Global Bioabsorbable Stents Market By Biomaterial (Polymeric and Metallic), By Application (Coronary Artery Disease and Peripheral Artery Disease), By End User (Hospital and Cardiac Center), By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027
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Get in-depth analysis of the COVID-19 impact on the Bioabsorbable Stents Market
Market Report Description
The Global Bioabsorbable Stents Market size is expected to reach $429.2 Million by 2027, rising at a market growth of 6.9% CAGR during the forecast period. A stent is considered as a device that is implanted into the internal duct of the body with an aim to enlarge blood vessels and prevent blockage in the vessels. Some other names of bioabsorbable stents are naturally-dissolving stents and bioresorbable stents. These stents are developed from materials that get easily absorbed in the body and play an essential role in enlarging the vessels or internal duct for clearing the blockage that occurred because of the deposition of plague.
The global bioabsorbable stents market would showcase bright prospects due to the increment in geriatric population, increasing prevalence of cardiovascular disease, spur in percutaneous coronary intervention (PCI) procedure, and increasing adaptation of bioabsorbable stent by patients as well as physicians. Moreover, some of the catalysts for the growth of the market include constant development in the technology of stents, a massive hike in the demand for minimally invasive procedures, and a surge in the initiatives taken by the government for the development & production of bioabsorbable stents would boost the growth of the market.
One of the major catalysts for the growth of the bioabsorbable market includes the increasing rate of cardiovascular diseases, which are, due to the low level of required physical activity and unhealthy dietary patterns. According to the World Health Organization, around 17.5 million deaths occurred because of different cardiovascular diseases each year. As bioabsorbable stents are highly used for the treatment of various cardiac abnormalities, like blocked blood vessels, their demand is increasing massively with the surge in the number of cases of cardiovascular diseases. Thus, these factors are expected to surge the growth and adoption of bioabsorbable stents around the world in the next few years.
COVID-19 Impact Analysis
As per the Harvard Health School, approximately 2 million individuals require coronary artery stents each year. The present COVID-19 crisis has affected the coronary stents market in various ways. The business complications emerging from the present pandemic have developed confusion regarding the production of medical devices. The solution to several uncertainties observed by bioabsorbable stents manufacturers, surgical centers, hospitals, and companies operating in the supply chain of these medical devices would have to bear the stringent governmental regulations in order to continue their manufacturing processes.
The massive disturbance in the bioabsorbable stents market because of the COVID-19 pandemic in various countries is evident with the lack of availability of these devices in the market. Procurement and supply of the raw materials, like platinum and cobalt, needed to manufacture stents have been severely affected due to the low number of freights working between various continents. Various medical device manufacturing companies have their headquarters and manufacturing plants in various countries, which may result in the gap between demand and supply chain. These aspects show that the demand for bioabsorbable stents has taken a beating due to the global pandemic of the coronavirus.
Based on Biomaterial, the market is segmented into Polymeric and Metallic. The metallic stents segment would exhibit a major growth rate during the forecast years. Factors like metallic stents are considered an alternative solution utilized for the percutaneous nephrostomy procedure are responsible for this growth.
Based on Application, the market is segmented into Coronary Artery Disease and Peripheral Artery Disease. Based on the application, the coronary artery disease segment would showcase the highest growth rate in 2020, and would dominate the global market during the forecast period. This is due to the increasing geriatric population, surge in occurrence of diabetes, and unwillingness to do some proper physical exercise.
End User Outlook
Based on End User, the market is segmented into Hospital and Cardiac Center. Based on the end-user, the hospital segment was the fastest growing segment in 2020 and would lead the global market during the forecast period. This is attributed to the surge in cardiac diseases and the accessibility of various alternatives for treatment procedures around the world. Though, the cardiac centers segment would showcase a major growth rate during the forecast period. This is due to the growing rate of coronary artery disease, reduction in the cost of post-operative cardiac care, and surge in the life expectancy of the patient having the cardiac disease.
|Market size value in 2020||USD 257.9 Million|
|Market size forecast in 2027||USD 429.2 Million|
|Historical Period||2017 to 2019|
|Forecast Period||2021 to 2027|
|Revenue Growth Rate||CAGR of 6.9% from 2021 to 2027|
|Number of Pages||164|
|Number of Tables||320|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Biomaterial, Application, End User, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Asia-Pacific would showcase the maximum growth rate during the forecast period. This is credited to a surge in the occurrence of coronary artery disease, a surge in awareness about the bioabsorbable stents, increasing demand for minimally invasive surgery, and an increment in the adoption of a hectic and inactive lifestyle.
Free Valuable Insights: Global Bioabsorbable Stents Market size to reach USD 429.2 Million by 2027
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Abbott Laboratories, B. Braun Melsungen AG, BIOTRONIK SE & Co. KG, Boston Scientific Corporation, MicroPort Scientific Corporation, Terumo Corporation, Arterius Ltd., Elixir Medical Corporation, Amaranth Medical, Inc., and REVA Medical, LLC.
Recent Strategies Deployed in Bioabsorbable Stents Market
- Sep-2020: Abbott started the LIFE-BTK clinical trial for evaluating the safety and effectiveness of its new Esprit BTK Everolimus Eluting Resorbable Scaffold System. This is the first trial to evaluate a fully bioresorbable stent to treat blocked arteries below the knees, or critical limb ischemia (CLI), in people battling advanced stages of peripheral artery disease (PAD).
- Feb-2020: BIOTRONIK got CE Mark certification for the Orsiro Mission drug-eluting stent (DES) system. This system offers high deliverability than other contemporary stents.
- Oct-2019: BIOTRONIK recieved approval from China’s National Medical Products Administration for its Orsiro drug-eluting stent. Orsiro is a cobalt-chromium stent that elutes the drug sirolimus via the Berlin-based company’s Biolute bioabsorbable polymer coating.
- Apr-2019: Arterius came into partnership with the University of Bristol’s Translational Biomedical Research Centre (TBRC). The partnership was aimed to develop a smart bioresorbable stent for severe peripheral vascular disease (PVD).
- Feb-2019: BIOTRONIK announced that FDA approved its Orsiro drug-eluting stent (DES) system. Orsiro is the first and only ultrathin DES that outperform the clinical standard, Xience.1,2 Orsiro and is used for treating more than one million patients worldwide to date.
- Jan-2017: Abbott acquired St. Jude Medical, Inc., an American medical device company. The acquisition established Abbott as a leader in the medical device arena.
Scope of the Study
Market Segments Covered in the Report:
- Coronary Artery Disease
- Peripheral Artery Disease
By End User
- Cardiac Center
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Abbott Laboratories
- B. Braun Melsungen AG
- BIOTRONIK SE & Co. KG
- Boston Scientific Corporation
- MicroPort Scientific Corporation
- Terumo Corporation
- Arterius Ltd.
- Elixir Medical Corporation
- Amaranth Medical, Inc.
- REVA Medical, LLC
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Bioabsorbable Stents Market Related Reports:
How valuable will the bioabsorbable stents market be in the future?
The global bioabsorbable stents market size is expected to reach $429.2 million by 2027.
What are the key driving factors and challenges in the bioabsorbable stents market?
Rising cases of PAD and CAD diseases across the world are driving the market in coming years, however, the low adoption rate of stents have limited the growth of the market.
What are the major top companies in the competitive landscape?
Abbott Laboratories, B. Braun Melsungen AG, BIOTRONIK SE & Co. KG, Boston Scientific Corporation, MicroPort Scientific Corporation, Terumo Corporation, Arterius Ltd., Elixir Medical Corporation, Amaranth Medical, Inc., and REVA Medical, LLC.
Which segment shows a high revenue share of the bioabsorbable stents market in 2020?
On the basis of biomaterial, the polymeric stents segment acquired the largest revenue share of the global bioabsorbable stents market in 2020 and would exhibit a similar trend even throughout the forecast period.
Which segment dominated the bioabsorbable stents market in 2020?
The Coronary Artery Disease market dominated the Global Bioabsorbable Stents Market by Application in 2020.
Which region dominated the bioabsorbable stents market in 2020?
North America emerged as the leading region of the global bioabsorbable stents market and would showcase a similar trend even during the forecast period.