
Factors that are primarily accelerating the MEA coronary stent market are the high prevalence of cardiovascular disease, a sharp increase in the aging of the population, and the expansion of obese people.
Especially in pediatric surgery, the bioabsorbable stent does not require surgical resection or vascular growth, further promoting the market growth. According to the WHO report, it can be seen that the world's number one cause of death is cardiovascular disease. Also, the World Health Organization estimates that approximately 17.9 million people died of cardiovascular disease (CVD) in 2016, accounting for 31% of the global deaths, 85% of which resulted from heart disease and stroke. According to the Australian Heart Foundation, cardiovascular disease (CVD) is the leading cause of death in Australia. In 2017, 43,477 people died of cardiovascular disease in Australia. Cardiovascular disease kills an Australian every 12 minutes. Therefore, this rise in global CVD prevalence is supposed to drive bioabsorbable market growth in MEA.
The high costs associated with implantation procedures and strict government stent approval regulations hinder the Middle East and Africa bioabsorbable stents market growth. In addition, on September 14, 2017, due to poor sales and safety issues, Abbott announced the termination of the sale of Absorb bioabsorbable vascular stents, which had a substantial negative impact on the market.
Increasing stroke-prone elderly populations require stent implants for treatment. The increasing adoption of these devices, technological advancements, and the risk of restenosis in patients undergoing angioplasty are factors driving the growth of the MEA bioabsorbable stent market. Also, the lack of necessary physical exercise and unhealthy eating habits leads to the development of cardiovascular disease and requires percutaneous coronary intervention. Also, the disappearance of these stents from the treatment site adds advantages, such as reduced late-stent thrombosis and ease of repeat treatment.
With technological progress and product innovation, small and medium-sized companies expand their market share by launching new products at affordable prices. As a result, companies such as Boston Scientific and Arterius Limited are ruling the market and occupying a significant share.
This research report on the MEA Coronary Stent Market has been segmented and sub-segmented into the following categories:
By Mode of Delivery:
The Middle East and Africa bioabsorbable stents market is assumed to occupy a steady share as the adoption of technologically advanced products increases by 2025. In addition, the rise of coronary and peripheral surgeries in the area is increasing the demand for bioabsorbable stents. Furthermore, with the increasing adoption of MI surgery, markets in the Middle East and African countries are growing and can recover faster. As a result, the South Africa market is the fastest-growing region of the bioabsorbable stent market in the MEA.
It is estimated that the elderly population in the Middle East and African countries will increase at a tremendous rate in the coming years, which will promote the development of the bioabsorbable stents market in this vicinity. In addition, other nations like the UAE, Saudi Arabia, Qatar, Kuwait, Egypt, and so on are also contributing to this business growth in the MEA.
KEY MARKET PLAYERS:
Some of the major companies operating in the Middle East & Africa Coronary Stent Market profiled in this report are Medtronic plc (Ireland), Abbott Laboratories (U.S.), Boston Scientific Corporation (U.S.), Biosensors International Group, Ltd. (Singapore), BIOTRONIK SE & Co. KG (Germany), B. Braun Melsungen AG (Germany), TERUMO CORPORATION (Japan), STENTYS SA (France), MicroPort Scientific Corporation (China), Meril Life Sciences Pvt. Ltd. (India), Vascular Concepts (India), and Translumina GmbH (Germany).