The global bioabsorbable stents market size was US$ 221.5 million in 2021. The global bioabsorbable stents market is forecast to grow to US$ 351.5 million by 2030 by growing at a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2022 to 2030.
A stent is inserted into the internal duct of the human to expand the blood vessels in the body and prevent the blockage.
Factors Influencing the Market
The growing popularity of bioabsorbable stents is expected to fuel the growth of the global market. Furthermore, growing awareness about the benefits of these stents, such as ease of absorption in the body, will contribute to the market growth during the study period.
The rising prevalence of heart diseases and the growing geriatric population will also drive the bioabsorbable stents market forward during the forecast period. Furthermore, growing awareness related to percutaneous coronary intervention (PCI) procedure and the surging adoption of bioabsorbable stents by patients will accelerate the growth of the market throughout the forecast period.
Growing demand for minimally invasive procedures is expected to benefit the bioabsorbable stents market in the coming years. In addition, advancements in the industry will also escalate the market growth during the study period. For instance, the MicroPort Scientific Corporation unveiled the Castor Branched Stent-Graft system in 2021. The system is considered efficient for the treatment of aortic arch repair through a minimally invasive surgical procedure.
The risk associated with bioabsorbable stents may limit the growth of the overall market during the study period.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic positively affected the bioabsorbable stents market as the governments have increased healthcare expenditure. Moreover, the focus of the population has significantly shifted to health and fitness, which will increase consumer spending in this sector. As a result, it will contribute to the growth of the bioabsorbable stents market during the study period.
Regional Analysis
Globally, the Asia-Pacific bioabsorbable stents market is forecast to emerge as the largest market, owing to the growing prevalence of coronary artery disease and the increasing adoption of a sedentary lifestyle. Furthermore, the rapidly growing healthcare sector will contribute to the growth of the bioabsorbable stents market. The growing geriatric population and rising cases of problems associated with blood pressure will also drive the bioabsorbable stents market forward. According to Statista, nearly 28% of males and 19% of females suffered from high blood pressure in Japan in the year 2018. Thus, surging cases will ultimately prompt the growth of the Asia-Pacific bioabsorbable stents market.
Competitors in the Market
Market Segmentation
The global bioabsorbable stents market segmentation focuses on Biomaterial, Application, End-Users, and Region.
By Biomaterial Outlook
By Application Outlook
By End-Users Outlook
By Regional Outlook
