Bioabsorbable Stents Market Share Worth USD 365 Million By 2030 | CAGR of 5.95%

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.

Market Dynamics

Rising Geriatric Population and Advanced Technologies Propel the Market

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.

Need for Non-Invasive Approach and Improving Health Infrastructure Spur the Market

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.

Regional Analysis

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.

Key Highlights

• The global bioabsorbable stents market was valued at USD 216 million in 2021. It is anticipated to generate USD 365 million by 2030, growing at a CAGR of 5.95% during the forecast period (2022–2030).
• Based on the types of biomaterials used, the two subsegments are polymeric stent and metallic stent. The polymeric stent is the major shareholder in the global bioabsorbable stents market. It is projected to generate USD 194 million at a CAGR of 5.4% by 2030.
• Application-wise, the most significant share of the market is held by coronary artery disease. The global market for coronary artery disease is projected to generate USD 278 million at a CAGR of 6.7% by 2030.
• The bioabsorbable stents market is segmented as hospitals and cardiac centers based on the end-users. The global market for the hospital is projected to generate USD 330 million at a CAGR of 6.2% by 2030.
• Geographically, the market is divided into North America, Europe, Asia-Pacific, and LAMEA. The market in North America is expected to be valued at USD 153 million at a CAGR of 5.7% during the forecast period.

Market Segments

1. By Product
   1. Coronary Stents
      1. Polymer-Based Stents
      2. Metal-Based Stents
   2. Peripheral Stents
      1. Polymer-Based Stents
      2. Metal-Based Stents
2. By Material
   1. Polymer-Based Stents
      1. Natural Polymer Stents
      2. Synthetic Polymer Stents
      3. Others
   2. Metal-Based Stents
      1. Stainless Steel Stents
      2. Titanium Stents
      3. Others
3. By Absorption Rate
   1. Slow-absorption Stents
   2. Fast-absorption Stents
4. By Application
   1. Coronary Artery Disease
      1. Acute Coronary Syndrome
      2. Stable Angina
      3. Others
   2. Peripheral Artery Disease
      1. Lower Extremity Arterial Disease
      2. Renal Artery Stenosis
      3. Others
   3. Others
5. By End-User
   1. Hospitals
      1. Public Hospitals
      2. Private Hospitals
   2. Cardiac Centers
   3. Ambulatory Surgical Centers