The increasing incidences of cardiovascular diseases (CVDs) and increasing number of obese people worldwide are some of the major growth drivers for the global bioabsorbable stents market. CVDs are characterized by disorders of the heart and blood vessels. The major disorders include cerebrovascular disease, coronary heart disease, and rheumatic heart disease. People at risk of CVDs are affected with increased blood pressure, as well as obesity. According to the World Health Organization (WHO), 17.5 million people die from CVDs every year around the world.
The technological advancements in stent technology, increasing number of cardiovascular surgeries, and growing aging population are also driving the growth of the global bioabsorbable stents market.
Stent is a device, which is inserted into the blood vessels to expand the vessel and prevent blockage. Bioabsorbable stents are manufactured by materials, which are absorbed in the human body. Most bioabsorbable stents are made with polylactic acid, a biodegradable material which is used in manufacturing of medical implants. Bioabsorbable stents have several advantages, such as it eliminates causes of potential inflammation, which can lead to restenosis and late-stent thrombosis. Moreover, the bioabsorbable stents are viable alternatives for permanent drug-eluting and bare metal stent implants.
The stringent government regulations for the approval of bioabsorbable stent, and high risk of side-effects associated with the implantation of stents in the body are some of the common factors, restraining the growth of the global bioabsorbable stents market. Moreover, the lack of awareness towards innovative and interventional applications of bioabsorbable stents, and lack of reimbursement policies are also hindering the growth of the bioabsorbable stents market, especially in the developing countries. However countries, such as India and China are expected to witness a considerable growth during the forecast period, owing to increasing aging population and growing incidences of CVDs.
Geographically, Europe leads the global bioabsorbable stents market, due to increasing awareness about therapeutic applications of stent technology in the treatment of CVDs. In addition, the huge investment by key players for the development of biodegradable stents and rapid product approval are propelling the growth of the bioabsorbable stents market in the region. The Asia-Pacific bioabsorbable stents market is growing with a significant rate, owing to increasing aging population and increasing prevalence of CVDs.
In Europe, Germany, the U.K., France, and Italy are some of the major countries, holding significant share of the bioabsorbable stents market of the region. In North America, the U.S, followed by Canada, is the largest market for bioabsorbable stents. In Asia-Pacific, India, Japan, and China are the major markets for bioabsorbable stents. The Asia-Pacific bioabsorbable stents market is expected to witness fastest growth, attributed to the increasing healthcare expenditure and presence of large pool of patients.
Some of the major players operating in global bioabsorbable stents market include, Zorion Medical, Tepha, S3V Vascular Technologies, REVA Medical, Medlogics Device Corporation, Kyoto Medical Planning, ICON Interventional Systems, Elixir Medical Corporation, Biotronik, Arterial Remodelling Technologies Arterius, Amaranth Medical, and Abbott Vascular.
Bioabsorbable Stent Market Segmentation
By Product Type
Polymeric Bioabsorbable Stents
Metallic alloy Bioabsorbable Stents
By Therapeutic Application
Coronary Artery Diseases
Peripheral Artery Diseases
Rest of the World