+1 915 229 3004 (U.S.) | 
+44 7452 242832 (U.K.)
+1 915 229 3004 (U.S.) | +44 7452 242832 (U.K.)
Global Absorbable Heart Stent Market Size was valued at USD 0.20 Billion in 2022. The Absorbable Heart Stent market Material is projected to grow from USD 0.27 Billion in 2023 to USD 0.56 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.40% during the forecast period (2023 - 2032). The ageing population is aging quickly, coronary artery disease is more common, technology has advanced, and there is an increasing demand for minimally invasive therapies, are the key market drivers enhancing the market growth.
Download Free Sample to learn more about this report
Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The market for coronary stents is transitioning into a new stage of technological growth with the advent of totally dissolving stents. The US FDA gave Abbott (US) permission to start selling its Absorb bioresorbable cardiac stent in July 2016. Absorb is the only completely dissolving stent that can be used to treat CAD. Researchers have also developed bioengineered and dual-therapy stents for the treatment of CAD. Stent performance is improved and their range of applications is expanded as a result of developments in stent technology in the areas of material, design, and coating. Additionally, bringing distinctive products to market helps companies establish a competitive edge and increase sales.
The main cause of death worldwide is CVD. In contrast to invasive operations like coronary artery bypass surgery (CABS), PCI and coronary angioplasty/stenting don't necessitate big incisions, hence they are considered minimally invasive procedures. Demand for these procedures is mostly being driven up by their advantages, which include reduced surgical stress, fewer scars, decreased discomfort, noticeably shorter hospital stays, and an earlier return to normal activity. Given these advantages, patients are selecting minimally invasive procedures at an increasing rate. As a result, there is an increase in demand for products like catheters, balloons, and stents. Because age is considered to be a significant factor in the decline of heart health, one of the main causes of the increased prevalence of CVD is the growing old population globally. According to the WHO, there were 617 million individuals aged 65 and older in the world at the beginning of 2016 (8.5% of the entire population), and by 2050, that number is expected to climb to 1.6 billion (17% of the world's population).
The rise in PCI procedures and the incidence of coronary artery disease are two important variables that are projected to drive the growth and demand for absorbable cardiac stents. Additionally, it is estimated that the market for absorbable heart stents will expand throughout the forecasted time due to an increase in the number of patients with chronic illnesses and rising government initiatives for healthcare reform. Thus, driving the Absorbable Heart Stent market revenue.
The global Absorbable Heart Stent market segmentation, based on Material, includes metal and polymer. Polymer segment dominated the global market in 2022. Thanks to recent advancements in the production of medical devices, biodegradable polymer-based heart stents are now commercially available. Due to the fact that these devices are designed to be permanently implanted in the body and gradually degrade over time, they have few long-term negative effects.
The global Absorbable Heart Stent market segmentation, based on Application, includes periphery artery disease and coronary artery disease. Coronary artery disease segment dominated the global market in 2022. Due to the rising incidence of CAD, absorbable cardiac stents are in high demand for both therapeutic and preventative purposes.
The global Absorbable Heart Stent market segmentation, based on End User, includes hospitals & clinics, medical research institutes & organizations, cardiovascular centres, and others. Hospitals and Clinics segment dominated the global Absorbable Heart Stent market in 2022. In an effort to better care for patients with heart illnesses, absorbable heart stents are now being used in hospitals and clinics all around the world.
Download Free Sample to learn more about this report
Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The North America Absorbable Heart Stent Market dominated this market in 2022 (45.80%). This is due to the availability of state-of-the-art technologies and generous reimbursement procedures. North America is predicted to grow quickly, along with a rise in patient awareness of absorbable stents. Further, In the North American area, the U.S. Absorbable Heart Stent market had the biggest market share, while the Canada Absorbable Heart Stent market had the quickest rate of expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Download Free Sample to learn more about this report
Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
In 2022, the market for absorbable heart stents in Europe held a sizable market share. People in Europe have access to the most cutting-edge medical technologies, such absorbable heart stents, because of their sophisticated healthcare infrastructure and high levels of healthcare spending. There has been a lot of research and development done in this field as a result of the presence of numerous key big market players in the region's medical device industry. Further, In the European region, the German Absorbable Heart Stent market had the biggest market share, and the U.K. Absorbable Heart Stent market had the quickest rate of growth.
From 2023 to 2032, the Asia Pacific absorbable heart stent market is anticipated to rise significantly. Absorbable cardiac stents are becoming and more popular since they can naturally dissolve over time in the body. Over the next five years, the Asia Pacific region is expected to hold the largest market share for absorbable heart stents because to the increasing demand for these goods and the growing number of affordable therapies. Moreover, In the Asia-Pacific region, the Indian Absorbable Heart Stent market had the quickest rate of growth while China's Absorbable Heart Stent market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Absorbable Heart Stent market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Absorbable Heart Stent sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Absorbable Heart Stent industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Absorbable Heart Stent sector. Major players in the Absorbable Heart Stent market, including Boston Scientific Corporation, Braun Melsungen A, Abbott Laboratories, Elixir Medical Corporation, Medtronic, Meril Life Sciences Pvt. Ltd., Biotronik, Kyoto Medical Planning Co. Ltd., REVA Medical Inc., and Terumo Medical Corporation, are attempting to increase market demand by investing in research and development operations.
A company that specializes in medical technology under the name of Medtronic Plc (Medtronic), formerly known as Medtronic Inc., designs, develops, manufactures, and sells a wide range of medical items. It offers treatments for ailments such heart valve problems, heart failure, aortic, peripheral vascular, venous renal, and neurological problems, as well as for illnesses affecting the spine and musculoskeletal system and the ears, nose, and throat. For the dentistry and orthopedic areas, it also provides biologic solutions. It sells its goods to hospitals, clinics, institutions, government-sponsored health care programs, distributors, and group purchasing organizations in Asia Pacific, Europe, the Americas, the Middle East, and Africa. Dublin, Ireland is home to Medtronic's corporate headquarters. In July 2021, Medtronic plc announced that it would begin selling the Prevail drug-coated balloon (DCB) catheter in Europe with the CE (Conformité Européenne) mark. During percutaneous coronary intervention (PCI) procedures, patients with coronary artery disease (CAD) who have blocked or constricted coronary arteries are treated with the latest modern coronary Prevail DCB.
Abbott Laboratories (Abbott) discovers, develops, manufactures, and sells a wide range of healthcare products, including branded generic drugs, diagnostic devices, and infant, child, and adult nutritional supplements. Additionally, the company sells a variety of medical devices, including those for heart failure, neuromodulation, electrophysiology, rhythm management, and vascular and structural cardiac devices. Additionally, the company offers nutritional products, minerals, and dietary supplements. In addition to having production facilities all around the world, it also maintains R&D facilities in the US, China, Colombia, India, Singapore, Spain, and the UK. Africa, the Middle East, Latin America, North America, and the Asia-Pacific area are among the regions where the firm sells its products. Abbott is based in Abbott Park in the US state of Illinois. In June 2021, the FDA granted Abbott's XIENCE series of stents approval for one-month (or as little as 28 days) DAPT labeling for high bleeding risk (HBR) patients in the US. Additionally, new CE Mark certification for DAPTs of as little as 28 days states that XIENCE stents have the shortest DAPT indication in the entire world.
· Boston Scientific Corporation
· Braun Melsungen AG
· Abbott Laboratories
· Elixir Medical Corporation
· Medtronic
· Meril Life Sciences Pvt. Ltd.
· Biotronik
· Kyoto Medical Planning Co. Ltd.
· REVA Medical Inc.
· Terumo Medical Corporation
September 2021: The FDA has approved BIOTRONIK's Orsiro Mission bioabsorbable polymer coronary drug-eluting stent system (BP-DES), according to the company. The company also confirmed total commercial availability in the US along with the first implant. Similar to the Orsiro stent, the Orsiro Mission DES has a patented stent design and a special bioabsorbable covering with controlled drug release. With a new deep embedding method and a revised delivery system, the new Orsiro Mission DES system has been enhanced to significantly strengthen deliverability, including "best in class" trackability and crossability.
· Metal
· Polymer
· Periphery Artery Disease
· Coronary Artery Disease
· Hospitals & Clinics
· Medical Research Institutes & Organizations
· Cardiovascular Centres
· Others
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 0.20 Billion |
|
Market Size 2023 |
USD 0.27 Billion |
|
Market Size 2032 |
USD 0.56 Billion |
|
Compound Annual Growth Rate (CAGR) |
13.40% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Material, Application, End User, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Boston Scientific Corporation, Braun Melsungen A, Abbott Laboratories, Elixir Medical Corporation, Medtronic, Meril Life Sciences Pvt. Ltd., Biotronik, Kyoto Medical Planning Co. Ltd., REVA Medical Inc., and Terumo Medical Corporation |
|
Key Market Opportunities |
Bioresorbable vascular scaffolds |
|
Key Market Dynamics |
The surge in the prevalence of coronary artery disease, technological advancements, increasing demand for minimally invasive procedures, and rapid growth in geriatric population |
The global Absorbable Heart Stent Market was valued at USD 0.20 billion in 2022, and it is estimated to reach USD 0.56 billion by 2032.
The global market is projected to grow at a CAGR of 13.40% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Boston Scientific Corporation, Braun Melsungen A, Abbott Laboratories, Elixir Medical Corporation, Medtronic, Meril Life Sciences Pvt. Ltd., Biotronik, Kyoto Medical Planning Co. Ltd., REVA Medical Inc., and Terumo Medical Corporation
The Polymer Material dominated the market in 2022.
The Coronary Artery Disease Application had the largest share in the global market.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65247
Published on :
Sep 2023
Request a Free Sample Report
Speak to Analyst