(PharmaNewsWire.Com, November 02, 2021 ) According to a new market research report "Bioabsorbable Stents Market Material (Polymer, Metal), Procedure (Invasive), Absorption Rate (Slow, Fast), Drugs (Limus drugs, Paclitaxel), Application (CAD, PAD), End User (Hospital, Cardiac Centers) - Forecast to 2021", published by MarketsandMarkets, The global market is expected to reach USD 2.4 Billion by 2021 from USD 0.4 Billion by 2016, at a CAGR of 42.5% from 2016 to 2021.
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The global Bioabsorbable Stents Market is expected to reach USD 2.4 Billion by 2021 from USD 0.4 Billion by 2016, at a CAGR of 42.5% during the forecast period. The major driving factors are the increasing focus of the companies on clinical trials of bioabsorbable stents, increasing aging population, technological advancements, and patients' preference for minimally invasive therapies. However, factors such as the high prices of these stents may hamper the growth of the market.
In this report, the Bioabsorbable Stents Market is segmented on the basis of Material, absorption rate, application, end user, and region. Based on material, the market is segmented into polymer stents, and metallic stents. The polymer stents segment is expected to grow at the highest CAGR due to the various facts such as polymer-based bioabsorbable stents comprise PLLA polymers that are naturally biodegradable. These stents have a polymer coating of poly-D, L-lactide, which enables the controlled release of various drugs.
By absorption rate, the market is sub-segmented into fast and slow bioabsorbable stents. In 2016, slow absorbable stents is expected to account for the largest share of the absorption rate. The growth in this segment is attributed to slow rate of absorption enables the longer duration of drug release within the arteries. This ensures efficient healing.
Geographically, the Bioabsorbable Stents Market is dominated by Europe, followed by North America. North American market is expected to grow at the highest CAGR of 46.1% during the forecast period. This growth can be attributed to due to the increase in aging population, unhealthy lifestyle habits, and the strong healthcare infrastructure in this market.
The bioabsorbable stent market has fewer numbers of players. Prominent players in the market include Abbott (U.S.), Elixir Medical Corporation (U.S.), Kyoto Medical Co. LTD. (Japan), Reva Medical Inc. (U.S.), Arterial Remodeling Technologies (France), Tepha Inc. (U.S.), Meril Life Sciences Pvt. Ltd. (India) among others.
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