Global Bioabsorbable Stents Market Analysis 2020-2030
Bioabsorbable stents are used to open or widen clogged heart arteries. The global bioabsorbable stents market is anticipated to grow with a CAGR of 7.67% over the forecast period, i.e., 2021 – 2030. Factors such as the growing prevalence of cardiovascular diseases (CVDs) worldwide, and the rising use of stents for the surgery of these diseases, followed by the growing utilization of advanced medical devices for treating chronic diseases, as well as the rising advancements in the field of healthcare, are expected to contribute to the market growth in the coming years. Furthermore, factors such as 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 are also expected to accelerate the market growth in the coming years. The global bioabsorbable stents market is estimated to garner a revenue of close to USD 590 Million by the end of 2030, up from a revenue of about USD 280 Million in the year 2020.
The global bioabsorbable stents market is segmented by numerous segments, which include segmentation by product type, absorption rate, application, end-users, and by region. On the basis of end-users, the market is segmented into hospitals, ambulatory surgical centers, cardiac centers, and others. Amongst these, the hospitals segment is expected to generate the largest revenue of over USD 260 Million by the end of 2030, and also grow with the second-highest CAGR of 8% approximately during the forecast period.
Based on region, the global bioabsorbable stents market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in Europe region is anticipated to garner the largest revenue of near to USD 250 Million by the end of 2030, up from close to USD 130 Million in 2020.
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.