Global Absorbable Heart Stent Market Size, Share & Trends Analysis Report 2020-2026
The global absorbable heart stent market was valued at USD 295 million in 2019 and is expected to surpass USD 645 million by 2026, registering a CAGR of 11.8% during the forecast period (2020-2026), as highlighted in a report published by Facts & Factors.
The Global Absorbable Heart Stent Market Is Driven By An Increase In The Geriatric Population And An Increase In Cardiac Procedures.
Stents are thin expandable tubes that are used to inflate the patient’s arteries in order to reduce blockage. Stents are devices that are implanted into the heart of a patient who has coronary artery disease. It is used to widen narrowed arteries, which relieves chest pressure and lowers the risk of a heart attack. These stents are commonly used to treat cardiovascular and peripheral artery diseases.
Obesity, changing habits, increasing, and alcohol addiction are all significant risk factors for the development of cardiovascular disease. According to the American Heart Association, cardiovascular diseases killed nearly 836,546 people in the United States in 2018. Again, cardiovascular diseases were responsible for one out of every three deaths in the United States in 2018.
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Furthermore, approximately 2,300 people in the United States die each day from cardiovascular conditions, and CVDs are the leading cause of death in the country, followed by stroke and heart failure. The growing geriatric population is driving global demand for absorbable heart stents. Hypertension, diabetes, obesity, lack of physical activity, cigarette smoking, and family history are the main risk factors for the development of cardiovascular diseases in the geriatric population.
According to the World Health Organization, the world’s geriatric population will grow from 524 million in 2010 to 1.5 billion by 2050. (WHO). This is expected to drive demand for absorbable heart stents, creating enormous opportunities for growth for players in the global absorbable heart stent market during the forecast period. According to the American Heart Association, 85.6 million adults in the United States have one or more forms of CVD, with 43.7 million being 60 or older. As a result, certain factors contribute to the global market.
Key Market Players:
Abbott Laboratories, Biotronik, Boston Scientific Corporation, Elixir Medical Corporation, Medinol Ltd, Medtronic, Meril Life Sciences Pvt. Ltd., MicroPort Scientific Corporation, REVA Medical, Inc., STENTYS SA, and Terumo Medical Corporation are some of the leading and top companies in the Absorbable Heart Stent market.
The absorbable heart stent market is divided into three sections: type, application, and region. The market is divided into metal and polymer segments based on material. The market is divided into two application segments: coronary artery disease and peripheral artery disease. The market segment has been fueled by an increase in the prevalence of coronary diseases and an increase in the number of percutaneous coronary interventions performed globally.
The market has been divided into three segments based on end-use: hospitals and clinics, research and academic institutes, and others. The hospital and clinics segment held a sizable share of the global absorbable heart stent market. The segment is expected to grow significantly during the forecast period, owing to an increase in the number of cardiovascular procedures, the availability of well-equipped cardiac health care facilities, and the ongoing demand for cost-effective coronary interventions.
Geographically, North America is expected to grow at a steady rate during the forecast period due to the rising prevalence of chronic diseases and government initiatives aimed at healthcare reform. The market demand for absorbable heart stents is being driven by the increased use of minimally invasive procedures. The Europe region has grown significantly during the forecast period. The large patient pool and the prevalence of CAD and PAD drive market demand in this region.
The Asia-Pacific absorbable heart stent market is expanding due to the expansion of healthcare infrastructure. Furthermore, the number of patients suffering from chronic diseases, such as cardiovascular disease, is growing. The Middle East & Africa market is expected to expand at a rapid pace during the forecast period, owing to an increase in the use of surgical treatment for cardiovascular diseases in the region.
Regional Segmentation Analysis
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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