Global Bioabsorbable Stents Market Research and Forecast 2022-2028

Global Bioabsorbable Stents Market Size, Share & Trends Analysis Report by Polymer Type (Poly (L-Lactic Acid) PLLA, Tyrosine Polycarbonate Polymer, Poly (Caprolactone) (PCL), Poly (Anhydride Ester) Salicylic Acid) By Application (Coronary Artery Diseases, Peripheral Artery Diseases, and others) By End-User (Hospitals, Cardiac Centers, and Others) Forecast, 2022-2028

The global bioabsorbable stents market is anticipated to grow at a CAGR of around 11.5% during the forecast period. Iron and magnesium are the most common metal alloys used for making bioabsorbable stents. As magnesium is an essential element of the human body, magnesium bioabsorbable stents are the most commonly used metallic alloy stents in disease management. The growing ageing population prone to coronary and peripheral artery diseases, increasing focus of industries on clinical trials of bioresorbable stents, rising adoption of these stents by physicians and patients, and patient's preference for minimally invasive therapies all contribute to the market growth of bioresorbable stents. However, the high cost and procedure risk involved with bioabsorbable stents constrain market growth. On the contrary, increased R&D and technological advancements are expected to provide lucrative opportunities for market participants in the future.

Segmental Outlook

The global bioabsorbable stents market is segmented based on polymer type, drug, applications, and end-user. Based on polymer type, the market is segmented into poly (L-Lactic Acid) PLLA, tyrosine polycarbonate polymer, poly (Caprolactone) (PCL), poly (Anhydride Ester) salicylic acid. Based on application, the market is segmented into coronary artery diseases, peripheral artery diseases, and others. Further on the basis of end-user, the market is classified into hospitals, research centers, cardiac centers, and others.

Global Bioabsorbable Stents Market Share by Application, 2020 (%)

Global Bioabsorbable Stents Market Share by Application

The coronary artery diseases segment is projected to hold a significant share in the global Bioabsorbable Stents market

Among applications, the coronary artery diseases segment is projected to have a considerable share in the global market. Coronary artery disease is considered to begin with injury or damage to a coronary artery's inner layer. The rising demand for bioabsorbable stents that can be used in coronary procedures, as well as the increasing preference for minimally invasive surgical procedures, are driving the coronary artery disease segment's market growth. Diabetes, high blood pressure, high cholesterol smoking, sedentary lifestyle, or insulin resistance, can all cause damage. The rise in the prevailing rates of the following disorders is increasing the risk of coronary artery diseases, therefore this, in turn, propels the demand for bioabsorbable stents. For instance, according to the American College of Cardiology Foundation, coronary events are expected to occur in approximately 1,055,000 people in the US in 2019, which include 720,000 new and 335,000 reoccurring coronary events. However, the major challenge for the coronary artery disease segment is a lack of antivenom medications and the limited availability of therapy facilities in undeveloped countries. In addition, the lack of presence of critical storage facilities for antivenom medications, such as cold chain storage, also restrains the growth of the segment.

Regional Outlooks

The global bioabsorbable stents market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. North America is projected to have a significant share in the global market. The rising diabetic patient population, evolving technology, and a robust product pipeline are some of the factors driving the development of the bioabsorbable stents market in North America. The key players functioning in this region include Abbott Laboratories Inc, Johnson & Johnson, Boston Scientific Corp, Medtronic plc among others. Additionally in this region government authorities are focusing upon improving the healthcare facilities that in turn propelling the growth of the market in North America.

Global Bioabsorbable Stents Market Growth, by region 2022-2028

Global Bioabsorbable Stents Market Share by region

Asia-Pacific is projected to grow significantly in the global Bioabsorbable Stents market during the forecast period.

Geographically, Asia-Pacific estimated to have considerable CAGR in the global bioabsorbable stents market during the forecast period. The growth is attributed to the increasing prevalence of coronary artery diseases and peripheral artery among the growing elderly population is the key driving factor for the growth of the market in Asia-Pacific. Rising healthcare expenditure and advancing economies of countries such as China, India, Japan is creating lucrative opportunities for the market players in the region. However, the availability of alternative options for bioabsorbable stents such as xenograft, laser ablation therapy will be restraining the growth of the Asia-Pacific bioabsorbable stents market. China is projected to dominate the Asia-Pacific market due to technological innovations, the introduction of novel and innovative products in the market and expanding healthcare sector. Wherein India is estimated to be the fastest-growing region attributing to the factors that include the presence of a large patient pool in the country and rise in the economy of the country.

Market Players Outlook

The key players of the bioabsorbable stents market include Arterical Remodeling Technologies S.A, Reva Medical LLC., B. Braun SE, Biotronik Inc, Kyoto Medical Planning Co. Ltd. and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers, and acquisitions, collaborations, and new product launches, to stay competitive in the market. For instance, in November 2019, Shionogi & Co., Ltd. got the US FDSA approval for its Fetroja that is an antibacterial drug for treatment for patients 18 years and above with complicated tract infections including kidney infections. This approval will be providing an additional treatment option for patients with complicated Bioabsorbable Stents who have limited and no treatment options.

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global Bioabsorbable Stents market
• Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying 'who-stands-where in the market.