The global bioabsorbable stents market is on the brink of substantial growth, with projections indicating an increase in market value from USD 171.8 million in 2023 to an impressive USD 253.9 million by 2033. This substantial growth represents a steady Compound Annual Growth Rate (CAGR) of 4%, reflecting the escalating global demand for innovative cardiovascular treatment options.
Transformative Trends in Stent Development
The techniques for stent development are undergoing significant transformation. With a wide range of manufacturing modalities now available, manufacturers are poised to capitalize on emerging opportunities. Currently, five primary techniques are utilized for stent production: etching laser cutting, electroforming, micro-electro discharge machining, and die-casting.
Among these advancements, 3D printing technology has seen significant adoption in recent years. The limitations of traditional processing methods for biodegradable stent materials have spurred interest in biological 3D printing technology, paving the way for innovative solutions that meet evolving market demands.
Emerging Markets and Future Prospects
Emerging economies, particularly in Asia, are presenting significant opportunities for growth in the bioabsorbable stents market. Countries like China are becoming focal points for manufacturers looking to shift their resources and operations from developed markets to capitalize on the burgeoning demand for advanced cardiovascular solutions. This strategic pivot is expected to enhance market dynamics and contribute to the overall growth trajectory.
As the bioabsorbable stents market continues to evolve, manufacturers are urged to adapt to these transformative trends and seize the numerous opportunities available in this promising sector.
“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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