New York, Jan. 27, 2022 (GLOBE NEWSWIRE) -- The World Health Organization (WHO), in one of its statistics, stated that cardiovascular diseases (CVDs), which are known to be the leading cause of deaths around the globe, represented 32% or 17.9 Million deaths of the total number of deaths caused in the year 2019. The statistics further stated that heart attack and stroke were known to cause 85% of the deaths of the total deaths caused due to CVDs. On the other hand, in other statistics by the WHO, since the year 1975, obesity had known to be grown three-fold. Additionally, in the year 2020, 39 Million children below the age of 5 were obese or overweight.
Research Nester has recently released a report on “Bioabsorbable Stents Market: Global Demand Analysis & Opportunity Outlook 2020-2030”, which is studied for the forecast period, i.e., 2021-2030, and includes a detailed insight of the major market players, along with their market strategies to remain ahead in the competition. Additionally, the report also includes details on the impact of COVID-19, coupled with several other key market growth indicators.
The prevalence of cardiovascular diseases is growing at a significant pace across the earth. Several chronic CVDs are also known to be the leading causes of death. According to the Global Health Observatory statistics of the WHO, ischaemic heart disease, stroke, and chronic obstructive pulmonary disease were the top 3 leading causes of death in the year 2019. The total number of deaths due to these diseases grew from 6756 Thousand, 5464 Thousand, and 2986 Thousand respectively in the year 2000 to 8885 Thousand, 6194 Thousand, and 3228 Thousand respectively in the year 2019. Bioabsorbable stents, which is a device to clear the blocked arteries, are used widely by surgeons for different cardiovascular surgeries. Owing to the rising prevalence of CVDs worldwide, the demand for these stents is expected to increase, and in turn, drive the growth of the global bioabsorbable stents market. The market, which registered a revenue of USD 284.3 Million in the year 2020, is further projected to touch USD 592.1 Million by the end of 2030, by growing with a CAGR of 7.67% during the forecast period.
The market is also expected to grow on account of the growing expenditure of health worldwide, and for the rising aging population, who are at high risk of having CVDs. According to the statistics by the World Bank, the current health expenditure per capita (in current US$) touched USD 1111.082 in the year 2018, up from USD 999.104 in the year 2015. On the other hand, according to the statistics by the United Nations, the number of persons aged 65 years or over reached 702.9 Million in the year 2019, and is expected to touch U1548.9 Million by the end of 2050.
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The global bioabsorbable stents market is segmented on the basis of geography into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst all the markets in these regions, the market in Europe is expected to generate the largest revenue of USD 252.3 Million by the end of 2030, up from a revenue of USD 129.6 Million in 2020. The market in the region is also anticipated to grow with a CAGR of 6.94% during the forecast period. The market in the region is further segmented by country into Germany, UK, France, Italy, Spain, Russia, Netherlands, and the Rest of Europe, out of which, the market in Germany generated the largest revenue of USD 21.0 Million in the year 2020, and is further expected to reach USD 42.2 Million by the end of 2030, by growing with the highest CAGR of 7.30% during the forecast period.
On the other hand, the market in North America is expected to grow with the highest CAGR of 8.66% during the forecast period, and further touch revenue of USD 241.1 Million by the end of 2030. The market in the region also garnered the second-largest revenue of USD 105.5 Million in the year 2020. The market in the region is further segmented by country into the United States and Canada. Out of the market in these regions, the market in the United States is expected to grow with the highest CAGR of 8.74% during the forecast period and also attain the largest revenue by the end of 2030.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global bioabsorbable stents market is segmented by absorption rate into slow absorption stent and fast absorption stent. Out of these, the slow absorption stent segment is projected to generate the largest revenue by the end of 2030, while the fast absorption stent segment is projected to grow with the highest CAGR of 7.95% during the forecast period. In Europe, the fast absorption rate segment is expected to grow with the highest CAGR of 7.07% during the forecast period, while in North America, the segment is projected to grow with the highest CAGR of 9.04% during the forecast period.
The global bioabsorbable stents market is further segmented by end-users into hospitals, ambulatory surgical centers, cardiac centers, and others. Amongst these segments, the hospitals segment is expected to register the largest revenue of USD 265.2 Million by the end of 2030, up from a revenue of USD 127.4 Million in 2020. The segment is also projected to grow with the second-highest CAGR of 7.66% during the forecast period. Apparently, the cardiac centers segment is projected to grow with the highest CAGR of 8.13% during the forecast period. In Europe, the hospitals segment generated the largest revenue of USD 59.9 Million in the year 2020 and is further projected to touch USD 119.6 Million by the end of 2030, by growing with a CAGR of 7.22% during the forecast period. On the other hand, in the Asia Pacific, the cardiac centers segment is projected to grow with the highest CAGR of 8.03% during the forecast period, while the hospitals segment is expected to garner the largest revenue of USD 27.8 Million by the end of 2030.
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The global bioabsorbable stents market is also segmented by product type and by application.
Global Bioabsorbable Stents Market, Segmentation by Product Type
- Bioresorbable Polymer-Based Stents
- Bioresorbable Metallic Stents
Global Bioabsorbable Stents Market, Segmentation by Application
- Coronary Artery Diseases
- Peripheral Artery Diseases
- Carotid Artery
- Aorta Artery
Some of the prominent industry leaders in the global bioabsorbable stents market that are included in our report are Abbott, Elixir Medical Corporation, BIOTRONIK SE & Co KG, Arterius Limited, Boston Scientific Corporation, Meril Life Sciences Pvt. Ltd., OrbusNeich Medical Company Limited, Lepu Medical Technology (Beijing) Co., Ltd., and others.
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