Global Bioabsorbable Stents Market Outlook
The bioabsorbable stents market is predicted to grow at a moderate CAGR of 9.6% through 2032. The bioabsorbable stents market share is estimated to reach a value of nearly US$ 1 Billion by 2032 from US$ 372 Million in 2021.
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By Material :
- Bioabsorbable polymer based stents
- Bioabsosbable metallic stents
By Absorption Rate :
- Slow- absorption stents
- Fast- absorption stents
By Application :
- Coronary Artery Diseases
- Peripheral Artery Diseases
By End User :
- Cardiac Centers
By Region :
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
How Strong is the Competitive Landscape for the Bioabsorbable Stents Market?
Some of the prominent players operating in the global bioabsorbable stents market are BIOTRONIK, Abbott Laboratories, REVA Medical, Inc., Elixir Medical Corporation, Arterial Remodelling Technologies S. A., Kyoto Medical Planning Co. Ltd., Microport Scientific Corporation, and Arterius Ltd. among others.
The global market for bioabsorbable stents is fiercely competitive, with numerous main competitors operating in this sector. Few big firms presently dominate the industry in terms of market share and sales of bioabsorbable stents. Mid-size and smaller businesses, on the other hand, are expanding their market presence by releasing new items at cheap costs by adopting technical improvements and product innovations.
Collaborations and mergers are also highly favoured strategy among bioabsorbable stents market players to expand their business and penetrate new markets. For instance, Abbott Laboratories purchased St. Jude Medical, Inc., which is an American medical device manufacturer, in the year 2017 and became the market leader in medical devices following the purchase.
Recent Developments in the Global Bioabsorbable Stents Market
- Abbott Laboratories began the LIFE-BTK clinical study in September 2020 to assess the safety and efficacy of their innovative Esprit BTK Everolimus Eluting Resorbable Scaffold System. This is the first study to test a completely naturally dissolving or bioresorbable stent for treating blocked arteries underneath the knees, often known as critical limb ischemia or CLI, among patients suffering from severe peripheral arterial disease or PAD.
- BIOTRONIK received CE Mark approval for its Orsiro Mission drug-eluting stent or DES system in the month of February of 2020. This technology claims to have a higher deliverability rate than other type of modern stents used in present healthcare institutions.
- The Food and Drug Administration (FDA) of USA approved BIOTRONIK’s Orsiro drug-eluting stent (DES) system in February 2019. Till date Orsiro has been the only ultrathin DES to surpass the clinical standard. Along with that, Xience.1, 2 Orsiro, aproduct of this series, has been used to treat over one million heart patients globally.