The bioabsorbable stents market was worth US$ 159.6 million in 2021 and is expected to be worth US$ 165.4 million by the end of 2022. The market is expected to grow at a CAGR of 4.2%, surpassing US$ 248.5 Mn by 2032. According to a recent study, coronary artery stents will account for approximately 76.3% of the global bioabsorbable stents market in 2021.
The growth of the global bioabsorbable stents market is influenced by factors such as rise in cardiovascular surgeries on a global scale, lower treatment cost, and exact stent placement. These factors are reinforced with technological developments, which are again intensifying thereby fueling the growth of the global bioabsorbable stent market.
However, there are certain limiting factors which offer challenge to the growth of the global market, such as possibilities of complications during insertion or post surgery and less awareness about bioabsorbable stents.
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Bioabsorbable stents function like normal medical stents. The main difference between regular stents and bioabsorbable stents is the material which is used in their manufacturing; bioabsorbable stents use material which is easily absorbed in the body.
Europe region is the most lucrative region and dominates the global market. This region is poised to grow at a significant CAGR during the forecast period. North America region is anticipated to show the highest growth rate to register a CAGR of 10.2% throughout the period of forecast of 2017-2022
Hospitals segment by end user shows higher market share of 62.1% and also grows at a higher growth rate during the forecast period. Following this segment, cardiac catheterization labs segment has secured second place with respect to market share and growth rate throughout the forecast period of 2017 to 2022.
Coronary artery disease segment by disease indication is anticipated to grow at a significantly higher growth rate to register a CAGR of 10% and also poised to hold higher market share thereby dominating the global market. This segment is also expected to gain higher BPs by the end of 2022.
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Slow absorption rate segment by absorption rate is poised to register a CAGR of 10.3% throughout the period of forecast of 2017 to 2022 and also portrays dominance by reflecting a higher market share during the forecast period.
The report has also profiled key leading players in the global bioabsorbable stents market, which would remain active through 2022. These include players like Lepu Medical Technology (Beijing) Co., Ltd., Becton Dickinson and Company, Boston Scientific Corporation, Kyoto Medical Planning Co., Ltd., Tepha, Inc., REVA Medical, Inc., Elixir Medical Corporation, BIOTRONIK SE & Co. KG, Amaranth Medical, Inc., and Abbott Laboratories.
As per Future Market Insights, the bioabsorbable stents market was approximately 1.9% of the overall ~US$ 8.6 Bn of the global stents market in 2021. The demand in bioabsorbable stents market expanded at a CAGR of 4.2% from 2013 to 2021. First generation of stents, known as BMS, made of stainless steel, cobalt-chromium and platinum-iridium alloys, tantalum, or nitinol, had a number of problems that required removal or maintenance as a foreign body.
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Key Market Segments Covered in Bioabsorbable Stents Industry Research
By Stents:
- Coronary Artery Stents
- Peripheral Artery Stents
- Non-vascular Stents
- Esophageal Stents
- Billary Stents
By Material:
- Metallic
- Ceramic
- Polymers
- PGA
- PLA
- Co-Polymer
By Application:
- Cardiovascular
- Orthopedics
- Cosmetic Surgery
- General Surgery
- Cranial
- Others
By End User:
- Hospitals
- Speciality Clinics
- Ambulatory surgical Centers
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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