Bioabsorbable Stents Market
Bioabsorbable Stents Market Analysis By Material (Bioabsorbable Polymer based Stents & Bioabsosbable Metallic Stents) By Absorption Rate (Slow & Fast- Absorption Stents) By Application (Coronary & Peripheral Artery Diseases) By End-User & Region – Global Insights 2022 to 2032
Global Bioabsorbable Stents Market Outlook
The bioabsorbable stents market is predicted to grow at a moderate CAGR of 9.6% through 2032. The bioabsorbable stents market share is estimated to reach a value of nearly US$ 1 Billion by 2032 from US$ 372 Million in 2021.
Bioabsorbable Stents Market Size (2021)
US$ 372 Million
Bioabsorbable Stents Market Value (2022)
US$ 417.2 Million
Bioabsorbable Stents Market Value (2032)
US$ 1 Billion
Bioabsorbable Stents Market Growth Rate (2022-2032)
Bioabsorbable Stents Market Key Players
Bioabsorbable stents, also termed bioresorbable stents that, extend the veins or cardiac ducts to relieve the obstruction and get naturally dissolved when the medicine is eluted.
The benefit of such stents is their disintegrating within the body within a definite time period that has effected it as the most preferred mode of treatment, propelling the bioabsorbable stents market opportunities in the healthcare sector. The global bioabsorbable stents market research report offers a comprehensive analysis of the industry during the period 2015 to 2021 and illustrates growth prospects for the coming days ahead from 2022 to 2032.
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Global Bioabsorbable Stents Market Historical Analysis (2015-2021) Vs. Forecast Outlook (2022-2032)
According to the bioabsorbable stents demand analysis presented in the Fact.MR market report, the current growth rate has reduced substantially from the prevailing CAGR of 11.5% over the years 2015 to 2021. This unfortunate decrease in sales of bioabsorbable stents is mainly attributed to the disrupted medical sector following the outbreak of the Covid-19 pandemic.
The COVID-19 dilemma has had a variety of effects on the coronary bioabsorbable stent business. The commercial issues pertaining to the reallocation of resources to contain the menace of Coronavirus infection spread caused uncertainty in some domains of the medical device manufacturing industry, including sales of bioabsorbable stents.
In those days, manufacturers, surgical centres, hospitals, and organisations involved in the sales of bioabsorbable stents would have to comply with severe government standards in order to manage the pandemic exigencies. Then again, as the pandemic situation has been brought under control, demand for bioabsorbable stents is returning to its previous scale gradually.
What is the Future of Global Bioabsorbable Stents Market?
“Growing incidences of physicians and healthcare professionals preferring bioabsorbable stents over conventional stents is believed to have rapidly surged the bioabsorbable stent market growth in the global market.”
What are the Driving Factors for the Global Bioabsorbable Stents Market in the Forecast Years?
The bioabsorbable metal stent or bioabsorbable polymer stents market is estimated to be driven by rising cases of coronary artery disease or peripheral artery disease among both the geriatric and younger population alike. According to the Centre for Disease Control and Prevention (CDC), the global prevalence of coronary heart condition was over 18.2 million persons in 2017, with around 2 in 10 people dying from the disease.
Actually, the global bioabsorbable stents market is being driven by an increase in percutaneous coronary intervention (PCI) procedures. In addition, the sales of bioabsorbable stents have expanded due to rising demand for less invasive treatments among heart patients across the world. Furthermore, the bioabsorbable stents market trend is expected to grow in the approaching years due to the increased global adoption of medical implants by cardiac patients.
Increased government initiatives for the research and manufacturing of bioabsorbable or bioresorbable stents for the healthcare sector are contemplated to be the supplementing factor for bioabsorbable stents market future trends. And technical advancements in bio-absorbable material accompanied by new product approvals and launches are also projected to contribute to bioabsorbable stent market expansion.
Further, the several fringe benefits of using such stents are poised to create a highly favourable market for the sales of bioabsorbable stents, as mentioned in the report. For instance, it can prevent the loss of natural vasomotion and increase endothelial function over time. The treatment by implanting it also allows for vascular remodelling, making it the most lucrative feature of the product, and it is expected to further augment the emerging trends in the bioabsorbable stent market.
What are the Major Challenges Experienced by the Bioabsorbable Stents Market Players?
The demand for bioabsorbable stents is anticipated to be limited to an extent by high stent procedure costs. Moreover, any possible danger associated with the use of bioabsorbable stents has also restrained the bioabsorbable stent market adoption trends by some sections of the population.
Before that, the availability of sufficient healthcare infrastructure and competent medical professionals is a major challenge for the sales of bioabsorbable stents in any market. This challenge for bioabsorbable stent market growth is mostly observed in third world or low-income group countries in Africa and Middle Asia and in some parts of Asia Pacific.
The limited supply of bioabsorbable stents manufacturing devices in many regions reflects the significant limitation of the market. Due to the constraining trade relations among multiple nations, the procurement and supply of raw materials such as platinum and cobalt required to make stents have been severely hampered, rendering a negative impact on the bioabsorbable stent market growth.
Various medical device manufacturing businesses have headquarters and manufacturing units in different countries, which might cause a demand-supply imbalance for the global bioabsorbable stent market share.
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What is the Growth Outlook for the Bioabsorbable Stents Market According to Different Segments?
“Growing percentage of ageing population, worldwide increase in diabetic patients, and avoidance to engage in adequate physical activity are some of the reasons boosting the sales of bioabsorble stents.”
The hospital sector was the fastest rising end-user segment of the all regional and global bioabsorbable stents market by 2020, and it will continue to lead the worldwide market over the projected period of 2022 to 2032 as well. This might be due to the fact that patients suffering from heart disorders prefer to get treatment from hospitals with the availability of numerous treatment options.
However, the demand for bioabsorbable stents in the cardiac centres segment is expected to increase at a significant rate throughout the projection period. This is attributable to an increase in the prevalence of coronary artery disease among low-income group people and an increase in the expense of postoperative intensive care units at hospitals.
What are the Top Applications of the Bioabsorbable Stents for Different Market Segments?
As evident from the global market study on bioabsorbable stents, the coronary artery disease sector would have the highest growth rate of 10.2% during the years following 2021. And it is expected to dominate the worldwide bioabsorbable stents market over the projected period on the basis of its several applications.
Which End User is Likely to Contribute the Most to the Bioabsorbable Stents Market?
Among the other end users, the hospital segment is likely to exhibit the highest growth potential during the forecast period. Given the rise in the number of patients suffering from cardiac diseases alongside the broad choices for treatment procedures are the key factors making hospitals the preferred choice of treatment.
During the forecast period, hospitals are likely to contribute significantly to the bioabsorbable stents market with a CAGR of 10.1%. However, the preference for treatment in hospitals have decreased as compared to that during 2015-2021. Cardiac care centers are cost-effective in nature with easy admission and discharge procedure, which are attracting patients towards the new end-user segment.
What is the Performance of Bioabsorbable Stents Market in Different Geographical Regions?
North America has dominated the global bioabsorbable stents market since the beginning, with a net contribution of US$ 151.8 Million in 2022 in the United States (US) alone. The US bioabsorbable stents market is expected to continue to remain the leading region, with the top CAGR of 9% during the forecast period covering 2022 to 2032.
Owing to rising cardiovascular disease prevalence and advanced healthcare infrastructure, the US has emerged as the global leader in the bioabsorbable stents market trends. By virtue of the presence of major bioabsorbable stents market participants and with an increase in the number of novel bioabsorbable stents approved, it is poised to turn out into a US$ 360.6 Million market by the year 2032.
Furthermore, rising coronary artery disease among the aging citizens residing in the United States and increase in R&D activities in the healthcare sector are expected to further contribute to and accelerate the bioabsorbable stents market future trends in the country
What is the Bioabsorbabale Stents Market Outlook in Asia Pacific Region?
As per the global market study on bioabsorbable stents, Asia Pacific is predicted to develop at the quickest rate. The rising number of cardiac patients in the Asia Pacific countries with the highest population count is predicted to drive the demand for bioabsorbable stents in the regional market.
During the projected period, the China bioabsorbable stents market is predicted to lead at the fastest rate of 8.8% in this geographical region. The net worth of the market is estimated to be around US$ 28 Million in 2022 and is projected to reach a total valuation of US$ 71.6 Million in the year 2032.
Other than that, bioabsorbable stents market opportunities in Japan and South Korea are also quite promising for the forecasted years, with an estimated growth rate of 8.1% and 7.3%, respectively. This new market research report on bioabsorbable stents also sheds light on the growth prospects in Indian Market as well. During the forecast period, the rising population will assist in the expansion of the bioabsorbable stents market key trends and opportunities in this geographical region.
How Strong is the Competitive Landscape for the Bioabsorbable Stents Market?
Some of the prominent players operating in the global bioabsorbable stents market are BIOTRONIK, Abbott Laboratories, REVA Medical, Inc., Elixir Medical Corporation, Arterial Remodelling Technologies S. A., Kyoto Medical Planning Co. Ltd., Microport Scientific Corporation, and Arterius Ltd. among others.
The global market for bioabsorbable stents is fiercely competitive, with numerous main competitors operating in this sector. Few big firms presently dominate the industry in terms of market share and sales of bioabsorbable stents. Mid-size and smaller businesses, on the other hand, are expanding their market presence by releasing new items at cheap costs by adopting technical improvements and product innovations.
Collaborations and mergers are also highly favoured strategy among bioabsorbable stents market players to expand their business and penetrate new markets. For instance, Abbott Laboratories purchased St. Jude Medical, Inc., which is an American medical device manufacturer, in the year 2017 and became the market leader in medical devices following the purchase.
Recent Developments in the Global Bioabsorbable Stents Market
- Abbott Laboratories began the LIFE-BTK clinical study in September 2020 to assess the safety and efficacy of their innovative Esprit BTK Everolimus Eluting Resorbable Scaffold System. This is the first study to test a completely naturally dissolving or bioresorbable stent for treating blocked arteries underneath the knees, often known as critical limb ischemia or CLI, among patients suffering from severe peripheral arterial disease or PAD.
- BIOTRONIK received CE Mark approval for its Orsiro Mission drug-eluting stent or DES system in the month of February of 2020. This technology claims to have a higher deliverability rate than other type of modern stents used in present healthcare institutions.
- The Food and Drug Administration (FDA) of USA approved BIOTRONIK's Orsiro drug-eluting stent (DES) system in February 2019. Till date Orsiro has been the only ultrathin DES to surpass the clinical standard. Along with that, Xience.1, 2 Orsiro, aproduct of this series, has been used to treat over one million heart patients globally.
By Material :
- Bioabsorbable polymer based stents
- Bioabsosbable metallic stents
By Absorption Rate :
- Slow- absorption stents
- Fast- absorption stents
By Application :
- Coronary Artery Diseases
- Peripheral Artery Diseases
By End User :
- Cardiac Centers
By Region :
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
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