Market growth of bioresorbable stents is attributed to the growing aging population susceptible to coronary and peripheral artery diseases, rising PCI procedures, increasing focus of companies on clinical trials of bioresorbable stents, increasing adoption of these stents by physicians and patients, and patients’ preference for minimally invasive therapies.
Growth of Bioabsorbable Stents Market
The global bioabsorbable stents market is expected to reach $417.2 million by 2022 from $242.4 million in 2017, at a CAGR of 11.5% during the forecast period. However, factors such as the increasing product withdrawals due to severe complications of these stents may hamper market growth.
Bioabsorbable stents or scaffolds are implanted within the artery for clearing the blockage caused due to the accumulation of plaque (cholesterol, fatty substances, cellular waste products, calcium, and fibrin). These devices dissolve within the body after eluting the drug within a certain period of time and are aimed at increasing the efficiency of the treatment by reducing the chances of thrombosis and dual anti-platelet therapy among patients.
Material Growth of Bioabsorbable Stents
Market is segmented into bioresorbable polymer-based stents and bioresorbable metallic stents. The bioresorbable polymer-based stents segment is expected to grow at the highest CAGR. The growth of this market is mainly attributed to companies’ increasing focus on developing polymeric stents and increasing approvals for polymer-based stents across various regions.
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Application Used in Bioabsorbable Stents
Market is segmented into coronary artery diseases and peripheral artery diseases. In 2017, coronary artery diseases accounted for the largest share of the market. The dominance of this segment is attributed to factors such as increasing aging population prone to coronary and the adoption of unhealthy lifestyle habits leading to increased risk of coronary artery diseases.
End User of Global Bioabsorbable Stents Market
Market is segmented into hospitals and cardiac centers. The hospitals segment is expected to dominate the market and grow at the highest CAGR during the forecast period. The high growth of this segment is attributed to increasing need of surgeries, growing risk of CAD and PAD, and improving reimbursement scenario for the hospitals.
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Geographical Region covered by Bioabsorbable Stents Market
Geographically, the bioresorbable stents market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2017, Europe is expected to dominate the market, followed by Asia. The dominance of European region is majorly attributed to increasing regulatory approvals for stents which will facilitate their commercialization and rising research activities for development of bioresorbable stents. The market in North America is expected to grow at the highest CAGR during the forecast period. Factors such as increasing prevalence of CAD and PAD, patient preference for minimally invasive therapies, unhealthy lifestyle habits, and huge patient pool are enabling this market to grow in this region
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