Bioabsorbable Stents Market to Showcase Robust Growth By Forecast to 2030

 According to the Market Statsville Group (MSG), theglobal bioabsorbable stents market size was valued at USD 228.5 million in 2021 and is projected to reach USD 352.5 million by 2030, registering a CAGR of 5.6% from 2022 to 2030. Growth of the global bioabsorbable stents market is majorly driven by an increase in the prevalence of heart diseases, a rise in the geriatric population, a surge in percutaneous coronary intervention (PCI) procedure, a rise in adaptation of bioabsorbable stents by patients and physician, advancement in technology in stents, and growth in demand for minimally invasive procedures. For instance, according to the Centers for Disease Control and Prevention (CDC), the global wide prevalence of coronary heart disease in 2017 was around 18.2 million individuals, and approximately 2 in 10 people died due to coronary heart disease.

Hence, an increase in incidences of heart disease (mostly coronary and peripheral heart disease) is expected to propel the demand for bioabsorbable stents, which, in turn, fosters market growth. In addition, the unhealthy diet habits and lack of physical activities are gaining traction across the globe, owing to the rise in the prevalence of cardiovascular diseases and the availability of percutaneous coronary intervention (PCI) procedures.

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Moreover, the high costs of the stents procedure and the risk associated with the use of bioabsorbable stents are anticipated to restrain the market growth during the forecast period. In some cases, due to many high-risk players are forced to withdraw their devices from the market, which in turn decreases their revenue for bioabsorbable stents.

Global Bioabsorbable Stents Market Definition

A stent is a medical device inserted into the internal duct of the body to expand the blood vessels and prevent the vessels from blockage. Bioabsorbable stents, also known as bioresorbable stents or naturally-dissolving stents, are made up of materials that get absorbed in the body and act by expanding the vessels or internal duct to clear the blockage caused due to the deposition of plague.

Global Bioabsorbable Stents Market Dynamics

Drivers: Increase in demand for the minimally invasive procedure

The rise in demand for minimally invasive surgical procedures and the increase in adoption of percutaneous coronary intervention procedures drive the global market's growth. A minimally invasive surgical procedure is a surgical process in which a tiny incision is made in place of a large opening. Percutaneous coronary intervention is a minimally invasive surgical procedure in which a surgeon performs angioplasty and implants bioabsorbable stents in the patient's body. For instance, in April 2021, the MicroPort Scientific Corporation launched the Castor Branched Stent-Graft system, which has its application for the treatment of aortic arch repair by minimally invasive surgical procedure.

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Restraints: Risk associated with bioabsorbable stents

There may be a chance that sometime the bioabsorbable stents produce some side effects. The companies involved in producing bioabsorbable stents are forced to withdraw their product due to the high risk associated with the device. For instance, in 2017, the Abbott withdraws Absorb globally, because of its risk like myocardial infraction and thick strut.

The risk is due to the non-uniform structure of polymer, which was used in the stents and cause flow disruption of the device. Therefore, these concerns regarding risk may negatively impact the market growth during the forecast period.

Opportunities: Increase in R&D and advancement in technology

Intertwined with concepts of emerging technologies with the rise in investment in R&D, the treatment of coronary arterial diseases and peripheral arterial disease offer high accuracy and provide accurate responses. The concept of bioabsorbable stents emerged in the last 20 years. However, there are still many challenges while developing a bioabsorbable stent having radial strength for an appropriate duration, and reabsorption should not produce any inflammatory response. After the first bioabsorbable stent gets pulled off from the market in 2017, the Abbott continued its research. In 2020 it came up with the launch of the Esprit BTK bioabsorbable stents used to resist the vessel recoil and provide a drug delivery system.

Global Bioabsorbable Stents Market Segmentation

The study categorizes the bioabsorbable stents market based on biomaterial, application, end-users, and region.

By Biomaterial Outlook (Revenue, USD Million, 2017-2030)

• Polymeric Stents
• Metallic Stents

By Application Outlook (Revenue, USD Million, 2017-2030)

• Coronary Artery Disease
• Peripheral Artery Disease

By End-Users Outlook (Revenue, USD Million, 2017-2030)

• Hospital
• Cardiac centers

By Region Outlook (Revenue, USD Million, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • Slovenia
  • Slovakia
  • the Netherlands
  • Belgium
  • Norway
  • Denmark
  • Czech Republic
  • Sweden
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Vietnam
  • The Philippines
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

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Polymeric stents, by biomaterial, had the largest market share

In 2021, polymeric stents had the largest market share of 65% in the global bioabsorbable stents market. Polymeric stents use polymeric materials like poly-L-lactic acid, polyglycolic acid, polycarbonate, polyesters, bacterial-derived polymers, and polycaprolactone, which get completely dissolved and get absorbed in the body.

Polymeric stents are one of the latest and standard methods for percutaneous coronary intervention (PCI) procedures. The biodegradable polymer shows promising results in different medical applications. The polymers are incorporated into the stents and act as a delivery vehicle by drug coating. Poly-L-Lactic acid (PLLA) was the first polymeric material used to manufacture bioabsorbable stents. Polymeric stents are one of the latest and standard methods for percutaneous coronary intervention (PCI) procedure. The biodegradable polymer shows a promising results in different medical applications. The polymers are incorporated into the stents and act as a delivery vehicle by drug coating. Poly-L-Lactic acid (PLLA) was the first polymeric material used to manufacture bioabsorbable stents.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global bioabsorbable stents market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 6.3% in the global bioabsorbable stents market during the forecast period. Asia-Pacific is expected to witness considerable market growth during the forecast period due to a surge in the prevalence of coronary artery disease, a rise in the adoption of a sedentary lifestyle, and development in the healthcare sector. For instance, according to the United Nations Population Fund (UNFPA), the geriatric population in Asia-Pacific is anticipated to increase by three-fold, reaching 1.3 billion by 2050.

An increase in the prevalence of coronary artery disease, a rise in the geriatric population, and a surge in the development of the healthcare sector are the major factors that significantly contribute to the growth of the market. According to Statista, in 2018, it was reported that 28% of males and 19% of females were suffering from high blood pressure in Japan. As per the data published in Medicine, 47% of patients having high blood pressure were also diagnosed with coronary artery disease.

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Key Market Players in the Global Bioabsorbable Stents Market

Top winning strategies are analyzed by thoroughly studying the leading players in the bioabsorbable stents market. Comprehensive analysis of various companies' recent developments and growth curves has helped us understand their growth strategies and their potential effect on the market. The companies are evaluated based on annual reports, SEC filings, and press releases.

The bioabsorbable stent's major competitors in the market are:

• Biotronik SE & Co. KG
• Boston Scientific Corporation
• Microport Scientific Corporation
• Terumo Corporation
• B. Braun Melsungen AG
• Arterial Remodeling Technologies
• Arterius Limited
• The Elixir Medical Corporation
• Kyoto Medical Planning Co. Ltd.
• Reva Medical