Bioabsorbable Stents Market
Number of pages: 100 | Report Format: PDF | Published date: April 17, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 283.9 million |
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Market Size Value in 2031 |
US$ 463.6 million |
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CAGR |
5.6% |
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Base Year For Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Material, Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global bioabsorbable stents market was valued at US$ 283.9 million in 2022 and is expected to register a revenue CAGR of 5.6% to reach US$ 463.6 million by 2031.
Bioabsorbable Stents Market Fundamentals
Bioabsorbable stents are used for the treatment of different cardiovascular diseases. These stents are made to dissolve or disintegrate over time, as opposed to conventional metallic stents, which stay in the body permanently. The two main categories of bioabsorbable stents are metallic and polymer-based stents. The body naturally absorbs polylactic acid or polyglycolic acid, commonly used to make bioabsorbable stents. In contrast to conventional metallic stents, bioresorbable vascular scaffolds are made to degrade progressively over time, leaving just a repaired channel and removing the long-term hazards connected with permanent implants. A bioabsorbable polymer impregnated with an anti-proliferative medication is used in bioabsorbable polymer stents to elute the medicine from the metallic stent as the polymers gradually degrade after implantation. The third generation of stent technology, bioabsorbable stents, is the most recent breakthrough. Since bioabsorbable stents are a relatively recent medical innovation, more investigation is required to ascertain their long-term efficacy and safety compared to conventional metallic stents.
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Bioabsorbable Stents Market Dynamics
Since bioabsorbable stents are considered safe and non-invasive substitutes for conventional procedures, the advantages of these stents in faster recovery support the bioabsorbable stents industry trends. Cardiovascular diseases are among the most prevalent diseases causing significant mortality globally. The increase in cardiovascular disease prevalence is driving the demand for bioabsorbable stents. The adoption of bioabsorbable stents is also rising due to their capacity to deliver real-time monitoring, enhanced accuracy, and less invasiveness. According to the WHO, over 17.9 million people died from cardiovascular illnesses in 2019, accounting for 32.0% of all fatalities worldwide. Furthermore, heart attacks and strokes accounted for 85.0% of fatalities. These statistics highlight the urgent need for advanced surgical instruments to reduce the risk of deaths from cardiovascular diseases.
Compared to conventional metallic stents, bioabsorbable stents provide several benefits, including better healing and restoring vascular function, a lower risk of restenosis, and a reduced requirement for long-term antiplatelet medication. These advantages have increased interest in bioabsorbable stents. The bioabsorbable stents market dynamics are also being fueled by improvements in the technology and materials utilized to make bioabsorbable stents. Additionally, increased consumer awareness of the advantages of bioabsorbable stents is expected to fuel market revenue expansion. Patients increasingly favor bioabsorbable stents since they do not require a second surgery to remove the stent, which lowers the risk of complications and improves patient outcomes. Additionally, major companies growing spending on research and development to improve product efficacy and safety is expected to fuel market revenue growth.
However, because bioabsorbable stents are more expensive and may cause difficulties, their usage is still restricted. Additionally, bioabsorbable stent disadvantages include complexity in manufacturing and complicated designs. Also, the lack of skilled medical professionals is considered a major bioabsorbable stents market challenge.
Bioabsorbable Stents Market Ecosystem
This report provides the global bioabsorbable stents market analysis in terms of revenue, market dynamics, regional landscape, and overall competitive positioning of the major market players. The global bioabsorbable stents market is analyzed from the following perspectives: material, application, end-user, and region.
Bioabsorbable Stents Market by Material
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Based on material, the global bioabsorbable stents market is segmented into polymer-based stents and metallic stents.
The polymer-based stents accounted for the largest revenue share of the global bioabsorbable stents in 2022. Currently, the most frequent stent technique in the world is coronary angioplasty with a bioresorbable drug-eluting stent. In contrast to durable polymers, biodegradable polymers can potentially reduce the risk of late complications like stent strut uncovering, mal-apposition, endothelial dysfunction, and thrombosis. These benefits include complete drug elution and reduced inflammatory response. After the polymer degrades, BIO polymers enable the full release and elution of the immunosuppressive substance. Therefore, with the complete disappearance of the polymer, long-term antiplatelet medication would not be necessary. The most prevalent biopolymers are made of polylactic acid (PLA), polyglycolide, and poly (D, L-lactic-co-glycolic acid) (PLGA), which are digested by the body once they have served their purpose by degrading into monomers, water, and carbon dioxide. Several novel stents with complete BIO polymers have been developed utilizing a range of anti-proliferative drugs such as tacrolimus, sirolimus, biolimus, and paclitaxel. These stents have demonstrated positive outcomes in lowering the risk of thrombosis and restenosis while avoiding the long-term side effects linked to conventional metal stents. However, more research is required to assess their long-term efficacy and safety compared to metal stents.
Bioabsorbable Stents Market by Application
Based on the applications, the global bioabsorbable stents market is segmented into coronary artery disease and peripheral artery disease.
The coronary artery disease segment accounts for the largest revenue share of the global bioabsorbable stents market. Coronary artery disorders are among the top causes of concern because of their rising prevalence, negative effects on mortality and disability, and enormous financial burden. Coronary artery disease is responsible for one-third of all mortality worldwide, with low- and middle-income nations being disproportionately afflicted. According to the World Health Organization, cardiovascular disease will be responsible for 17.9 million annual deaths globally by 2030. Percutaneous coronary intervention (PCI), which opens blocked or damaged coronary arteries, is one of the most frequently used medical procedures in treating coronary artery disease (CAD). Procedures for percutaneous coronary intervention include percutaneous transluminal coronary balloon angioplasty and bare metal and drug-eluting stents for the coronary arteries.
Bioabsorbable Stents Market by End User
Based on the end user, the global bioabsorbable stents market is segmented into hospitals, ambulatory surgical centers, specialty clinics, and others.
The hospital’s segment accounts for the largest revenue share of the global bioabsorbable stents market. Due to hospitals serving as the major point of care for patients needing stent insertion procedures, the hospital segment leads the global market for bioabsorbable stents. Hospitals have more sophisticated medical equipment, specialized medical staff, and greater infrastructure to perform such surgeries. Furthermore, compared to clinics or other healthcare facilities, hospitals have access to a wider spectrum of patients and often see more patients daily. Additionally, there has been a noticeable increase in hospitalization for cardiovascular operations due to the rising prevalence of cardiovascular disorders. Hospitals are therefore expected to stimulate the bioabsorbable stents market revenue growth.
Additionally, since bioabsorbable stents are relatively new, their implantation necessitates specialized knowledge and training. Hospitals are an ideal setting for carrying out complex cardiovascular surgeries since they frequently have qualified healthcare workers who are well-trained in employing bioabsorbable stents. Also, hospitals are the finest places for that purpose since patients who receive bioabsorbable stents will need close monitoring to guarantee proper healing and avoid complications. Additionally, hospitals have the money to spend on cutting-edge medical tools and technology, which is important for performing complex medical procedures like the implantation of bioabsorbable stents.
Bioabsorbable Stents Market by Region
Based on the region, the global bioabsorbable stents market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the largest revenue share of the global bioabsorbable stents market. The expanding use of minimally invasive procedures and the rising prevalence of cardiovascular illnesses are driving the segment’s revenue growth. According to the Centers for Disease Control and Prevention (CDC), one person in the United States passes away from a cardiovascular disease every 34 seconds. Therefore, during the forecast period, an increase in the prevalence of cardiovascular illnesses is expected to support the bioabsorbable stents market revenue growth in North America. The development of advanced bioabsorbable stent technology is also anticipated to contribute to the regional revenue growth of the bioabsorbable stents market. Furthermore, the presence of major market players in the region increases the bioabsorbable stents market revenue with the help of new product launches and increased research and development activities.
The bioabsorbable stent market in the Asia Pacific is also growing significantly. The American Stroke Association states cardiovascular diseases are the main reason for increased mortality. According to the American College of Cardiology Foundation, there were 10.8 million deaths from cardiovascular illnesses throughout Asia and the Pacific in 2019, accounting for nearly 35.0% of all deaths. The bioabsorbable stents market revenue in the Asia Pacific is also driven by increased consumer knowledge of the advantages of bioabsorbable stents.
Also, owing to the prevalence of coronary artery disease, rise in awareness regarding bioabsorbable stents, surge in demand for minimally invasive surgery, and increase in adoption of unhealthy lifestyles, the market revenue in Europe is growing quickly.
Bioabsorbable Stents Market Competitive Landscape
The global bioabsorbable stents market is highly competitive with new product launches, mergers, and acquisitions. Many bioresorbable stent manufacturers are introducing novel medical devices, obtaining approval for those products, and taking part in additional activities like awareness projects are some of the main development approaches. Given the growing demand for bioabsorbable stents on the global market, these actions have raised growth prospects for the future. Notable market participants operating in the global bioabsorbable stents market include,
Bioabsorbable Stents Market Strategic Developments
Bioabsorbable stents are tube-like devices used to open and widen clogged heart arteries, and they also refer to coronary stents that can fully dissolve in the body.
New treatment strategies and increased disease prevalence are the key trends fueling the growth of the global bioabsorbable stents market revenue.
High cost and lack of awareness about bioabsorbable stents are potentially restricting the growth of the global bioabsorbable stents market revenue to its full potential.
Key companies operating the global bioabsorbable stents market are Boston Scientific Corporation, Meril Life Sciences Pvt. Ltd., Medtronic Plc, Smith & Nephew Plc, Stryker Corporation, and Wright Medical Group.
The global bioabsorbable stents market is expected to grow at a revenue CAGR of 5.6% during the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain