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Bioabsorbable Stents Market to Grow at a CAGR of 11.5%

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Bioabsorbable Stents Market to Grow at a CAGR of 11.5%

March 17
05:00 2020
Bioabsorbable Stents Market to Grow at a CAGR of 11.5%

Some prominent players in the bioabsorbable stents market include Abbott (US), BIOTRONIK SE & Co. KG (Germany), REVA Medical, Inc. (US), Elixir Medical Corporation (US), Arterial Remodeling Technologies (France), and Kyoto Medical Planning Co., Ltd. (Japan).
Bioabsorbable Stents Market by Material (Polymer/Metal), Absorption Rate (Slow, Fast), Application (Coronary Artery Disease/CAD, Peripheral/PAD) & End User (Hospital, Cardiovascular Center)

Bioresorbable stents are a relatively novel technology that is expected to cannibalize the markets for bare-metal and drug-eluting stents in the coming years. However, at present, there are various other substitutes available for treating blocked arteries as well as CAD and PAD. For example, coronary artery bypass graft (CABG) is a therapy where blockages in the coronary artery are bypassed, and the blood is directed to flow through a different artery from the leg or the arms. Another substitute–Xenograft–is used in procedures that require replacing damaged or blocked valves. Therapies such as laser ablation are also available, which use a catheter that has a metal or optic tube at the tip of the device to burn away plaque in the arteries.

The global bioabsorbable stents market is expected to reach USD 417.2 million by 2022 from USD 242.4 million in 2017, at a CAGR of 11.5% during the forecast period.

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Market growth of bioresorbable stents is attributed to the growing aging population susceptible to coronary and peripheral artery diseases, rising PCI procedures, increasing focus of companies on clinical trials of bioresorbable stents, increasing adoption of these stents by physicians and patients, and patients’ preference for minimally invasive therapies.

Bioabsorbable stents or scaffolds are implanted within the artery for clearing the blockage caused due to the accumulation of plaque (cholesterol, fatty substances, cellular waste products, calcium, and fibrin). These devices dissolve within the body after eluting the drug within a certain period of time and are aimed at increasing the efficiency of the treatment by reducing the chances of thrombosis and dual anti-platelet therapy among patients.

Based on material, the bioabsorbable stents market is segmented into bioresorbable polymer-based stents and bioresorbable metallic stents. The bioresorbable polymer-based stents segment is expected to grow at the highest CAGR. The growth of this market is mainly attributed to companies’ increasing focus on developing polymeric stents and increasing approvals for polymer-based stents across various regions.

Based on application, the market is segmented into coronary artery diseases and peripheral artery diseases. In 2017, coronary artery diseases accounted for the largest share of the market. The dominance of this segment is attributed to factors such as increasing aging population prone to coronary and the adoption of unhealthy lifestyle habits leading to increased risk of coronary artery diseases.

Based on end users, the bioabsorbable stents market is segmented into hospitals and cardiac centers. The hospitals segment is expected to dominate the market and grow at the highest CAGR during the forecast period. The high growth of this segment is attributed to increasing need of surgeries, growing risk of CAD and PAD, and improving reimbursement scenario for the hospitals.

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Geographical Region Covered in Report

Geographically, the bioabsorbable stents market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2017, Europe is expected to dominate the market, followed by Asia. The dominance of European region is majorly attributed to increasing regulatory approvals for stents which will facilitate their commercialization and rising research activities for development of bioresorbable stents. The market in North America is expected to grow at the highest CAGR during the forecast period. Factors such as increasing prevalence of CAD and PAD, patient preference for minimally invasive therapies, unhealthy lifestyle habits, and huge patient pool are enabling this market to grow in this region.

Leading Companies

Prominent companies in the bioabsorbable stents market include Abbott (US), BIOTRONIK SE & Co. KG (Germany), REVA Medical, Inc. (US), Elixir Medical Corporation (US), and Kyoto Medical Planning Co., Ltd. (Japan).

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