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The bioabsorbable stents market share is expected to increase by USD 126.13 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 7.11%.
This bioabsorbable stents market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers bioabsorbable stents market segmentation by end-user (hospitals and ambulatory surgical centers), material (polymeric stents and metallic stents), and geography (North America, Europe, Asia, and ROW). The bioabsorbable stents market report also offers information on several market vendors, including Abbott Laboratories, B. Braun Melsungen AG, Boston Scientific Corp., Elixir Medical Corp., Kyoto Medical Design Co. Ltd., Lifetech Scientific (Shenzhen) Co. Ltd., Medtronic Plc, MicroPort Scientific Corp., Tepha Inc., and Terumo Corp. among others.
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Based on our research output, there has been a positive impact on the market growth during and post-COVID-19 era. The increasing prevalence of cads is notably driving the bioabsorbable stents market growth, although factors such as stringent regulation for approval of devices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the bioabsorbable stents industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Bioabsorbable Stents Market Driver
One of the key factors driving the bioabsorbable stents market is the increasing prevalence of CADs. There has been a rise in the incidence of cardiac diseases globally, with cardiac arrest being the leading cause of death among individuals aged 60 years and above. According to World Health Organization (WHO), cardiac disorders account for over 17.9 million deaths every year. Hypertension is the most common reason for heart failure, which is caused due to a rise in blood pressure in the arteries. This is an important risk factor for various CVDs like heart failure, stroke, CAD, and PVD. These health risk factors are attributed to unhealthy dietary habits, increased stress, and lack of physical activity. Also, people suffering from lifestyle-related diseases like obesity and depression need to undergo regular blood pressure checks. Therefore, the growing number of patients with CHD would increase the demand for bioabsorbable stents.
Key Bioabsorbable Stents Market Trend
The advent of metallic stents is another factor supporting the bioabsorbable stents market growth in the forecast period. The advances in vascular surgery have brought great focus on development and newer ways to solve difficult clinical problems. The usage of new alloys like magnesium and zinc led to the design and manufacture of advanced bioabsorbable stents. These alloys increase the biocompatibility and flexibility of stents. Moreover, the launch of stents made of biodegradable polymer is accelerating the market growth because this material reduces the rate of restenosis and prevents re-clogging. For instance, Biosensors International's BioMatrix Flex stent system offers a distinctive combination of Biolimus A9 (BA9), an anti-restenosis drug, with a biodegradable poly-lactic acid polymer coated onto an advanced, highly flexible stent platform designed for enhanced deliverability of the stent. Therefore, the development of new alloys in the manufacture of stents is expected to lead to an increase in the adoption of bioabsorbable stents in the treatment of CADs and PADs.
Key Bioabsorbable Stents Market Challenge
Stringent regulation for the approval of devices will be a major challenge for the bioabsorbable stents market during the forecast period. Regulatory authorities have enforced a stringent regulatory framework and labeling requirements for medical devices. These devices are always considered high risk and undergo safety examination to demonstrate efficacy before they are granted approval. The FDA might delay or reject devices, which do not demonstrate the required safety. Therefore, a vast proportion of the devices in the market do not yet have FDA approval but are still in the process of attaining them. It may take several years for the devices to satisfy the requirements of the regulatory agencies. Moreover, failure to comply with such laws and regulations could have an adverse effect on the growth of the market. However, obtaining these approvals is time-consuming. Some devices undergo rigorous clinical testing before their approval, and sometimes an extensive agency review process is followed for medical devices. Therefore, there are very few products in the market which affect the growth of the market.
This bioabsorbable stents market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global bioabsorbable stents market as a part of the global healthcare supplies market that primarily covers manufacturers of medical products, including all categories of supplies such as consumables and disposables like safety needles, syringes, and catheters. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the bioabsorbable stents market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the bioabsorbable stents market encompasses successful business strategies deployed by the key vendors. The bioabsorbable stents market is fragmented and the vendors are deploying growth strategies such as new product development with advanced technologies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The bioabsorbable stents market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the bioabsorbable stents market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global healthcare supplies market includes the following core components:
The report has further elucidated other innovative approaches being followed by service providers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Segmentation by Application
7 Segmentation by Material
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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