Portland, OR, May 31, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global Bioabsorbable Stents Market was pegged at $283.6 million in 2019, and is estimated to reach $308.9 million by 2027, growing at a CAGR of 5.6% from 2020 to 2027.
Rise in prevalence of heart diseases coupled with increase in geriatric population, surge in technological advancements in bioabsorbable stents, and rise in demand for the minimally invasive procedure have boosted the growth of the global bioabsorbable stents market. Moreover, growth in development of healthcare infrastructure and rise in R&D supplemented the market growth. However, high cost and risk of procedure associated with bioabsorbable stents hinder the market growth. On the contrary, surge in R&D and advancements in technology is expected to create lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- Since the Covid-19 outbreak, the demand for bioabsorbable stents has increased to treat Covid-19 patients. However, the restriction on import-export disrupted the supply chain and increased the prices of raw materials.
- The prolonged lockdown has created a huge gap in demand and supply.
The global bioabsorbable stents market is segmented on the basis of biomaterial, application, end user, and region. Based on biomaterial, the polymeric stents segment held the lion’s share in 2019, contributing to nearly three-fifths of the market. However, the metallic stents segment is estimated to register the highest CAGR of 6.3% from 2020 to 2027.
On the basis of application, the coronary artery disease segment dominated the market in 2019, accounting for nearly three-fourths of the market. Moreover, the segment is expected to portray the highest CAGR of 6.3% during the forecast period.
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The global bioabsorbable stents market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2019, accounting for more than two-fifths of the market. However, the market across Asia-Pacific is projected to manifest the highest CAGR of 6.3% during the forecast period.
The global bioabsorbable stents market includes an in-depth analysis of the prime market players such as Arterius Limited, Arterial Remodeling Technologies, Biotronik SE & Co. KG, B. Braun Melsungen AG, the Elixir Medical Corporation, Boston Scientific Corporation, Kyoto Medical Planning Co. Ltd., Microport Scientific Corporation, Terumo Corporation, and Reva Medical.
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