Absorbable Heart Stent Market Research Report - Forecast till 2030

Absorbable Heart Stent Market Research Report: Information by Material (Metal and Polymer), Application (Coronary Artery Disease and Periphery Artery Disease), End-Use (Hospitals and Clinics, Cardiovascular Centers, Research Institutes and Organizations and Others) and Region (Americas, Europe, Asia-Pacific and Middle East & Africa) - Forecast till 2030

ID: MRFR/MED/0669-HCR | December 2022 | Region: Global | 80 Pages         

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Absorbable Heart Stent Market Overview


The absorbable heart stent market is anticipated to grow substantially in the years to come. The absorbable heart stent market is expected to reach USD 348.47 Million by 2030 at 13.20% CAGR during the forecast period 2022-2030.


Stents are little inflatable tubes used to inflate the patient's arteries and prevent them from becoming blocked. These are referred to as heart stents or cardiac stents. Stents are put into the arteries of patients suffering from coronary disease as a result of plaque build-up. It is used to open constricted arteries, which helps to reduce chest discomfort and the risk of a heart attack. These stents are often used to treat coronary and peripheral arterial disorders.


The surge in the prevalence of coronary artery disease and the accompanying spike in the proportion of PCI operations is one of the major reasons projected to drive the growth and demand for absorbable cardiac stents. Also, the increase in the number of chronically ill patients and increased government initiatives for healthcare reforms are expected to drive development in the absorbable heart stent market during the forecast period.


Covid-19 Analysis


With the rise of the Covid-19 impact, many large-scale businesses and industries suffered, except healthcare and life support products. The lockdown and physical distancing protocols have affected millions of small and big business institutions alike. The absorbable cardiac stent market saw a slight downfall due to the lockdown and physical distancing.


The pandemic has slightly hindered the market growth, which has affected the forecast market value significantly. However, the pandemic situation is expected to wear off in the coming years. Hence, the absorbable heart stent market will see steady growth in the forecast years.


Market Dynamics


Drivers


A few factors may drive the growth of the absorbable heart stent market share. The growing number of people suffering from chronic illnesses, such as cardiovascular disease, is likely a prominent market growth factor. In addition, the worldwide population's rising unhealthy habits, lack of physical activity, and incidence of heart ailments all contribute to the market growth.


Opportunities


The increased use of such stents by healthcare doctors, regulatory approvals, increased awareness about the benefits of absorbable heart stents, and dramatic growth in patients' needs for minimally invasive treatments are estimated to boost opportunities for the absorbable heart stent market growth throughout the forecast period. The demand for cardiac stents is also increasing because of the advancement in technology of the equipment and a rise in the number of cardiac surgeries worldwide.


Restraints


There are a few factors that may hinder the growth of the absorbable heart stent market value. The high price of absorbable cardiac stents and product failure and recalls are expected to impede the market's growth.


Challenges


Some factors that may challenge the key absorbable heart stent providers include the cost of the equipment. The decreasing prices of stents and the different challenges of stent implantation may pose a hurdle to expanding the absorbable cardiac stent market.


Cumulative Growth Analysis


The absorbable heart stent market is anticipated to grow substantially in the years to come. The absorbable cardiac stent market value is expected to grow at a CAGR of about 11.8%. The market value is anticipated to reach USD 428.4 million by the end of the year 2025. The market was evaluated at approximately USD 264.6 million in the year 2018.


Value Chain Analysis


Cardiovascular illnesses are a serious public health problem, and their incidence is steadily growing. Sedentary lifestyles, rising obesity rates, and alcohol addiction are all factors in developing cardiovascular diseases. Another important driver of the worldwide market for absorbable cardiac stents is an increase in the geriatric population. Hypertension, overweight, diabetes, cigarette use, dyslipidemia, insufficient physical activity, and a family medical history of heart disease are all major risk factors for cardiovascular disease in the older population. The increased use of stents in cardiac surgeries has led to a rise in absorbable heart stents.


Segment Overview


The absorbable heart stent market is classified into many segments such as material, application, and end-user. Listed below are the absorbable cardiac stent market segments:


By Material 



  • Metal

  • Polymer


By Application



  • Periphery Artery Disease

  • Coronary Artery Disease


By End-user



  • Hospitals & clinics

  • Medical research institutes & organizations

  • Cardiovascular centres

  • Others


Regional Analysis


The regional division of the absorbable heart stent market analysis comprises North America, Europe, Asia Pacific, and the rest of the world. The business in the Americas is expected to grow at a steady rate over the forecast period due to a rising number of chronic illness patients and government initiatives for healthcare reform. Furthermore, the usage of these stents by healthcare professionals is increasing.


The choice of patients for minimally invasive therapy is propelling the absorbable cardiac stent market in this region. During the forecast period, the European market will also grow significantly. This region's market development may be because of the large patient pool and incidence of CAD and PAD.


Because of the increased development of healthcare infrastructures, the Asia-Pacific market is likely to dominate the worldwide absorbable cardiac stent market. Furthermore, the number of patients suffering from diseases, such as cardiovascular disease, is increasing. For example, the World Heart Federation estimates that cardiovascular disease accounted for 87 percent of total adult fatalities in China during 2016. The Middle East and Africa market is predicted to develop rapidly owing to a rise in the usage of surgical therapy for cardiovascular illnesses in the area.


Competitive Landscape


The absorbable heart stent industry is dominated by a few companies that play a vital role in the market growth. These absorbable cardiac stent companies are called key companies of the market. They contribute to the largest share of the market profit.


The companies account for the market profits by adopting various absorbable heart stent market trends such as joint ventures, product launches, company expansions, and procurements.


Key Players


Below are the key companies that offer absorbable heart stent in the global market:



  • 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


Recent Developments



  • Abbott paid USD 25 billion in January 2016 to buy St. Jude Medical, Inc. (U.S.), a maker of devices for heart problems, fibrillation, and cardiac rhythm management. Abbott was able to improve its cardiac interventional product portfolio and expand its position in the market in the cardiovascular devices industry as a result of the purchase.

  • Boston Scientific partnered with the Mayo Clinic (U.S.) in May 2016 to exchange intellectual property and accelerate the development of medical equipment. This partnership focuses on advancing medical technology in interventional cardiology, cardiac rhythm control, endoscopy, neuromodulation, urology, and pelvic care. This will assist the organization in expanding its product portfolio.


Report Overview


This report delivers all the information about the absorbable heart stent market size in the forecast period. It also contains different sections of the market analysis to help obtain detailed information such as opportunities, challenges, drivers, Covid-19 analysis, regional analysis, competitive landscape, and others. Moreover, all the information is collected from verified primary and secondary sources to provide the expected absorbable heart stent market outlook by 2025.


Geographically



  • Europe

  • Asia-Pacific

  • North America

  • Middle East & Africa

  • Rest of the world



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 348.47 Million
  CAGR   13.20% CAGR
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Material, Application and End-Use
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Abbott Laboratories, Biotronik, REVA Medical, Inc., Elixir Medical Corporation, B. Braun Melsungen AG, KYOTO MEDICAL PLANNING Co., Ltd., Boston Scientific Corporation, Medtronic, Terumo Medical Corporation, and Meril Life Sciences Pvt. Ltd
  Key Market Opportunities   Demand for absorbable heart stents is increasing due to advancement in technology of developing heart stents and increase in number of cardiac surgeries.
  Key Market Drivers

  • Increase in number of patients suffering from chronic disease, including cardiovascular disease.
  • Increasing unhealthy habits, lack of physical exercise and increasing prevalence of cardiac diseases contributed growth to the market.


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