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Bioabsorbable Stents Market Overview
In the coming years, the global bioabsorbable stents market size is predicted to witness considerable growth due to the rising prevalence of cardiovascular diseases, rising number of obese people across the world, technological advancements, surging aging population, increasing risk of restenosis in patients undergoing angioplasty, growing number of percutaneous coronary intervention procedures, and rising adoption of these devices.
A stent is a polymer or metallic tube which is implanted into the lumen of any blood vessel or a duct for keeping the passage open. Bioabsorbable stents are manufactured using materials which are absorbed in the human body. The polymeric bioabsorbable stents are projected to witness the faster growth in the coming years in the bioabsorbable stents market. This is ascribed to the rising focus of companies on the development of polymeric stents and increasing approvals for these stents across different regions.
The two applications of bioabsorbable stents are peripheral artery diseases and coronary artery diseases. Between these two, the larger bioabsorbable stents market share was held by the coronary artery diseases application in the past. This was because of the surging geriatric population who are susceptible to coronary artery diseases and the rising adoption of unhealthy lifestyle habits, which result in increased risk for these diseases. Hospitals and cardiac centers are the two major end users of bioabsorbable stents, between which, hospitals are expected to dominate the domain in the coming years, primarily due to the rising requirement for surgeries.
Geographically, Europe is predicted to account for the largest bioabsorbable stents market share in the near future, which is ascribed to the increasing research activities for the development of bioresorbable stents and rising regulatory approvals. North America is projected to witness the fastest growth in the near future because of the increasing preference for minimally invasive surgeries, large patient pool, and unhealthy lifestyle habits.
Bioabsorbable Stents Market Dynamics
One of the major driving factors for the bioabsorbable stents market growth is the surging prevalence of cardiovascular diseases, which are, in turn, occurring because of the lack of necessary physical activity and unhealthy diet habits. As per the World Health Organization, approximately 17.5 million people die due to cardiovascular diseases every year. Since bioabsorbable stents are increasingly being utilized for treating different cardiac abnormalities, such as blocked blood vessels, their demand is rising with the growing incidence of cardiovascular diseases.
Bioabsorbable Stents Market Competitive Landscape
Some of the key players operating in the global bioabsorbable stents market are REVA Medical, Zorion Medical, Tepha Inc., S3V Vascular Technologies Pvt. Ltd., Kyoto Medical Planning Co. Ltd., Medlogics Device Corporation, ICON Interventional Systems Inc., Elixir Medical Corporation, Arterial Remodeling Technologies, Biotronik, Arterius Ltd., Abbott Laboratories, and Amaranth Medical Inc.