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Global Bioabsorbable Stents Market to Grow at 9.7% CAGR to Reach US$ 350 Mn in Revenues by 2022
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The factors that are fuelling the demand for stents include increase in cardiovascular surgeries, reduction in the cost of treatment, and advancement in the bioabsorbable stent technology. However, relatively lower levels of awareness among end users and healthcare providers in developing countries, combined with complications associated with the use of these stents can pose challenges to their widespread adoption.
Europe is likely to remain one of the leading markets for bioabsorbable stents during the assessment period. The demand for bioabsorbable stents in Europe is likely to grow at a CAGR of 9.6% during the assessment period. In addition to Europe, North America and APEJ are likely to be the other key markets for bioabsorbable stents during the assessment period. The demand for bioabsorbable stents in North America is likely to grow at a higher CAGR as compared to Europe.
By product type, demand for polymeric stents is the highest, and it is highly likely that this product segment will continue to be dominant throughout the forecast period. According to the report, this product segment accounted for nearly 58% revenue share of the market in 2017. Polymeric-coated metallic stents segment is projected to grow at a CAGR of over 12% during the assessment period.
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On the basis of disease indication, the report has segmented the market into coronary artery disease and peripheral artery disease. Among these, use of bioabsorbable stents in coronary artery disease indication is likely to remain significant. This segment accounts for nearly 68% revenue share of the market currently, and is likely to remain dominant throughout the forecast period.
By absorption rate, slow absorption is likely to show higher growth as compared to other segments, and is projected to grow at a CAGR of over 10% during the assessment period. This segment also accounts for a higher market share, and the trend is likely to continue during the assessment period. Some of the key companies profiled in the report include Abbott Laboratories, Elixir Medical Corporation, Amaranth Medical, Inc., BIOTRONIK SE & Co. KG, Boston Scientific Corporation, REVA Medical, Inc., Tepha, Inc., Becton Dickinson and Company, Kyoto Medical Planning Co., Ltd., and Lepu Medical Technology (Beijing) Co., Ltd.
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