Bioabsorbable Stents Market to be Worth $365M by 2030

Solid growth is forecast for the worldwide bioabsorbable stents market over the next eight years.

Straits Research projects the market to expand 5.95% annually to reach $365 million by 2030, up from $216 million last year. Growth drivers include the world’s aging population as well as 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 1 million. As a result, the demand for percutaneous coronary intervention (PCI), a less invasive technique, is booming.

Another factor driving market growth is an increase in R&D investment and activity by various medical fields. 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 $1.7 trillion, with about 10 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.
 
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.

North America is anticipated to hold the largest market share of $153 million by 2030, growing 5.7% annually 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 $120 million, expanding 6.7% annually through 2030.
 
Europe’s bioabsorbable stents market is expected to witness steady growth, with a value of $40 million in 2021. The rising 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. Latin America has the lowest market. In 2021, the market revenue was valued at $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.
 
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 $194 million at a 5.4% annual growth rate 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 $278 million at a 6.7% annual growth rate 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 $330 million at a 6.2% annual growth rate by 2030.