Bioabsorbable Stents Market

Global Bioabsorbable Stents Market Size (2024 to 2029)

As per our analysis report, the global bioabsorbable stents market size is predicted to be worth USD 14756 million by 2029 from USD 2558 million by 2024, showcasing a CAGR of 42.05% between 2024 to 2029.

A stent is usually used to remove blockages of the arteries present in the heart and plays a significant character in the medical history of cardiology. These are generally fixed into anatomic vessels open for blood flow. The heart consists of Arteries where the blood is carried to all body parts. These stents are placed in the artery to remove blockage as a surgical procedure. But nowadays, bioabsorbable stents are used for blockades, which get mixed up in the body's blood.

MARKET DRIVERS

The rise in demand for these bioabsorbable stents, which are mainly used in coronary procedures, growing preference for a minimum amount of quickly spread surgical procedures, are the factors that drive the global bioabsorbable stents market growth.

The rising prevalence of coronary and peripheral artery diseases, increased PCI procedures, increased focus of companies on bioresorbable stent clinical trials, increased adoption of these stents by physicians and patients, and patient's preference for minimally invasive therapies are all contributing to the bioresorbable stent market growth. Some of the other key reasons driving the growth of the bioabsorbable stents market are the rapidly increasing healthcare infrastructure, medical tourism for better treatments, and the growing population. The rising incidence of coronary and peripheral artery disorders has been a major driver of the worldwide bioabsorbable stents market. Stent-in-stent operations are avoided using bioabsorbable stents. They also reduce the need for dual antiplatelet therapy and improve the treatment of coronary artery disease. In addition, bioabsorbable implant stents can be used to transfer agents like medicines and genes, and they may be useful in treating susceptible plaque. Increased rates of heart disease are projected to drive demand for bioabsorbable stents, resulting in market expansion. Furthermore, due to the growth in cardiovascular illnesses and the availability of percutaneous coronary intervention (PCI) procedures, unhealthy eating habits and a lack of physical activity are gaining momentum across the world.

This market's main trends include an increase in product releases and a rise in the number of mergers and acquisitions between leading competitors. In the future, a surge in R&D and technological developments will provide profitable opportunities for market participants. Medical device companies are interested in metal bioabsorbable stents because they can perform similarly to stainless steel metal stents. As a result, companies are increasingly concentrating their efforts on producing effective stents that can be fully absorbed by the body and can restore the artery's normal movement while mending it. These stents treat coronary artery disease (CAD) and peripheral arterial disease (PAD).

MARKET RESTRAINTS

The market's growth is likely restricted by the high prices of stent procedures and the danger associated with using bioabsorbable stents. In addition, the global bioabsorbable stents market is being held back by a slow rate of stent adoption in disease treatment. The market's growth is further hampered by the significant risk of problems associated with bioabsorbable stents. The worldwide bioabsorbable stents market has many major challenges, including insufficient reimbursement policies and the existence of alternatives.

Impact of COVID-19 on the global bioseparation stents market

The novel outbreak of coronavirus has affected millions of people. The pandemic has brought the world to a standstill impacting every business sector. The global bioabsorbable stents market has seen a negative impact between March 2020 to June 2020, and the supply of raw materials has been stopped due to the transportation ban. All the elective surgeries were postponed or canceled as the frontline medical professionals were busy with COVID patients. During the lockdown period, teleconsultations and online consultations, and remote patient monitoring have played a key role in meeting the public's healthcare needs throughout the world. Post to the lockdown uplift, an increase in the demand for bioseparation stents has been noticed. Patients visiting hospitals and undergoing surgeries have also increased. Heart patients are mainly affected due to SARS-CoV-2 and even led to cardiac arrests where stents were utilized. 

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Bioabsorbable Stents Market Analysis By Material

Based on material, the polymer stents material segment is predicted to hold most of the market share in the bioabsorbable stents market during the forecast period. The key players focus on enhancing the polymer stents and escalating polymer stents approvals from different regions mount the segment growth. Polymer stents are widely used in cardiovascular devices and act as delivery vehicles for drug coatings strengthening the market demand.

Global Bioabsorbable Stents Market Analysis By Absorption

In 2023, the market for slow-absorption stents was predicted to be higher.   

Global Bioabsorbable Stents Market Analysis By Application

Based on application, the Coronary artery disease segment is expected to have a larger share than peripheral artery disease. The rising aging population, increasing adoption of sedentary lifestyles, and the threat of coronary artery disease, and the expanding number of cardiac arrests aid in the segment's growth. In addition, the increasing demand and mushrooming usage of stents for coronary procedures and sprouting significance for minimally invasive surgeries progress the bioabsorbable stents market growth. Moreover, obese people surge the market development.

Global Bioabsorbable Stents Market Analysis By End User

Based on the end-user, the hospital's end-user segment is forecasted to dominate the global bioabsorbable stent market share during the forecast period. The accumulating number of surgeries, the rising threat of CAD and PAD, and intensifying reimbursement policies boost the market growth. Also, the advanced medical infrastructure, and expert medical professionals heighten the market demand. Also, provide different procedures making wide usage of medical devices like biodegradable stents.

The Cardiac centers segment is expected to have a healthy growth rate due to the patients' surging inflow, developing their lifespan.

REGIONAL ANALYSIS

Geographically, North America dominates the global bioabsorbable stents market due to the awareness of the role of bioabsorbable stents in treating coronary illness in the region. Technological advancements in the stents market are also supporting market growth. The Asia Pacific is expected to have a high growth rate in the upcoming years in the bioabsorbable stents market due to increased public awareness about different coronary and peripheral artery diseases.

KEY MARKET PLAYERS

The major market participants leading the global bioabsorbable stents market profiled in this report are Elixir Medical Corporation, Arteries Limited, Amaranth Medical Inc, Abbott Laboratories, Arterial Remodeling Technologies S.A., Biotronik, Kyoto Medical Planning Co Ltd., Reva Medical Inc, Tepha.Inc, SMT, Xenogenics Corporation.

RECENT MARKET HAPPENINGS

• In June 2019, Myval TM received CE approval. As a result, Meril became an Indian Company to market and distributed indigenously designed and patented TAVR technology.
• In March 2019, REVA Medical Company said it got a commitment letter for $3 billion in finance. 
• In December 2018, REVA Medical Company, a bioresorbable polymer leader for various applications, announced the recent launch of its first implant Fantom Encore bioresorbable scaffold (BRS) in Italy.
• In December 2018, there was an alternative way called Artificial heart valve technology to replace diseased valves without undergoing an open-heart surgery procedure. However, some patients may not take it well.
• In February 2017, the health ministry approved India’s first made dissolvable stent or bioresorbable cardiac scaffold for clearing blockages in arteries that carry blood to the heart.
• In February 2017, Meril life sciences, a medical device company based out of Vapi's nondescript town, emerged as a challenger to multinational giant Abbott in the bioresorbable cardiac category scaffold.

DETAILED SEGMENTATION OF THE GLOBAL BIOABSORBABLE STENTS MARKET INCLUDED IN THIS REPORT

This research report on the global bioabsorbable stents market has been segmented and sub-segmented based on material, absorption, application, end-user, and region.

By Material

• Polymer Stents     
• Metallic Stents

By Absorption

• Slow Absorption Stents
• High Absorption Stents    

By Application

• Coronary Artery Disease     
• Peripheral Artery Disease

By End User

• Hospitals  
• Cardiac Centers

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa