The desire for less invasive treatment alternatives and the rising popularity of cutting-edge cardiovascular therapies have contributed to the recent growth of the bioabsorbable stents market sales. Bioabsorbable stents, also called entirely biodegradable stents, are medical devices used to treat coronary artery disease. They work by temporarily maintaining the damaged blood channels. The stents gradually disintegrate inside the body over time.
The market for bioabsorbable stents was valued at US$ 159.6 million in 2021 and is expected to reach 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 Million by 2032. According to a recent study, coronary artery stents will account for approximately 76.3% of the global bioabsorbable stents market in 2021.
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Coronary artery disease (CAD) is the leading cause of death worldwide. Bioabsorbable polymeric stents have grown in popularity due to their ability to treat CAD without causing long-term complications. Bioabsorbable polymeric stents (BMSs) have undergone a sustainable revolution in terms of material processing, mechanical performance, and biodegradability. As per According to the study, end users prefer biodegradable polymers and copolymers as material choices for bioabsorbable stents.
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 fuelling 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.
The global bioabsorbable stents market is poised to reach a value of around US$ 350 Mn by the end of 2022 and is anticipated to grow at a robust CAGR during the period of forecast of 2017 to 2022.
6 Forecast Highlights on Global Bioabsorbable Stents Market
- By product type, polymeric stents segment is expected to dominate the global market. As of 2017 statistics, this segment reflected a higher market share of 57.6% thus portraying dominance and is expected to continue to dominate the global market throughout the forecast period
- Polymeric-coated metallic stents product segment is anticipated to reflect the highest growth rate to register an exponential CAGR of 12.2% throughout the period of forecast 2017-2022. This segment is also poised to gain the highest BPS by the end of 2022
- 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
- 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
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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.
Market Taxonomy Region :
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
Product Type
- Polymeric Stents
- Metallic Stents
- Polymeric-coated Metallic Stents
End User
- Hospitals
- Cardiac Catheterization Labs
- Ambulatory Surgical Centers
Disease Indication
- Coronary Artery Disease
- Peripheral Artery Disease
Absorption Rate
- Slow Absorption Rate
- Fast Absorption Rate
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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