NEWARK, Del, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The global bioabsorbable stents market value will likely jump from US$ 171.8 million in 2023 to US$ 253.9 million by 2033. This estimated growth is expected to be driven by a steady CAGR of 4% in global bioabsorbable stents sales over the next decade.
Surging demand for bioabsorbable stents to treat those diseases that impact the blood vessels and heart of elderly and middle-aged patients is aiding the market. Owing to the present shift in demographic structure led by an aging society, the prospects for stents seem extremely bright.
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Stents have become popular due to their ability to prevent severe complications and enhance clinical outcomes. The instrument is designed to avoid restenosis and acute vascular occlusion. Significant developments have occurred in the design of stents, especially with drug-eluting stents (DES) launch. Now, with the introduction of bioresorbable scaffolds, interventional cardiology is expected to see a seismic shift.
Significant scope for market growth has been detected in emerging economies of Asia, like China and India. The China market is observing a move toward value products, caused by pressures from the Chinese government to cut down the product prices and lower healthcare costs. The country is witnessing a significant preference toward mid-range and value products.
Even domestic Chinese manufacturers aggressively extend their market share in the value category. For instance, according to McKinsey research, Chinese developers of drug-eluting stents presently hold an 80% value share, whereas multinational firms are holding the remaining 20%.
Key Takeaways from the Bioabsorbable Stents Market Report:
- In 2022, the global bioabsorbable stents market size stood at US$ 167.7 million.
- North America is likely to account for about a 48.5% revenue share in 2023. The United States occupied 44.4% market share in 2022.
- Europe 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.
- By product type, coronary artery stents are expected to acquire a value share of around 76.2% in 2023.
- By material type, polymer-based bioabsorbable stents are anticipated to obtain a market share of 59.3% in 2023.
“Market players can expand their share in China for bioabsorbable stents due to significant opportunities 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.
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Key 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 were developed in India, dissolve in the body post three years, leaving the natural artery as it is.
Top Players in the Bioabsorbable Stents 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
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Key Market Segments Covered in Bioabsorbable Stents Market Report
By Stents
- Coronary Artery Stents
- Peripheral Artery Stents
- Non-vascular Stents
- Esophageal Stents
- Biliary 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
About the Author
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
Have a Look at Related Reports of the Bioabsorbable Stents Market:
Non-Vascular Stents Market: During the projected timeframe, the non-vascular stents market is predicted to increase at a CAGR of 4.5%. (2022 - 2032). The industry is anticipated to be worth US$ 1.21 Billion in 2022, rising to US$ 1.9 Billion by 2032.
Aortic Stents Grafts Market: The global Aortic Stents Grafts Market is forecast to total US$ 2.15 Bn in 2022. With increasing preference for minimally invasive procedures, the overall market is projected to grow at 4.5% CAGR, reaching a valuation of around 2.8 Bn by 2028.
Coronary Stents Market: By 2032, Future Market Insights expects the Coronary Stents market to reach US$ 51.2 Million. From 2022 to 2032, sales of Coronary Stents are expected to grow at a 5.1% CAGR.
Peripheral Vascular Stents Market: According to the latest industry analysis by FMI, the global Peripheral Vascular Stents Market reached a valuation of around US$ 3.5 Bn in 2021, and is expected to attain a net worth of US$ 5.3 Bn by 2028
Submucosal Lifting Agent Market: The global submucosal lifting agent market is expected to grow at a CAGR of 6.9%. The market value is projected to increase from US$ 114.2 million in 2023 to US$ 222.6 million by 2033
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