Bioabsorbable Stents Market to reach USD 417.2 million by 2022

The global bioabsorbable 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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Bioresorbable polymer-based stents projected to grow at the highest CAGR

Based  on material, the market is segmented into bioresorbable polymer-based  stents and bioresorbable metallic stents. The bioresorbable  polymer-based stents segment is expected to grow at the highest CAGR  during the forecast period. The growth of this market is attributed to  companies’ increasing focus on developing polymeric stents and approvals  being granted for polymer-based stents across various regions

Based on applications, the coronary artery diseases are expected to dominate the market in 2017

Based  on application, the market is segmented into coronary artery diseases  and peripheral artery diseases. In 2017, coronary artery diseases  accounted for the largest share of the market. The dominance of this  segment is attributed to factors such as increasing aging population  prone to coronary artery diseases and the adoption of unhealthy  lifestyle habits leading to increased risk of these diseases.

Europe to dominate the market during the forecast period

In  2017, Europe is expected to account for the largest share of the  market. The dominance of the European market is attributed to the  factors such as increasing regulatory approvals for stents which will  facilitate their commercialization and rising research activities for  development of bioresorbable stents. In 2017, Asia is expected to hold  the second largest share of this market. Factors such as, increasing  industrial development, rising disposable income, burgeoning aging  population with changing lifestyle (which have increased the prevalence  of CAD), and the higher prevalence of diabetes are important factors to  fuel the market growth in this region.

The  bioresorbable stents screening market is a niche market with the  presence of several emerging players and few big players. Prominent  players in the market include Abbott (U.S.), BIOTRONIK SE & Co. KG  (Germany), REVA Medical, Inc. (U.S.), Elixir Medical Corporation (U.S.),  and Kyoto Medical Planning Co., Ltd. (Japan).