The global bioabsorbable stents market is poised for significant expansion over the next decade, with its market value expected to surge from USD 171.8 million in 2023 to an impressive USD 253.9 million by 2033. This substantial growth is driven by a consistent Compound Annual Growth Rate (CAGR) of 4%, underscoring the increasing demand for bioabsorbable stents worldwide.
Bioabsorbable stents, which dissolve naturally in the body after fulfilling their purpose, have emerged as a crucial innovation in the treatment of cardiovascular diseases. These advanced medical devices are particularly beneficial for addressing conditions affecting blood vessels and the heart, which are especially prevalent among elderly and middle-aged patients.
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The bioabsorbable stents market is benefiting from the increasing prevalence of cardiovascular diseases and related health conditions, which necessitate innovative and less invasive treatment options. Bioabsorbable stents, known for their ability to naturally dissolve in the body after fulfilling their purpose, offer a promising alternative to traditional metal stents, thus driving their adoption in medical practices worldwide.
With the healthcare sector continually evolving and the growing emphasis on improving patient outcomes, the prospects for bioabsorbable stents appear extremely promising. As the market expands, stakeholders can expect enhanced research and development efforts, leading to further advancements in bioabsorbable stent technologies.
“Market players can expand their share in China for bioabsorbable stents, due to significant opportunities present in this market. However, they must take into account the preference for value products as the government is forcing a decrease in the overall product prices. Additionally, they must look out for the long-term viability of the product,” says an FMI analyst.
Key Takeaways from the Bioabsorbable Stents Market Report:
- In 2022, the global bioabsorbable stents market size stood at USD 167.7 million.
- North America is a notable market for bioabsorbable stents, accounting for about 48.5% in 2023. The United States occupied 44.4% market share in 2022.
- The Europe market for bioabsorbable stents gathered a market share of 27.6% in 2022. The German market, a core market in the region, procured a value share of 9.9% in 2022.
- The United Kingdom market is predicted to expand at a CAGR of 5.7% through 2033.
- Within Asia Pacific, China and India are predicted to register CAGRs of 6.6% and 4.6% through 2033.
- Based on product type, the coronary artery stents segment is expected to acquire a value share of around 76.2% in 2023.
- On the basis of material type, the polymers segment is anticipated to obtain a market share of about 59.3% in 2023.
Recent Developments Detected in the Bioabsorbable Stents Market:
- In September 2020, Abbott Laboratories commenced the launch of the LIFE-BTK clinical trial to assess the Espirit below-the-knee drug-eluting resorbable scaffold. The firm reported that this is its first trial in the United States to examine an entirely resorbable device to cure blocked arteries critical limb ischemia (CLI) and below the knees in patients suffering from severe stages of peripheral artery disease (PAD).
- In April 2020, Boston Scientific announced the launch of Synergy Megatron, which is a bioabsorbable polymer coronary stent system. The device boasts of invigorated strength and capacity to accommodate reduced vessels. This medical device has made its debut in Europe.
- In August 2022, PGIMER executed the first-ever robotically-assisted biodegradable stent implantation. These newer bioresorbable stents with thinner struts, which have been developed in India, dissolve in the body post three years, leaving the natural artery as it is.
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Key Players in the Market:
- Boston Scientific Corporation
- Meril Life Sciences Pvt. Ltd.
- Medtronic Plc
- Smith & Nephew Plc
- Stryker Corporation
- Wright Medical Group
- KLS Martin
- BIOTRONIK Ltd
- Syntellix AG
- Q3 Medical Devices Limited.
- JW Medical Systems LTD
- ORBUSNEICH MEDICAL
- Abbott Vascular
Key Market Segments Covered in Bioabsorbable Stents Market Report:
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
- Specialty Clinics
- Ambulatory Surgical Centers
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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