Bioabsorbable Stents Market to Reach $308.9 Mn, Globally, by 2027 at 5.6% CAGR: AMR

PORTLAND, Ore., June 8, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Bioabsorbable Stents Market by Biomaterial (Polymeric Stents and Metallic Stents), Application (Coronary Artery Disease and Peripheral Artery Disease), and End User (Hospital and Cardiac Centers): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global bioabsorbable stents market size was accounted for $283.6 million in 2019, and is expected to garner $308.9 million by 2027, registering at a CAGR of 5.6% from 2020 to 2027.

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Drivers, restraints, and opportunities

Increase in technological developments in bioabsorbable stents, surge in prevalence of chronic heart diseases, rise in geriatric populations drive the growth of the global bioabsorbable stents market. Moreover, surge in demand for minimally invasive procedures supplemented the market growth. However, high cost and risk of procedure associated with bioabsorbable stents hamper the market growth. On the other hand, surge in R&D and growth in development of healthcare infrastructure are expected to open lucrative opportunities for the market players.

Covid-19 scenario:

• Due to the Covid-19 outbreak, the need for bioabsorbable stents has surged to treat Covid-19 patients. On the contrary, the lockdown regulations and stringent regulations on import-export disrupted the supply chain and resulted in a hike in the prices of raw materials.
• Moreover, the prolonged lockdown has created a huge gap in demand and supply.

The metallic stents segment to manifest the highest through 2027

By biomaterial, the metallic stents segment is expected to manifest the highest CAGR of 6.3% during the forecast period, owing to increase in prevalence of gastrointestinal disease, adoption of unhealthy life diet, and lack of necessary physical exercise. However, the polymeric stents segment dominated the market in 2019, accounting for nearly three-fifths of the market, due to rise in the number of approvals from government and increase in prevalence of cardiovascular diseases.

The coronary artery diseases segment dominated the market

By application, the coronary artery disease segment held the lion's share in 2019, contributing to nearly three-fourths of the market. In addition, the segment is anticipated to register the highest CAGR of 6.3% from 2020 to 2027, due to rise in the geriatric population, increase in prevalence of diabetics, cardiac disease, and the adoption of an unhealthy lifestyle.

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North America held the lion's share

By region, North America dominated the market in 2019, contributing to more than two-fifths of the market, due to rise in prevalence of target diseases, the presence of advanced healthcare infrastructure, increase in number of approvals. However, Asia-Pacific is expected to portray the highest CAGR of 6.3% during the forecast period, owing to in prevalence of coronary artery disease, rise in awareness regarding bioabsorbable stents, surge in demand for minimally invasive surgery, and increase in adoption of an unhealthy lifestyle.

Major market players

• Arterial Remodeling Technologies
• Arterius Limited
• B. Braun Melsungen AG
• Biotronik SE & Co. KG
• Boston Scientific Corporation
• the Elixir Medical Corporation
• Microport Scientific Corporation
• Kyoto Medical Planning Co. Ltd.
• Reva Medical
• Terumo Corporation

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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.

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