Bioabsorbable Stents Global Market Report 2024

The bioabsorbable stents market size has grown rapidly in recent years. It will grow from $0.35 billion in 2023 to $0.38 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The historical growth of the market is largely attributed to the increasing prevalence of cardiovascular diseases, the surging demand for minimally invasive procedures, growing awareness of bioabsorbable stents, rising disposable incomes, and substantial investments within the industry.

The bioabsorbable stents market size is expected to see strong growth in the next few years. It will grow to $0.55 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The projected growth in the upcoming period is likely due to broader clinical applications, trends in customization and personalization, a global market expansion, and the rise of patient-friendly options. Key trends in the forecast period encompass advancements in bioabsorbable materials, clinical research developments, hybrid stent designs, extended absorption periods, and the proliferation of collaborations and partnerships.

The rising incidence of cardiovascular diseases is a pivotal factor contributing to the growth of the bioabsorbable stents market. Cardiovascular conditions stand as the foremost cause of global mortality, with four out of five cardiovascular-related deaths resulting from strokes and heart attacks. Disturbingly, a third of these fatalities occur prematurely in individuals under 70. To counter late complications linked with conventional metal stents, bioresorbable stents aim to address concerns such as scaffold thrombosis or restenosis by dissolving gradually in the body. Projections from the American Heart Association suggest an estimated toll of over 23.6 million deaths attributable to cardiovascular diseases by 2030. Thus, the surge in cardiovascular conditions is anticipated to steer the bioabsorbable stents sector.

The primary products in the bioabsorbable stents market consist of polymer-based and metal-based bioabsorbable stents. These stents, also referred to as bioresorbable stents or vascular scaffolds, are designed to fully disintegrate within the body. Additionally, these stents are categorized based on their absorption rates into slow-absorption and fast-absorption stents, and they find applications in treating coronary artery diseases and peripheral artery diseases.

The bioabsorbable stents market research report is one of a series of new reports that provides bioabsorbable stents market statistics, including bioabsorbable stents industry global market size, regional shares, competitors with a bioabsorbable stents market share, detailed bioabsorbable stents market segments, market trends and opportunities, and any further data you may need to thrive in the bioabsorbable stents industry. This bioabsorbable stents market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The rising incidence of heart failure is poised to act as a catalyst for the bioabsorbable stents market's growth. Heart failure, characterized by the heart's weakened pumping capacity, leads to fluid retention in the body. Bioabsorbable stents find applications in managing heart failure by improving heart function and alleviating related symptoms. For instance, as per The Heart and Stroke Foundation of Canada, there are currently 750,000 diagnosed cases of heart failure, with 100,000 new cases emerging annually. Healthcare expenditure related to heart failure in Canada is expected to reach $2.8 billion annually by 2030. Hence, the escalating rates of heart failure are anticipated to drive the expansion of the bioabsorbable stents market.

The market growth for bioabsorbable stents is being hindered by the associated risks involved with these devices. These risks compel companies to remove their products from the market, impacting the revenue potential from bioabsorbable stents. For example, Abbott discontinued its Absorb product, and Boston Scientific ended its Renuvia scaffold development program due to heightened risks of myocardial infarction and thrombosis associated with these devices. These risks are primarily attributed to the non-uniform structure of the polymer utilized in the stents, making the devices prone to significant deformation and leading to disruptions in blood flow.

The drug-eluting stent (DES) has witnessed a considerable surge in demand within the bioabsorbable stents market. This device was specifically developed to prevent the growth of tissue that might otherwise block the artery, marking a significant advancement in the treatment of peripheral artery disease. For instance, Boston Scientific introduced its self-expanding drug-eluting stent (DES) as part of its peripheral artery disease (PAD) program, thereby expanding the company's portfolio in the field of PAD treatments.

The introduction of innovative technologies, such as the Orsiro Mission bioabsorbable polymer drug-eluting stent system (BP-DES), is a strategic move by major companies in the bioabsorbable stents market to enhance their market share and profitability. Biotronik, a Germany-based medical device manufacturer, unveiled the Orsiro Mission BP-DES in Canada in April 2023. This system is designed to address coronary artery disease by expanding the diameter of coronary arteries in patients dealing with conditions like diabetes mellitus and other related ailments.

Major companies operating in the bioabsorbable stents market include Abbott Laboratories, REVA Medical Inc., Elixir Medical Corporation, Biotronik SE & Co. KG, Amaranth Medical Inc., Zorion Medical Inc., Tepha Inc., S3V Vascular Technologies, ICON Interventional Systems Inc., Arterius Limited, Microport Scientific Corporation, Meril Life Sciences Pvt. Ltd., Medlogics Device Corporation, B. Braun Melsungen AG, Boston Scientific Corporation, C.R. Bard Inc., Stentys SA, Terumo Corporation, OrbusNeich, Arterial Remodeling Technologies, Cardionovum GmbH, Envision Scientific Pvt Ltd., Eurocor GmbH, Hexacath, Kyoto Medical Planning Co. Ltd., Lifetech Scientific (Shenzhen) Co. Ltd., Manli Cardiology Limited, Medtronic Inc., QualiMed Innovative Medizinprodukte GmbH, Sahajanand Medical Technologies Pvt. Ltd., Sinomed, Surmodics Inc., Translumina Therapeutics, Vascular Concepts Limited, Xenogenics Corporation

North America was the largest region in the bioabsorbable stents market in 2023. Western Europe was the second-largest region in the bioabsorbable stents market report. The regions covered in the bioabsorbable stents market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the bioabsorbable stents market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The bioabsorbable stents market consists of sales of polymer-based bioabsorbable stents and metal-based bioabsorbable stents. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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