Market Dynamics
Global bioabsorbable stents market drivers
Growing heart disease and geriatric populations soaring market growth
One of the significant drivers of market growth is the accessibility of bioabsorbable stents for percutaneous coronary intervention procedures (PCI) in patients with heart diseases such as coronary artery disease and peripheral arterial disease. Heart disease is the leading cause of death and morbidity worldwide. According to the World Health Organization (WHO), cardiovascular illnesses caused 17.9 million deaths in 2018.
According to the American College of Cardiology (AHA), coronary artery disease in the United States was 1,055,000 people in 2019, with 335,000 recurrent cardiovascular events and 720,000 new cases. 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.
According to the Centers for Disease Control and Prevention (CDC), 10.9% of people over the age of 45 have been diagnosed with coronary artery disease (CAD), with 7.1% of adults between the ages of 45 and 65 and 17% of adults over the age of 65 having been diagnosed. As a result, the rising frequency of heart illness, combined with an aging population, is driving up the need for bioabsorbable stents.
Advances in bioabsorbable stent technology
In the global healthcare market, bioabsorbable stents play a significant role. It is expected to grow throughout the forecast period, owing to technological improvements and increased usage of new bioabsorbable stents. Physicians employ these 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.
In April 2019, for example, Arterius Limited partnered with the Translational Biomedical Research Centre to create novel bioabsorbable stents and eliminate the risk associated with metal stents. The increased risk of restenosis and late stent thrombosis related to traditional stent use encourages the adoption of bioabsorbable stents. Bioabsorbable stents are organic and natural and are used to treat gastrointestinal cancer, gallbladder cancer, and esophageal cancer, among other clinical conditions. It employs a variety of polymeric materials, namely polyglycolic acid, poly-L-lactic acid, polycaprolactone, and poly (D, L-lactide/glycolide) copolymer, which has both scaffolding and drug delivery properties.
Abbott has introduced a bioabsorbable everolimus-eluting stent, which is made up of two different types of polymer and has the ability to reabsorb after 18 months. 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.
Increased demand for minimally invasive treatment
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.
MicroPort Scientific Corporation, for example, developed the Castor Branched Stent-Graft system in April 2021, which can be used to treat aortic arch repair using a less invasive surgical method. According to the most recent data from interventional cardiology procedural analysis, roughly 965,000 angioplasty procedures were performed in the United States per year in 2020. In addition, the Centers for Medicare and Medicaid Services (CMS) added angioplasty to the list of 17 cardiac procedures allowed by Ambulatory Surgical Centers (ASC) in 2019. Furthermore, by 2026, percutaneous coronary intervention (PCI) treatments are anticipated to reach one million. As a result, the demand for percutaneous coronary intervention (PCI), a less invasive technique, is booming.
R&d and healthcare infrastructure growth
The government has provided ideal conditions for the growth of healthcare infrastructure over the last decade. The government boosted its spending on the healthcare business, which is a vital component in the expansion of healthcare infrastructure and pushes the growth of bioabsorbable stents. For example, in February 2021, India's government increased healthcare spending from 1.2% to 2.5% of GDP, intended to be invested in modernization and the establishment of healthcare infrastructure.
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.
Global bioabsorbable stents market restraints
High procedural cost linked with bioabsorbable stents
Due to the high expense of a procedure connected with the bioabsorbable stent, bioabsorbable stent adoption is expected to be limited. According to statists, the average cost of an angioplasty procedure in 2019 was roughly USD 28,200 million. In developing nations, where many people lack health insurance, the high price is a significant impediment. According to the World Bank and the World Health Organization, half of the world's population did not have access to essential health services in 2017. As a result, this factor is expected to limit the market growth during the forecast period.
Risk of bioabsorbable stents
There's a potential that bioabsorbable stents will cause some harmful effects. The manufacturers of bioabsorbable stents have been forced to pull their products due to the substantial danger connected with the device. For example, Abbott recalled Absorb worldwide in 2017 due to risks such as cardiac infarction and thick strut. The trouble is related to the non-uniform structure of the polymer utilized in the stents, which causes the device's flow to be disrupted. As a result, these risk concerns may negatively influence the market growth during the projection period.
Global bioabsorbable stents market opportunities
Improved r&d and technological advancements
Treatment of coronary artery disease and peripheral arterial disease, intertwined with notions of rising technologies and a surge in R&D expenditure, gives high precision and provides accurate responses. The notion of bioabsorbable stents has been around for over 20 years; however, there are still numerous obstacles to overcome in generating bioabsorbable stents with adequate radial strength and reabsorption that do not cause an inflammatory reaction.
Abbott continued its research after the first bioabsorbable stent was withdrawn from the market in 2017. In 2020, it released the Esprit BTK bioabsorbable stents, which are utilized to resist vascular recoil and provide medication delivery systems. Clinical trials are being conducted to assess the BRS devices' safety and efficacy. Researchers are also addressing Absorb's drawbacks, such as myocardial infarction and thick strut, intending to develop a new bioabsorbable stent that avoids these risks. As a result, the market for bioabsorbable stents is predicted to grow due to the increased acceptance of innovative technologies and increased R&D activities.
Regional Analysis
Based on region, the global bioabsorbable stents market share is segmented into North America, Europe, Asia-Pacific, and LAMEA.
North america is the largest revenue holder in the global market
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. US has the primary market in this region, with a revenue of USD 78 million in 2021.
Asia-Pacific is the second-largest 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 by 2030 at a CAGR of 6.7% during the forecast period. Compared to other countries, China is the most significant contributor to the market, valued at USD 30 million in 2021. Japan and India are growing their market gradually with market revenue of USD 21 million and USD 13 million, respectively, in 2021.
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. Germany and France have more market revenue compared to UK and Italy. The market revenue of Germany and France were valued at USD 14 million and USD 11 million, respectively, in 2021.
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.
Segmental Analysis
The global bioabsorbable stents market share is categorized by product, materials, applications, and end-users.
By product
The coronary stents segment dominates the bioabsorbable stents market due to the high prevalence of coronary artery disease (CAD) and the increasing adoption of minimally invasive procedures for its treatment. Coronary stents, particularly polymer-based stents, are widely used because of their biocompatibility and proven efficacy in reducing restenosis rates. The focus on improving patient outcomes and the development of second-generation stents with enhanced safety profiles further drives this segment's dominance. Additionally, growing awareness and advancements in interventional cardiology contribute to the strong demand for coronary bioabsorbable stents in the global market.
By material
Polymer-based stents dominate the bioabsorbable stents market due to their superior biocompatibility, flexibility, and gradual absorption properties. These stents, especially those made from materials like natural polymers, have demonstrated effectiveness in reducing inflammation and restenosis compared to metal-based stents. Their ability to fully absorb after supporting the artery during healing reduces long-term complications, making them the preferred choice among physicians. The extensive clinical data supporting polymer-based stents and ongoing innovations in polymer technology further strengthen their dominant position in the market.
By application
The coronary artery disease (CAD) application segment dominates the bioabsorbable stents market due to the high global incidence of CAD and the critical need for effective treatment options. Bioabsorbable stents are favoured in treating CAD because they provide temporary scaffolding to keep arteries open after angioplasty, reducing the risk of restenosis. Unlike permanent stents, these stents fully dissolve after their job is done, minimizing long-term complications such as stent thrombosis. The increasing adoption of minimally invasive procedures, coupled with advancements in stent technology, drives the dominance of the coronary artery disease segment in the market.
By end user
Hospitals dominate the bioabsorbable stents market by end-user segment due to their central role in performing complex cardiovascular procedures, including stent placements. Hospitals are equipped with advanced medical technologies and specialized cardiology departments, making them the primary setting for treating coronary artery disease and other cardiovascular conditions. Additionally, hospitals handle a higher volume of patients requiring bioabsorbable stents, driven by the increasing number of angioplasty procedures. The presence of skilled healthcare professionals, access to cutting-edge equipment, and the ability to manage post-operative care contribute to the dominance of hospitals in the bioabsorbable stents market.
