Bioabsorbable Stents Market Size

Bioabsorbable Stents Market size was valued at USD 432.14 million in 2023 and is poised to cross USD 1.41 billion by the end of 2036, expanding at more than 9.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of bioabsorbable stents is estimated at USD 464.98 million.

The growth of the market can primarily be attributed to the growing incidences of cardiovascular diseases worldwide, and for the rising need amongst individuals to undergo a surgery to treat the condition. According to the statistics by the World Health Organization (WHO), in the year 2019, close to 17.9 Million people were known to die due to cardiovascular diseases (CVDs). This represented a share of 32% of the total number of deaths caused around the world in that same year. Furthermore, out of the total share of deaths caused due to CVDs, 85% of the deaths were known to be caused due to heart attack and stroke.

The growth of the market can also be attributed to the growing healthcare expenditure around the world, followed by the increasing utilization of bioabsorbable stents for other medical applications, such as for preventing urine retention during benign prostatic hyperplasia (BPH), for the management of tracheobronchial obstruction, as well as for its use in the esophagus and gastrointestinal tract as a minimally invasive alternative to surgery. Furthermore, the growing medical device industry, along with the supportive health initiatives of the government of nations worldwide, followed by the surge in the number of FDA approvals of different medical devices, are some of the additional factors expected to drive the bioabsorbable stents market growth in the coming years.