Growing Geriatric Population To Further Boost The Bioabsorbable Stents Market By US$ 1 Billion - Fact.MR Survey

The global bioabsorbable stents market is predicted to witness a moderate growth rate of 9.6% during the forecast years 2022 to 2032. The net worth of the bioabsorbable stents market share is expected to be valued at around US$ 1 Billion by the year 2032, growing from a mere US$ 372 Million recorded in the year 2021.

The growing prevalence of cardiovascular disease is sighted to be the leading cause of heart-related mortality worldwide. Around 17.5 million people die each year as a result of cardiovascular disease as a consequence of changing lifestyles, dietary habits, and rising blood pressure difficulties. All these factors have boosted the demand for bioabsorbable stents in the global market.

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Cardiovascular illnesses were responsible for more than 32% of fatalities in 2015, and this number is anticipated to grow to 45 per cent by 2030. The number of people diagnosed with diabetes has increased. Obesity, which is the leading cause of type 2 diabetes in adults, has increased as a result of changes in trends, food patterns, and regular exercise. The proliferation of such correlated diseases is suggested to be the major driving factor for the sales of bioabsorbable stents across the globe.

However, due to an increase in the prevalence of coronary artery disease, increased knowledge of bioabsorbable stents, increased demand for minimally invasive surgery, and increased adoption of unhealthy lifestyles, Asia-Pacific is predicted to have the highest CAGR from 2021 to 2032.

What is the Bioabsorbabale Stents Market Outlook in Asia Pacific Region?

As per the global market study on bioabsorbable stents, Asia Pacific is predicted to develop at the quickest rate. The rising number of cardiac patients in the Asia Pacific countries with the highest population count is predicted to drive the demand for bioabsorbable stents in the regional market.

During the projected period, the China bioabsorbable stents market is predicted to lead at the fastest rate of 8.8% in this geographical region. The net worth of the market is estimated to be around US$ 28 Million in 2022 and is projected to reach a total valuation of US$ 71.6 Million in the year 2032.

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Key Takeaways from Market Study

The overall growth in the total value of the global Bioabsorbable stents market is figured out to be around US$ 625.8 Million over the 10 years of forecasted time.
Coronary artery disease segment is the fastest growing segment on the basis of several applications for Bioabsorbable polymer stents, with an estimated year-on-year growth rate of around 10.2% over the forecast years of 2022 to 2032.
Hospitals is the major end use vertical for the bioabsorbable stents market growth growing at a CAGR of 10.1%.
United States dominates the bioabsorbable market trends contributing nearly US$ 135.4 Million in the year 2022.
China is the leading market in the Asia Pacific region that is poised to reach a value of about US$ 71.6 Million by the end of this forecast period in 2032.

Competitive Landscape

Global bioabsorbable stents market key players include Abbott Laboratories, REVA Medical, Inc., Elixir Medical Corporation, Arterial Remodelling Technologies S. A., Kyoto Medical Planning Co. Ltd., Microport Scientific Corporation, and Arterius Ltd. among others.

The global market for bioabsorbable stents is getting intensely competitive day by day, with a slew of major players competing for the top position.

In terms of market share and sales of bioabsorbable stents, a few renowned companies now dominated the sector. Emerging bioabsorbable enterprises, on the other hand, are expandind their market share by producing better products at low prices and incorporating technological advancements and product innovations.

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Recent Developments in the Market

 Orsiro drug-eluting stent received approval from China's National Medical Products Administration in October 2019. Orsiro is indeed a cobalt-chromium stent that uses a Berlin-based company's Biolute bioabsorbable polymer covering to elute the medication sirolimus in complex stage heart patients.

Arterius partnered with the University of Bristol's Translational Biomedical Research Centre in April 2019. The goal of this collaboration is to create a smart bioresorbable stents for patients with severe peripheral vascular disease commonly referred to as PVD.

While there will be uncertainties, stakeholders can navigate them by factoring in historic and current drivers of change when strategizing for 2020 and beyond. Among these drivers are a growing and aging population, rising prevalence of chronic diseases, infrastructure investments, technological advancements, evolving care models, higher labor costs amidst workforce shortages, and the expansion of health care systems in developing markets.

Health care systems need to work toward a future in which the collective focus shifts away from treatment, to prevention and early intervention. For years, financial challenges have shadowed the world's public and private health systems to varying degrees, and we expect the situation to persist in 2020.

This will make "value" a watchword in health care payment reform. The entry of non-traditional players in the health care sector have the potential to both support and suppress incumbents' efforts to grow revenue. Digital giants and digital-first health solution disruptors are demonstrating that there could be an easier and more user-friendly way to conduct health care transactions.

Health care stakeholders are implementing payment reforms such as value-based payment models that help providers, payers, and patients achieve the best outcomes at the lowest cost. Technology-enabled patient engagement strategies are enabling increased financial independence for patients in their health care decisions, in addition to improving interactions with their health care systems.

Governments are also moving the needle by adopting universal health coverage and introducing pricing controls on pharmaceuticals and medical technology devices. Population health management (PHM) is being used to identify people's health care needs and offer services accordingly.

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