Global Bioabsorbable Stents Market Highlights Over 2020 - 2030
The global bioabsorbable stents market is estimated to garner a revenue of USD 592.1 Million by the end of 2030 by growing at a CAGR of 7.67% over the forecast period, i.e., 2021 – 2030. Moreover, in the year 2020, the market registered a revenue of USD 284.3 Million. The growth of the market can primarily be attributed to the growing incidences of cardiovascular diseases worldwide, and for the rising need amongst individuals to undergo a surgery to treat the condition. According to the statistics by the World Health Organization (WHO), in the year 2019, close to 17.9 Million people were known to die due to cardiovascular diseases (CVDs). This represented a share of 32% of the total number of deaths caused around the world in that same year. Furthermore, out of the total share of deaths caused due to CVDs, 85% of the deaths were known to be caused due to heart attack and stroke.
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The growth of the market can also be attributed to the growing healthcare expenditure around the world, followed by the increasing utilization of bioabsorbable stents for other medical applications, such as for preventing urine retention during benign prostatic hyperplasia (BPH), for the management of tracheobronchial obstruction, as well as for its use in the esophagus and gastrointestinal tract as a minimally invasive alternative to surgery. Furthermore, the growing medical device industry, along with the supportive health initiatives of the government of nations worldwide, followed by the surge in the number of FDA approvals of different medical devices, are some of the additional factors expected to drive the market growth in the coming years.
Global Bioabsorbable Stents Market Regional Synopsis
Regionally, the global bioabsorbable stents market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Europe region is anticipated to garner the largest revenue of USD 252.3 Million by the end of 2030, up from a revenue of USD 129.6 Million in 2020. Despite the high prevalence rates of cardiovascular diseases in Europe, the number of deaths in the region has been on a declining trend. This can be attributed to the increasing number of cardiovascular surgeries performed in the region. According to the statistics by the statistical division, Eurostat, of the European Commission, in the year 2018, 10.4 Million in-patients with circulatory system diseases were discharged across the EU. Moreover, the number of transluminal coronary angioplasty surgical operations and procedures performed in Belgium, Germany, Croatia, and Austria increased from 227.0 (per 100,000 inhabitants), 385.9, 265.4, and 276.7 respectively in the year 2014 to 283.2, 419.5, 410.3, and 325.7 respectively in the year 2019.
The market in the region is further segmented by countries into Germany, UK, France, Italy, Spain, Russia, Netherlands, and the Rest of Europe. Out of these, the market in Germany is expected to generate the largest revenue of USD 42.2 Million by the end of 2030, up from a revenue of USD 21.0 Million in the year 2020. On the other hand, the market in North America is anticipated to generate the second-largest revenue by the end of 2030, and also grow with the highest CAGR of 8.66% during the forecast period.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Growth Drivers and Challenges Impacting the Growth of the Global Bioabsorbable Stents Market
- Increasing Prevalence of Cardiovascular Diseases (CVDs)
- Rising Focus of the Government of Nations to Facilitate Advance Healthcare Infrastructure
- Lack of Skilled Professionals for Using Stents
- Availability of Low-Cost Alternatives
Global Bioabsorbable Stents Market Segmentation Synopsis
The global bioabsorbable stents market is segmented by product type into bioresorbable polymer-based stents, and bioresorbable metallic stents. Out of these, the bioresorbable polymer-based stents segment is expected to generate the largest market revenue by the end of 2030, and also grow with the highest CAGR of 7.50% during the forecast period. By absorption rate, the market is segmented into slow, and fast absorption stents. Out of these, the slow-absorption stents segment registered the largest revenue in the year 2020. By application, the market is segmented into coronary and peripheral artery diseases. Out of these, the coronary artery diseases segment is expected to grow with the highest CAGR during the forecast period and also attain the largest revenue by the end of 2030. Moreover, by end-user, the market is segmented into hospitals, ambulatory surgical centers, cardiac centers, and others. Out of these, the hospitals segment generated the largest revenue of USD 127.4 Million in the year 2020, and is further expected to touch USD 265.2 Million by the end of 2030.
Top Featured Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global bioabsorbable stents market that are included in our report are Abbott, Elixir Medical Corporation, BIOTRONIK SE & Co KG, Arterius Limited, Boston Scientific Corporation, Meril Life Sciences Pvt. Ltd., OrbusNeich Medical Company Limited, Lepu Medical Technology (Beijing) Co., Ltd., and others.
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