Wilmington, Delaware, United States, March 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – Advancements in bioabsorbable stents are expected to improve the outcomes of interventional cardiology procedures used to manage coronary artery disease. The global Bioabsorbable Stents Market size stood at US$ 375.5 Mn in 2022 and is anticipated to expand at a CAGR of 6.4% from 2023 to 2031. Continuous innovations in stents in the past few years have led to the introduction of bioabsorbable drug-eluting stents.
Surge in demand for minimally invasive medical interventions such as percutaneous coronary intervention to treat coronary artery disease has offered significant revenues to companies in the global bioabsorbable stents industry. Rise in prevalence of cardiovascular risk factors and diseases is likely to spur the adoption of different types of bioabsorbable stents. High burden of cardiovascular diseases (CVD) globally has spurred R&D in minimally invasive procedures, which has bolstered the adoption of percutaneous coronary interventions. This is poised to broaden the bioabsorbable stents market outlook in the near future.
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Key Findings of Study
- High Demand for Bioabsorbable Polymer-based Stents to Drive Revenue: Minimally invasive interventional cardiology procedures have become popular among patients to treat cardiovascular diseases. Advanced stent technologies, including drug-eluting stents, are significantly utilized in percutaneous coronary interventions, and their adoption has helped create lucrative opportunities for companies operating in the bioabsorbable stents market. Advances in the design of bioabsorbable polymer-based stents are likely to accelerate market development. Commercialization of drug-eluting stents based on biodegradable polymer technology is expected to offer significant revenues to key market players.
- Rise in Adoption of Stents to Treat Coronary Artery Disease: Demand for biodegradable stents to treat and manage coronary artery disease is likely to support the development of next-generation bioabsorbable stents. Adoption of these stents is expected to benefit patients with acute coronary syndrome. Manufacturers are focusing on mitigating the risks of delayed arterial healing and late stent thrombosis in the new generation of stents. These are the major complications that lead to sudden cardiac arrest. Ongoing clinical trials on the safety and efficacy of different types of bioabsorbable polymer drug-eluting stents are likely to pave the way for new business opportunities in the bioabsorbable stents market. Coronary artery disease was one of the most lucrative application segments in 2022.
- Extensive Usage of Bioabsorbable Stents in Hospitals: High utilization of bioabsorbable stents in hospitals is expected to generate strong growth opportunities for companies in the market. The TMR study on the global bioabsorbable stents market indicates that the hospitals segment held the leading market share in 2022. However, demand for bioabsorbable stents in ambulatory surgical centers is likely to increase rapidly in the next few years. It is anticipated to be a highly lucrative segment in the next few years.
Key Drivers
- High prevalence of coronary artery diseases (CAD) and rise in incidence of cardiovascular vascular disease in several countries are expected to drive demand for advanced interventional cardiology technologies to treat or manage the diseases. This is expected to fuel the bioabsorbable stents market growth.
- Surge in awareness about clinical benefits of bioabsorbable stents among healthcare experts and patient population is expected to propel the industry. Use of these stents has led to a considerable reduction of in-stent restenosis and risk of stent thrombosis.
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Regional Growth Dynamics
- The bioabsorbable stents market in Asia Pacific is projected to witness significant revenue growth during the forecast period 2023–2031. High health burden of cardiovascular diseases has fueled attractive growth opportunities for companies in the region.
- North America accounted for a major share of the market in 2022. Increase in prevalence of heart disease in the adult population of the U.S. is a key trend anticipated to accelerate market development in North America.
Competition Landscape
Prominent presence of several regional and global players in the bioabsorbable stents market has led to a fragmented landscape. Key players are keen on product portfolio expansion and undertaking merger and acquisition activities in order to consolidate their market shares.
Key players operating in the bioabsorbable stents market are
- Arterius Limited,
- Boston Scientific,
- B. Braun,
- Kyoto Medical University,
- REVA Medical,
- Amaranth Medical,
- Elixir Medical,
- BIOTRONIK SE & Co. KG, and Boston Scientific.
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Bioabsorbable Stents Market Segmentation:
Biomaterial
- Bioabsorbable Polymer-based Stents
- Bioabsorbable Metallic Stents
Application
- Coronary Artery Disease
- Peripheral Artery Disease
Absorption Rate
- Slow Absorption Rate
- Fast Absorption Rate
End-user
- Hospitals
- Cardiac Centers
- Ambulatory Surgical Centers
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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