The Market Statsville Group (MSG) publishes the new report on the “Bioabsorbable Stents Market by Biomaterial (Polymeric Stents and Metallic Stents), by Application (Coronary Artery Disease and Peripheral Artery Disease), by End-Users (Hospital and Cardiac Centers), by Region – Global Share and Forecast to 2030“.
The global bioabsorbable stents market size was USD 228.5 million in 2021 and is projected to reach USD 352.5 million by 2030, growing at a CAGR of 5.6% during the forecast period (2022-2030). Bioabsorbable stents are a special type of stents that have the properties to get dissolved or reabsorbed within the patient’s body. There are different variations of stents available in the market. These are used in different clinical conditions like esophageal cancer, gall bladder cancer, and abdominal and gastrointestinal tract cancer.
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An increase in technological advancements in stents, a rise in the prevalence of cardiac diseases, a surge in the geriatric population, and growth in demand for PCI procedures and minimally invasive procedures are the major factors that boost the market growth. In addition, lack of physical activity and unhealthy diet habits lead to the development of cardiovascular diseases, which will further propel the market growth.
Scope of Global Bioabsorbable Stents Market
The bioabsorbable stents market has been segmented into the biomaterial, application, end-users, and region.
- By Biomaterial (Polymeric Stents and Metallic Stents)
- By Application (Coronary Artery Disease and Peripheral Artery Disease)
- By End-Users (Hospital and Cardiac Centers)
- By Region (North America, Europe, Asia Pacific, South America, and Middle East & Africa)
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Coronary artery disease, by application, hold the largest market share
On the basis of application, the global bioabsorbable stents market is classified into coronary artery disease and peripheral artery disease. In 2021, Coronary artery disease had the largest market share of 68.9% in the global bioabsorbable stents market. Coronary artery disease is defined as the blockage or narrowing of the coronary arteries which is caused due to atherosclerosis. Chest pain, heart attack, and shortness of breath are common signs and symptoms of coronary artery disease.
Coronary artery disease is the blockage of coronary arteries due to the deposition of fatty tissues and cholesterol. Coronary arteries are the blood vessels responsible for blood flow to the heart. An increase in the geriatric population, adoption of unhealthy lifestyles such as unhealthy diet, smoking, intake of alcohol, and a rise in prevalence of blood pressure, cholesterol, & diabetes, acts as a key factor for the market’s growth.
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North America accounts for the largest market share in the bioabsorbable stents market
Region-wise, the bioabsorbable stents market is analyzed across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. In 2021, North America was the highest revenue contributor, with a market share of 42.6% in the global bioabsorbable stents market. North America includes the U.S., Canada, and Mexico. The market in North America is expected to register the fastest CAGR during the forecast period due to the rise in the geriatric population suffering from pulmonary and coronary artery diseases.
An increase in the prevalence of coronary artery disease, a rise in the target patient pool in hospitals, a surge in R&D activities, and an enhancement of healthcare infrastructure are the major factors that significantly contribute toward the growth of the market. For instance, in 2021, Elixir Medical announced the result of a 24-month clinical trial on DynamX Coronary Bioadaptor System, which demonstrated clinical safety and reduced the risk for lesion revascularization thrombosis and myocardial infarction.
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This research report includes a study on the development and marketing strategies, along with the product portfolios and winning strategies of the leading companies operating in the bioabsorbable stents market. It also consists of leading companies such as Biotronik SE & Co. KG, Microport Scientific Corporation, Terumo Corporation, B. Braun Melsungen AG, Boston Scientific Corporation, Arterial Remodeling Technologies, Arterius Limited, The Elixir Medical Corporation, Kyoto Medical Planning Co. Ltd., and Reva Medical. These market players have focused on acquisitions and expansion to gain a larger market share in the bioabsorbable stents market.