$429.2 Million Worldwide Bioabsorbable Stents Industry to 2027 - Key Drivers and Restraints - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
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 is expected to 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 is expected to 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.
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 is expected to 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.
- 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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Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1.2 Market Composition & Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Global Bioabsorbable Stents Market by Biomaterial
3.1 Global Polymeric Market by Region
3.2 Global Metallic Market by Region
Chapter 4. Global Bioabsorbable Stents Market by Application
4.1 Global Coronary Artery Disease Market by Region
4.2 Global Peripheral Artery Disease Market by Region
Chapter 5. Global Bioabsorbable Stents Market by End User
5.1 Global Hospital Market by Region
5.2 Global Cardiac Center Market by Region
Chapter 6. Global Bioabsorbable Stents Market by Region
Chapter 7. Company Profiles
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