Bioabsorbable stents are a specific form of a stent that can disintegrate or reabsorb within the body of the patient. Stents come in a variety of sizes, shapes, and materials. These are employed in various therapeutic situations, including esophageal cancer, gall bladder cancer, and cancers of the abdomen and gastrointestinal system. The bioabsorbable stents assist in the restoration of blood flow and provide support to the blood vessel during the healing process. Furthermore, these stents reabsorb or disappear from the treated location on their own after a few days, which offers advantages such as less late-stent thrombosis.
Heart disease is the leading cause of death and morbidity worldwide. Three-quarters of deaths from heart disorders occur in low to middle nations. The rise in the global elderly population is also a significant driver driving the global bioabsorbable stent market, as older people are more prone to cardiovascular disease. Since aging causes changes in the blood vessels present in the heart, people over the age of 65 are more likely to acquire coronary artery disease than younger people. As a result, the rising frequency of heart illness, combined with an aging population, is driving up the need for bioabsorbable stents.
Physicians employ the latest devices to perform cardiac surgery on patients, such as percutaneous coronary intervention (PCI) operations. Several newer technologies are gaining traction and being utilized by various healthcare practitioners. With the help of bioabsorbable stents, correct blood flow will be restored, and blood will gradually be reabsorbed in the body, allowing for natural restoration of vascular function and repair of artery walls. Bioabsorbable stents decrease the risk of many procedures such as acute and sub-acute elastic recoil, intimal hyperplasia and adverse vascular remodeling, and balloon angioplasty coronary dissections. As a result of these technological breakthroughs in bioabsorbable stents, the market is projected to expand.
The global market is expected to develop due to the rising need for minimally invasive surgical procedures and increased usage of percutaneous coronary intervention procedures. A minimally invasive surgical procedure is one in which a little incision replaces a large hole. Percutaneous coronary intervention is a minimally invasive surgical treatment in which angioplasty is performed, and bioabsorbable stents are implanted in the patient's body. Furthermore, by 2026, the incidence of percutaneous coronary intervention (PCI) treatments is anticipated to reach one million. As a result, the demand for percutaneous coronary intervention (PCI), a less invasive technique, is booming.
The global market is growing due to an increase in investment and activity in R&D by various medical fields to discover and develop new solutions for bioabsorbable stents with precision and rapid response. Investment in the R&D sector is a venture strategy for generating unique products and long-term company and development growth. According to the United Nations Educational, Scientific, and Cultural Organization (UNESCO) data, global R&D investment has surpassed USD 1.7 trillion, with around ten countries accounting for 80% of the total. The market is expected to rise during the projected period due to government regulations governing the design and deployment of sophisticated stents, including bioabsorbable stents.
North America is anticipated to hold the largest market share of USD 153 million by 2030 at a CAGR of 5.7% during the forecast period. Developments in technology and research in North America for bioabsorbable stents and an increase in the proportion of elderly patients with coronary artery disease and pulmonary disease will increase the market for bioabsorbable stents in the years to come. Asia-Pacific is the second contributor to the bioabsorbable stents market because of an increase in the number of people leading sedentary lifestyles, an increase in the prevalence of coronary artery disease, and progress made in the healthcare industry. Asia-Pacific is anticipated to be worth USD 120 million at a CAGR of 6.7% during the forecast period.
The bioabsorbable stents market in Europe is expected to witness steady growth, with a value of USD 40 million in 2021. The growing incidence of coronary artery disease and peripheral vascular disease, as well as the adoption of unhealthy lifestyle choices, the increase in the geriatric population, the increase in the number of approvals for bioabsorbable stents, the presence of advanced healthcare infrastructure, and the surge in the number of approvals for bioabsorbable stents, are all major factors driving the market forward. LAMEA has the lowest market. In 2021, the market revenue was valued at USD 18 million, with Brazil being their major contributor. Firms' extensive Research and development spending resulted in technological breakthroughs, which boosted the multi-functionality, simplicity of use, and scalability of bioabsorbable stents, resulting in market expansion.
The key players in the Global Bioabsorbable Stents Market are