Global Bioabsorbable Stents Market - Segmented by Type of Product, Application, Absorption Rate, End User, and Geography - Growth, Trends, and Forecast (2022 - 2030)
The global bioabsorbable stents market is expected to register a CAGR of 11% during the forecast period (2018 - 2023). Bioabsorbable stents are normally used in the treatment of blocked arteries. These stents are tiny, stretchy mesh tubes that hold arteries open and can help in the treatment of coronary and peripheral artery diseases. Bioabsorbable stents are fully biodegradable stents which will completely disappear over time.
High Prevalence of Cardiovascular Diseases Globally
According to World Health Organization (WHO), cardiovascular diseases are the number one cause of death globally. In 2015, it is estimated that about 17.7 million people died because of cardiovascular diseases and in these deaths, it was estimated that 7.4 million people died because of coronary heart disease and 6.7 million people died of a stroke. Thus, a large number of people are already suffering from these cardiovascular diseases, and with the increase in population the number of people with cardiovascular diseases is expected to rise. This rise in the disease rate is also expected to increase the usage of stents, in turn, it is expected to drive the market during the forecast years. The changing lifestyles, rising obese population, and steep growth in the geriatric population are the major driving factors for the market growth.
High Device Cost
The high cost of the device is a major restraint for the bioabsorbable stents market. The cost of the stent depends on the type, which may cost USD 1800. In addition to the cost of the bioabsorbable stent, other aspects such as the cost of the procedure that can add to the cost of bioabsorbable stent’s usage. The high cost of the device hinders the growth of the market, as surgeons prefer the conventional stents over the bioabsorbable stents due to their difference in cost. Along with the high cost, other factors, such as stringent regulatory policies and safety issues related to bioabsorbable stents are also hindering the growth of the market.
Europe to dominate the Market
Europe has the largest market share in bioabsorbable stents market, followed by North America. Asia-Pacific is expected to have the highest growth rate in the forecast period, due to the increasing awareness among people about the procedure and the products. The US FDA has approved only one product, namely Abbott Absorb, and it is now commercially available in the US. However, several products are being developed, some are in clinical trials and others in various stages of development, which is an indication of a bright future for this market.
Key Developments in the Market
• September 2017: Abbott Laboratories halted the global sales of their fully absorbable stent-Absorb Bioresorbable Vascular Scaffold (BVS).
• April 2017: Reva Medical has secured a CE mark for its drug-eluting bioresorbable coronary scaffold.
Major Players: ABBOTT LABORATORIES, KYOTO MEDICAL PLANNING CO. LTD, REVA MEDICAL, ELIXIR MEDICAL CORPORATION, AMARANTH MEDICAL, TERUMO CORPORATION, ARTERIUS LIMITED, BIOTRONIK, XENOGENICS CORPORATION, AND MERIL LIFE SCIENCES PVT LTD, amongst others.
Reasons to Purchase this Report
• Current and future bioabsorbable stents market outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
High Prevalence of Cardiovascular Diseases Globally
According to World Health Organization (WHO), cardiovascular diseases are the number one cause of death globally. In 2015, it is estimated that about 17.7 million people died because of cardiovascular diseases and in these deaths, it was estimated that 7.4 million people died because of coronary heart disease and 6.7 million people died of a stroke. Thus, a large number of people are already suffering from these cardiovascular diseases, and with the increase in population the number of people with cardiovascular diseases is expected to rise. This rise in the disease rate is also expected to increase the usage of stents, in turn, it is expected to drive the market during the forecast years. The changing lifestyles, rising obese population, and steep growth in the geriatric population are the major driving factors for the market growth.
High Device Cost
The high cost of the device is a major restraint for the bioabsorbable stents market. The cost of the stent depends on the type, which may cost USD 1800. In addition to the cost of the bioabsorbable stent, other aspects such as the cost of the procedure that can add to the cost of bioabsorbable stent’s usage. The high cost of the device hinders the growth of the market, as surgeons prefer the conventional stents over the bioabsorbable stents due to their difference in cost. Along with the high cost, other factors, such as stringent regulatory policies and safety issues related to bioabsorbable stents are also hindering the growth of the market.
Europe to dominate the Market
Europe has the largest market share in bioabsorbable stents market, followed by North America. Asia-Pacific is expected to have the highest growth rate in the forecast period, due to the increasing awareness among people about the procedure and the products. The US FDA has approved only one product, namely Abbott Absorb, and it is now commercially available in the US. However, several products are being developed, some are in clinical trials and others in various stages of development, which is an indication of a bright future for this market.
Key Developments in the Market
• September 2017: Abbott Laboratories halted the global sales of their fully absorbable stent-Absorb Bioresorbable Vascular Scaffold (BVS).
• April 2017: Reva Medical has secured a CE mark for its drug-eluting bioresorbable coronary scaffold.
Major Players: ABBOTT LABORATORIES, KYOTO MEDICAL PLANNING CO. LTD, REVA MEDICAL, ELIXIR MEDICAL CORPORATION, AMARANTH MEDICAL, TERUMO CORPORATION, ARTERIUS LIMITED, BIOTRONIK, XENOGENICS CORPORATION, AND MERIL LIFE SCIENCES PVT LTD, amongst others.
Reasons to Purchase this Report
• Current and future bioabsorbable stents market outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Frequently Asked Questions
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