The global bioabsorbable stents market size is estimated to clock a valuation of USD 253.9 million by 2033. Our pharmaceutical experts opine that bioabsorbable stent suppliers can expect a CAGR of 4% through 2033, with a present valuation of USD 171.8 million in 2023.
| Attributes | Details |
|---|---|
| Bioabsorbable Stents Market Size, 2022 | USD 167.7 million |
| Bioabsorbable Stents Market Size, 2023 | USD 171.8 million |
| Bioabsorbable Stents Market Size, 2033 | USD 253.9 million |
| Value CAGR (2023 to 2033) | 4% |
Trend Analysis of Bioabsorbable Stents Market
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| Attributes | Details |
|---|---|
| Bioabsorbable Stents Market Size (2018) | USD 153.40 million |
| Bioabsorbable Stents Market Size (2022) | USD 167.7 million |
| Bioabsorbable Stents Market (CAGR 2018 to 2022) | 2.2% |
The bioabsorbable stents market accounts for a negligible share of the global stents market. However, with surging innovations and advancements in bioabsorbable stents, the market is expected to elevate at a steady pace.
As per the latest market records, the market observed a 2.2% CAGR from 2018 to 2022. The Initial generation of stents, called BMS, is composed of cobalt-chromium, tantalum, platinum-iridium alloys, nitinol, and stainless steel. However, these stents have been reworked to alleviate the number of problems or maintenance as a foreign body.
After consideration, coated stents, biodegradable stents, and drug-eluting stents came into the picture. The restenosis rate decreased as bare metal stents saw broader adoption.
Advancements in stents have led to the development of bioabsorbable stents, which can weaken and break down into natural by-products after completing their primary goal of offering judicious support for diseased lesions. Due to quick implantation, the decomposition of bioabsorbable stents is making them reachable to patients of all ages, especially children, boosting the adoption in the next decade.
Due to the widespread frequency of CVD, the demand for bioabsorbable stents is predicted to heighten owing to their efficiency and lowered adverse effects. The bioabsorbable stents market is expected to observe a CAGR of 4% through 2033.
| Country/ Region | Value Share (2022) |
|---|---|
| North America | 48.5% |
| Europe | 27.6% |
| The United States | 44.4% |
| Germany | 9.9% |
| Japan | 5.1% |
The North America market accounted for a sizeable portion of the bioabsorbable stent market in 2022, accounting for 48.5% market share. The United States captures a prominent share in the region, recording a 44.4% value share globally. The market demand for bioabsorbable stents is being influenced not only by doctors, but also by hospital administrators, regulators, and other non-clinicians. This wider circle of influencers presents distinct goals to the table, including cost-effectiveness. This shift in dynamics suggests a change in individual outcomes to an emphasis on population-level usefulness, like an overall enhancement seen in a population for a certain level of spending.
Rivalry in the medical products industry is becoming more intense. Blockbuster categories like bioabsorbable coronary stents are gaining more manufacturers as they mature. As active participants find it harder to identify a high-impact scientific innovation in the market, relatively small firms are procuring market stakes by providing innovative business models at reduced prices. Higher price transparency facilitated by the surging use of tenders in the country is giving a competitive edge to low-cost participants.
Europe is another notable market for bioabsorbable stents. As per the latest market updates, the European bioabsorbable stent market is expected to account for around 27.6% value share in 2023. Germany is predicted to register a chief position in the region. Globally, Germany’s market share is expected to clock 9.9% in 2023. The United Kingdom, which is another key player in the region, is predicted to record a CAGR of 5.7% through 2033.
The region has been an active participant in the field of bioabsorbable stents. The region kickstarted the commercial use of bioresorbable stents by giving appropriate approvals. To be precise, in January 2011, the European CE mark permitted to Absorb, Abbott drug-eluting bioresorbable coronary stent. It was the first-ever bioresorbable stent to obtain regulatory approval the world over.
Fast forward to 2023, the bioresorbable devices still embody the future of coronary stents. Key players in the region are zeroing in on long-term research on the device, with the motive of enhancing the market scope and opportunities for the respective companies. A key example of this practice is Abbott Vascular. With this in mind, companies are expected to thrive in the Europe market.
The Asia Pacific market for bioabsorbable stents paints a promising picture. Core Asian markets like China and India represent a growth of 6.6% and 4.6% CAGR. Consequently, they attract key players to build or expand their base. Surging investments in healthcare and expanding middle classes in these countries are making them a haven for premium products.
Recently, these marketplaces are showing higher growth due to innovations in pricing mechanisms and purchasing processes. Medical product manufacturers in the market have been proactive in capturing the vast opportunities available.
To gain most of the current market scene, key players need to make up their minds about their go-to-market models, tiered portfolios, business development, implications for supply chain, differentiated offerings, M&A, and cost of goods sold. With this comprehensive outlook, they would be better equipped to chart the revenue-generating opportunities in Asia Pacific.
The area of medical research is constantly evolving and currently, it also encompasses bioresorbable stents and polymer-free stents. The Japan bioabsorbable stents industry is being propelled by the increasing acceptability of stents to treat coronary artery disease (CAD). According to the latest research by FMI analysts, the bioabsorbable stents market in Japan is forecast to acquire about 5.1% in 2023.
In the past, precisely in July 2016, Japan’s Ministry of Health, Labor, and Welfare (MHLW) permitted Abbott’s Absorb bioresorbable heart stent, making this then-unique medical instrument commercially available to treat patients of coronary artery disease in Japan.
In the present competitive scene, key players are strategically advancing in the Japan market using M&A, partnerships, collaborations, and product innovation, to gain greater market share.
As per the recent analysis, the Australia market is thriving at a 6.2% CAGR through 2033. Significant untapped prospects in this landscape are fueling the market sales of bioabsorbable stents in the country. By working on improving the insufficiencies of coronary stents, key players can modify these devices to develop an optimized coronary stent. Additionally, the growing knowledge about the enhanced clinical outcomes in interventional cardiology with the use of coronary stents is expected to spur market growth.
Principal Consultant
Coronary artery stents account for a substantial share of 76.2% as of 2022. Numerous angioplasty operations drive demand for coronary stents. Angioplasty can relieve the symptoms of blocked arteries like shortness of breath and chest pains. Due to the high incidence rate of CVD, the selection of angioplasty is fueling the adoption of stent procedures. This is uplifting the demand for coronary artery stents due to their stability and efficacy in comparison to conventional stents.
As per the latest market study, polymer-made bioabsorbable stents are acquiring significant market share in the global landscape. The segment is expected to obtain about 59.3% market share in 2023. Biodegradable (BIO) polymers are capable of reducing the occurrence of subsequent complications like mal-apposition, stent strut uncovering, thrombosis, and endothelial dysfunction. Advantages of using these stents include lowered inflammatory response and entire drug elution. Therefore, polymer materials are gaining significant attention for the development of bioabsorbable stents.
Key players in the market are strategizing to enhance their product range and revise product patenting, to serve the clinical requirements of patients. Market participants release novel products and obtain regulatory approvals and licensing for distribution to improve their geographical presence.
Key Developments in the Market
Key Players in the Market
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The bioabsorbable stents are worth USD 171.8 million in 2023.
The market is expected to expand at a CAGR of 4% through 2033.
China is expected to see substantial consumption of bioabsorbable stents.
Coronary artery stents are a highly preferred product type by its end users.
Polymers are a sought-after material for bioabsorbable stents.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Stents 5.1. Coronary Artery Stents 5.2. Peripheral Artery Stents 5.3. Non-vascular Stents 5.3.1. Esophageal Stents 5.3.2. Biliary Stents 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material 6.1. Metallic 6.2. Ceramic 6.3. Polymers 6.3.1. PGA 6.3.2. PLA 6.3.3. Co-Polymer 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 7.1. Cardiovascular 7.2. Orthopedics 7.3. Cosmetic Surgery 7.4. General Surgery 7.5. Cranial 7.6. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User 8.1. Hospitals 8.2. Specialty Clinics 8.3. Ambulatory Surgical Centers 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. South Asia and Pacific 9.6. East Asia 9.7. Middle East and Africa 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Boston Scientific Corporation 19.2. Meril Life Sciences Pvt. Ltd. 19.3. Medtronic Plc 19.4. Smith & Nephew Plc 19.5. Stryker Corporation 19.6. Wright Medical Group 19.7. KLS Martin 19.8. BIOTRONIK Ltd 19.9. Syntellix AG 19.10. Q3 Medical Devices Limited. 19.11. JW Medical Systems LTD 19.12. ORBUSNEICH MEDICAL 19.13. Abbott Vascular 20. Assumptions & Acronyms Used 21. Research Methodology
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Bioabsorbable Stents Market
