The global bioresorbable stents market is expected to reach USD 417.2 million by 2022 from USD 242.4 million in 2017, at a CAGR of 11.5% during the forecast period.
Market growth of bioresorbable stents is attributed to the growing aging population susceptible to coronary and peripheral artery diseases, rising PCI procedures, increasing focus of companies on clinical trials of bioresorbable stents, increasing adoption of these stents by physicians and patients, and patients’ preference for minimally invasive therapies.
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Some prominent players in the bioabsorbable stents market include Abbott (US), BIOTRONIK SE & Co. KG (Germany), REVA Medical, Inc. (US), Elixir Medical Corporation (US), Arterial Remodeling Technologies (France), and Kyoto Medical Planning Co., Ltd. (Japan).
Major Market Developments:
- In 2016, Abott received Received approval from the Ministry of Health, Labor and Welfare (MHLW) in Japan for its Absorb bioresorbable heart stent.
- In 2017, Reva Medical received CE approval for Fantom, a drug-eluting bioresorbable coronary scaffold
- In 2015, Abbott received CE mark approval for Absorb GT1, which is the world’s first fully bioresorbable stent system. This approval helped the company to market this product in Europe, thus expanding its customer base.
- Bioabsorbable stent manufacturing companies
- Pharmaceutical and medical devices manufacturing companies
- Healthcare institutions (hospitals and clinics)
- Stent distributors and suppliers
- Research institutes
- Venture capitalists
- Health insurance payers
- Market research and consulting firms
Geographically, the bioresorbable stents market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2017, Europe is expected to dominate the market, followed by Asia. The dominance of European region is majorly attributed to increasing regulatory approvals for stents which will facilitate their commercialization and rising research activities for development of bioresorbable stents.
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The market in North America is expected to grow at the highest CAGR during the forecast period. Factors such as increasing prevalence of CAD and PAD, patient preference for minimally invasive therapies, unhealthy lifestyle habits, and huge patient pool are enabling this market to grow in this region