(Health-NewsWire.Net, July 10, 2021 ) The global bioabsorbable stents market is expected to reach USD 417.2 million by 2022 from USD 242.4 million in 2017, at a CAGR of 11.5% during the forecast period. Market growth of bioresorbable stents is attributed to the growing aging population susceptible to coronary and peripheral artery diseases, rising PCI procedures, increasing focus of companies on clinical trials of bioresorbable stents, increasing adoption of these stents by physicians and patients, and patients’ preference for minimally invasive therapies.
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Some prominent companies in the bioabsorbable stents market include Abbott (US), BIOTRONIK SE & Co. KG (Germany), REVA Medical, Inc. (US), Elixir Medical Corporation (US), and Kyoto Medical Planning Co., Ltd. (Japan).
Bioabsorbable stents or scaffolds are implanted within the artery for clearing the blockage caused due to the accumulation of plaque (cholesterol, fatty substances, cellular waste products, calcium, and fibrin). These devices dissolve within the body after eluting the drug within a certain period of time and are aimed at increasing the efficiency of the treatment by reducing the chances of thrombosis and dual anti-platelet therapy among patients.
Based on material, the bioabsorbable stents market is segmented into bioresorbable polymer-based stents and bioresorbable metallic stents. The bioresorbable polymer-based stents segment is expected to grow at the highest CAGR. The growth of this market is mainly attributed to companies’ increasing focus on developing polymeric stents and increasing approvals for polymer-based stents across various regions
Based on application, the market is segmented into coronary artery diseases and peripheral artery diseases. In 2017, coronary artery diseases accounted for the largest share of the market. The dominance of this segment is attributed to factors such as increasing aging population prone to coronary and the adoption of unhealthy lifestyle habits leading to increased risk of coronary artery diseases.
Based on end users, the bioabsorbable stents market is segmented into hospitals and cardiac centers. The hospitals segment is expected to dominate the market and grow at the highest CAGR during the forecast period. The high growth of this segment is attributed to increasing need of surgeries, growing risk of CAD and PAD, and improving reimbursement scenario for the hospitals.
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Hospitals are the largest and fastest growing end users of bioresorbable stents. The large share of this segment is primarily driven by the large number of treatment procedures carried out in hospitals for treating cardiac disorders and peripheral arterial disease (PAD). Hospitals are also expected to witness significant growth in this market mainly due to the rapidly increasing patient pool and the growing prevalence of CAD and PAD. In addition, initiatives and support programs to provide cost-effective and quality treatment make it easier for patients to afford various procedures that make extensive use of medical devices, such as bioresorbable stents.
Major Market Developments:
In 2016, Abott received Received approval from the Ministry of Health, Labor and Welfare (MHLW) in Japan for its Absorb bioresorbable heart stent.
In 2017, Reva Medical received CE approval for Fantom, a drug-eluting bioresorbable coronary scaffold
In 2015, Abbott received CE mark approval for Absorb GT1, which is the world’s first fully bioresorbable stent system. This approval helped the company to market this product in Europe, thus expanding its customer base.
Mr. Aashish Mehra