The global bioabsorbable stents market is poised for substantial growth, with projections indicating a rise in market value from USD 171.8 million in 2023 to an impressive USD 253.9 million by 2033. This growth represents a steady Compound Annual Growth Rate (CAGR) of 4%, reflecting the increasing global demand for innovative cardiovascular treatment options.
Transformative Trends in Stent Development
The stent development landscape is undergoing a revolutionary transformation, fueled by advanced manufacturing techniques that are reshaping the industry. With a range of innovative modalities now at their disposal, manufacturers are well-positioned to leverage emerging opportunities in the bioabsorbable stents market. Five primary techniques are currently being utilized for stent production: etching laser cutting, electroforming, micro-electro discharge machining, and die-casting.
One of the most noteworthy advancements in recent years is the adoption of 3D printing technology. Traditional processing methods for biodegradable stent materials have faced limitations, prompting the rise of biological 3D printing technology. This cutting-edge development is enabling the creation of more customized and precise solutions, catering to the evolving needs of the market.
Emerging Markets and Future Prospects
As the demand for advanced cardiovascular solutions escalates, emerging economies, particularly in Asia, present significant growth opportunities for the bioabsorbable stents market. Countries such as China are becoming key focal points for manufacturers seeking to capitalize on the growing need for innovative medical devices. This strategic shift towards emerging markets is expected to further drive the expansion of the bioabsorbable stents market.
The global bioabsorbable stents market is on the cusp of a transformative period, with technological innovations and emerging markets providing significant momentum for future growth. Manufacturers are encouraged to adapt to these transformative trends and capitalize on the numerous opportunities arising in this promising sector. As the market continues to evolve, bioabsorbable stents are expected to play a crucial role in addressing the growing demand for effective and sustainable cardiovascular treatments worldwide.
“Market players can expand their share in China for bioabsorbable stents, due to significant opportunities present 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.
Key Takeaways from the Bioabsorbable Stents Market Report:
- In 2022, the global bioabsorbable stents market size stood at USD 167.7 million.
- North America is a notable market for bioabsorbable stents, accounting for about 48.5% in 2023. The United States occupied 44.4% market share in 2022.
- The Europe market for bioabsorbable stents 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.
- Based on product type, the coronary artery stents segment is expected to acquire a value share of around 76.2% in 2023.
- On the basis of material type, the polymers segment is anticipated to obtain a market share of about 59.3% in 2023.
Stay Ahead with Bioabsorbable Stents: Delve into Our Full Report for Extensive Trends and Insights!
Recent 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 have been developed in India, dissolve in the body post three years, leaving the natural artery as it is.
Key Players in the 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
Key Market Segments Covered in Bioabsorbable Stents Market Report:
By Stents:
- Coronary Artery Stents
- Peripheral Artery Stents
- Non-vascular Stents
- Esophageal Stents
- Billary 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 (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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