Market Analysis
The Global Absorbable Heart Stent Market is predicted to grow at a 9.6% CAGR between 2017-2023, states the latest Market Research Future (MRFR) report. Absorbable stents are meant for patients with relatively noncomplex blockages and low risk. It gets dissolved in the body with time and its possible advantages include fewer risks compared to traditional metal stents and reduced repeat procedures. Absorbable stents are generally made of polymers or metals. The metallic stents are generally made of iron and its alloys, iron, magnesium, and zinc. Of the two, the polymeric stents are widely used for their ability to maintain a strong scaffold.
Various factors are propelling the absorbable heart stent market growth. Some of these factors, as per the latest Market Research Future report, include increasing psychological and physical stress, changing lifestyle, rising number of cardiac procedures, rise in patient pool, and burgeoning demand for absorbable heart stents. Additional factors propelling the absorbable heart stent market growth include technological advancements in heart stents, rising incidence of cardiac diseases, lack of physical exercise, and increasing unhealthy habits.
On the contrary, the high cost of cardiac surgery and the price of stents in some developed countries are factors that may hamper the absorbable heart stent market growth during the forecast period.
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Market Segmentation
The MRFR report provides an all-inclusive segmental analysis of the absorbable heart stent market on the basis of end use, application, and material.
By material, the absorbable heart stent market is segmented into polymer and metal. Of these, the polymer segment will lead the market over the forecast period owing to the rising applications as well as the use of stents that are polymer-based.
By application, the absorbable heart stent market is segmented into periphery artery disease and coronary artery disease. Of these, the coronary artery disease segment will dominate the market over the forecast period due to the increasing incidence of coronary diseases in geriatric individuals.
By end use, the absorbable heart stent market is segmented into research institutes and organizations, cardiovascular centers, hospitals and clinics, and others. Of these, hospitals and clinics will have the maximum share in the market during the forecast period owing to the increasing risk of peripheral artery disease and coronary artery disease coupled with a growing number of heart surgeries.
Regional Analysis
By region, the absorbable heart stent market report covers the latest trends and growth opportunities across the Americas, the Middle East and Africa, Europe, and the Asia Pacific. Of these, the Americas will spearhead the absorbable heart stent market during the forecast period. Factors pushing the growth of the absorbable heart stent market in the region include increasing use of absorbable heart stents by healthcare physicians, preference of patients for minimally invasive therapies, increasing prevalence of chronic diseases, and favorable initiatives undertaken by the government for healthcare reforms. Canada and the US are the chief contributors in this region owing to the rising geriatric population suffering from obesity and diabetes, greater healthcare penetration, good reimbursement rates, and the presence of good hospitals, especially in the developed countries of the region.
In Europe, the absorbable heart stent market is predicted to have the second-largest share during the forecast period. Factors pushing the growth of the absorbable heart stent market in the region include the prevalence of peripheral artery disease (PAD) and coronary artery disease CAD), a huge patient pool, increasing healthcare penetration, and expanding medical devices industry. Germany is the main contributor in this region owing to the presence of a huge medical device industry, followed by France.
The absorbable heart stent market in the APAC region is predicted to experience faster growth during the forecast period. Factors pushing the growth of the absorbable heart stent market in the region include increasing incidence of chronic diseases, especially cardiovascular disease, large unmet needs, growing healthcare sector, and development of healthcare infrastructure. China, as well as India, are the chief contributors in this region.
The absorbable heart stent market in the MEA is predicted to have a substantial growth owing to the increasing use of surgical treatments for cardiovascular diseases.
Key Players
Notable players profiled in the absorbable heart stent market report include Meril Life Sciences Pvt. Ltd, Terumo Medical Corporation, Medtronic, Boston Scientific Corporation, KYOTO MEDICAL PLANNING Co., Ltd., Braun Melsungen AG, Elixir Medical Corporation, REVA Medical, Inc., Biotronik, and Abbott Laboratories. Key players have incorporated different strategies to create a niche in the market, such as joint ventures, research, and development activities, collaborations, expansions, mergers and acquisitions, and more.
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