New Delhi, March 20, 2023 (GLOBE NEWSWIRE) -- Global Absorbable Heart Stent Market was valued at US$ 307.1 million in 2022 and is estimated to reach a valuation of US$ 822.7 million by 2031 at a CAGR of 12.02% over the forecast period, 2023–2031.
Rising prevalence of coronary artery disease, increasing adoption of minimally invasive procedures, and growing aging population are some of the factors driving the demand for absorbable heart stent market. Medtronic and Abbott Laboratories held the highest market share, which were followed by Boston Scientific Corporation and Elixir Medical Corporation. The production of absorbable heart stents involves the use of biodegradable materials such as polyglycolic acid (PGA), polylactic acid (PLA), and poly (lactic-co-glycolic acid) (PLGA). These materials are chosen for their biocompatibility and ability to be absorbed by the body over time.
Get Free sample copy of this report @ https://www.astuteanalytica.com/request-sample/absorbable-heart-stent-market
According to the World Health Organization (WHO), cardiovascular disease (CVD) is the leading cause of death globally. In 2021, an estimated 18 million people died from CVD, representing 32% of all global deaths. The mortality rate from CVD varies by country and region, but it is generally higher in low- and middle-income countries. In 2021, the age-standardized death rate from CVD was 272 per 100,000 individuals globally.
Minimum to No Complications Associated with Biodegradable Polymers Boosted Product Demand in Global Absorbable Heart Stent Market
Biodegradable polymeric heart stents have emerged as a revolutionary alternative to traditional metal stents for the treatment of cardiovascular diseases. In 2022, over 43 million units of these stents were sold around the globe and the demand for these stents has been on the rise.
The supply and production of biodegradable polymeric heart stents are also increasing rapidly. Many medical device companies are investing in the development and production of these stents, and as the technology advances, the manufacturing costs are expected to decrease, making them more affordable and accessible for patients.
The acceptance of these stents has also been growing among patients and healthcare providers as biodegradable stents reduce the risk of complications associated with metal stents, such as restenosis and thrombosis, and also eliminate the need for long-term antiplatelet therapy. Moreover, they have been shown to promote natural healing and tissue regeneration, which can result in better patient outcomes in the absorbable heart stent market.
Surgeon preferences for biodegradable stents are also increasing. Many surgeons prefer them over traditional metal stents because they allow for better vessel healing and provide a more natural artery structure over time, reducing the risk of complications.
Browse summary of the report and Complete Table of Contents (ToC): https://www.astuteanalytica.com/industry-report/absorbable-heart-stent-market
More than 68.3 Million Units Absorbable Heart Stents Were Sold Globally in 2022
Patients are increasingly seeking minimally invasive treatment options that offer faster recovery times and fewer complications. Absorbable heart stents provide an alternative to traditional stents that require long-term medication use and can cause complications such as blood clots.
The United States is the leading consumer in the global absorbable heart stent market, with a market share of approximately 25%. Europe and Asia Pacific follow in second and third place, respectively. The number of people needing a heart stent varies by country and region, but it is estimated that over 68.3 million units were sold worldwide to heart disease. The penetration of absorbable heart stents is also growing, but they are not yet widely used. Absorbable stents are designed to dissolve over time, reducing the risk of long-term complications. However, they are more expensive than traditional metal stents and require specialized training to implant. As of 2021, the penetration of absorbable stents in the global coronary stent market was estimated to be less than 10%.
To tap into rapidly expanding absorbable heart stent market, most of the key players are investing in research and development to introduce innovative stents that are more effective, safer, and have better patient outcomes. For example, Abbott Laboratories has launched the world's first fully dissolving heart stent called Absorb, which is made of a material that dissolves within three years of implantation. In addition to this, some of the key players are partnering with other companies or organizations to expand their reach and improve their product offerings. For instance, Boston Scientific has partnered with the American Heart Association to raise awareness about heart disease and promote the use of innovative treatment options such as absorbable heart stents.
Current FDA Approved Products and Pipeline in Absorbable Heart Stent Market
- Absorb bioresorbable vascular scaffold (BVS), developed by medical technology company Abbott Laboratories. The stent is made of a bioabsorbable polymer that dissolves over time, allowing the artery to return to its natural state. The Absorb BVS received FDA approval in 2016 but was later voluntarily recalled by Abbott due to safety concerns. Abbott is currently working on an improved version of the stent.
- Another absorbable stent is the Magnesium Absorbable Scaffold (Magmaris) developed by medical device company Biotronik. The Magmaris stent is made of a magnesium alloy that is designed to dissolve over time, allowing the artery to return to its natural state. It received CE mark approval in Europe in 2016, but has not yet been approved by the FDA for use in the United States.
- DESolve Nx Bioresorbable Coronary Scaffold System (Elixir Medical): received FDA approval in 2017
- Reva Medical's Fantom Encore Bioresorbable Coronary Scaffold System: currently being studied in clinical trials in the US and Europe.
- Amaranth Medical's APTITUDE Bioresorbable Scaffold: currently undergoing clinical trials in Europe.
- Biotronik's Magmaris Resorbable Magnesium Scaffold: currently undergoing clinical trials in the US and Europe.
Absorbable Heart Stent Market is Highly Competitive, With Top 10 Players Capturing over 80% Revenue Share
The market for absorbable heart stents is highly competitive, with several prominent players operating in the industry. The top 10 players in the market collectively hold over 80% of the revenue share, indicating the dominance of established players in the industry. Abbott is the leading player in the market, followed closely by Boston Scientific Corporation. Both companies have a significant presence in the industry, with a strong product portfolio and a wide distribution network.
Other notable players in the market include Medtronic, Inc., Terumo Corporation, Biosensors International Group, Ltd., Biotronik SE & Co. KG, Elixir Medical Corporation, Kyoto Medical Planning Co., Ltd., Reva Medical, Inc., and Arterial Remodeling Technologies.
These companies in the absorbable heart stent market are focused on research and development to develop new and innovative products, and they also engage in strategic partnerships and collaborations to expand their reach and market share. They also invest heavily in marketing and advertising to create brand awareness and attract new customers.
Some of the Top Market Players Are:
- Abbott Laboratories
- Arterial Remodeling Technologies
- B. Braun Melsungen AG
- Biotronik
- Boston Scientific Corporation
- Elixir Medical Corporation
- Kyoto Medical Planning
- Medtronic
- Meril Life Sciences Pvt. Ltd
- Reva MedicalTerumo Medical Corporation
- Lepu Medical Technology Co.
- Other Prominent Players
Directly Purchase a copy of report with TOC @ https://www.astuteanalytica.com/inquire-before-purchase/absorbable-heart-stent-market
About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
Contact us:
Aamir Beg
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
Email: sales@astuteanalytica.com
Website: www.astuteanalytica.com
Contact us: Aamir Beg BSI Business Park, H-15,Sector-63, Noida- 201301- India Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World) Email: sales@astuteanalytica.com Website: www.astuteanalytica.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
