Bioresorbable Stents Market Forecast (2020-2025)
Bioresorbable Stents Market size is valued at $ 31,779 thousand in 2019, and is estimated to reach $36,489 thousand by 2025, growing at CAGR of 2.6% during the forecast period of 2020-2025. The Bioresorbable Stents Market growth rate is attributed to the high prevalence of cardiovascular diseases, steep increase in the aging population, and the expanding base of the obese population coupled with busy lifestyle, unhealthy foods and less physical activity increase the chances of having cardiovascular disease and foster the market growth. The devices are generally made of metallic or plastic tubes used for the treatment of blockades of the arteries in the heart. Traditionally, stents are made of metal mesh and remain in the body permanently until they are removed through surgical intervention. But nowadays, bioresorbable stents, also known as biodegradable stents, are made of materials which get dissolved or absorbed in the body. A bioresorbable stent has no permanent implant. It gets gradually resorbed and benignly cleared from the body. From technological advancement to develop more innovative bioabsorbable stents to increased R&D investments by governmental bodies to overcome limitations of high cost is anticipated to propel the Bioresorbable Stents Market during the forecast period 2020-2025.
Key Takeaways
Europe dominated the Bioresorbable Stents Market with a share of 41% in the year 2019.
The factors such as increasing priority for improvement of health in developing countries, growing opportunities of percutaneous coronary intervention procedures are amongst the major factor projected to impel growth of Bioresorbable Stents Market.
Increased need for bioabsorbable stents globally is owing to patients with bioabsorbable stents experience much less discomfort owing to the less invasive procedure, significant increase in population with a cholesterol-rich diet coupled with increase in the population of smokers and are the key factors owing to the growth in the segment during forecast period 2020-2025.
Product Type - Segment Analysis
Coronary stent segment held the largest share in the market owing to increasing demand for bioabsorbable stents that can be used in coronary procedures and growing preference for minimally invasive surgical procedures over other stents as Increasing obese population and high prevalence of coronary artery diseases. Also, coronary stent can improve symptoms of blocked arteries, such as chest pain and shortness of breath. It is often used during a heart attack to quickly open a blocked artery and reduce the amount of damage to the heart. Moreover, coronary stent is used to treat narrowed or blocked coronary arteries and can also be used to improve blood flow immediately following a heart attack, with a goal to fully support the vessel during this critical period and then resorb from the body when it is no longer needed.
Application Type- Segment Analysis
On the basis of Application type, peripheral artery segment of the cardiovascular segment held the major share of the market in terms of revenue and is estimated to grow with a CAGR of 2.6%. The reason is set to be attributed to the fact that it is a common circulatory problem in which narrowed arteries reduce blood flow to limbs with a sign of more widespread accumulation of fatty deposits in arteries that is atherosclerosis which reduces blood flow to heart and brain. Moreover, the cause of peripheral artery disease can be blood vessel inflammation, injury to limbs, unusual anatomy of ligaments, or radiation exposure which can be attributed to the steep increase in the aging population, and the expanding base of the obese population coupled with busy lifestyle, unhealthy foods and less physical activity thereby, increasing the chances, is anticipated to further expand the market over the projection period of 2020-2025.
By Geography - Segment Analysis
Europe is the major region dominating the bioresorbable stents market with revenue of $13,030 thousand in 2019 and is estimated to grow at a CAGR of 2.5% during the forecast period of 2020-2025 to generate revenue of $14.851 thousand in 2025. There is a rise in the usage owing to the region has a large number of people suffering from cardiovascular diseases and thereby posing a huge demand for technologically advanced treatment options for the same. Moreover, the region is set to increase its market share in the future, owing to the increased usage of bioabsorbable stents. Significant investment is done on R&D activities in U.K. The ORBITA trial, led by researchers funded by the NIHR Imperial BRC Cardiovascular Theme, was the first research study – including over 200 patients with stable angina – where the researchers compared stenting (artery-widening coronary angioplasty with stent or Percutaneous Coronary Intervention) with a simulated procedure but where a stent was not implanted (placebo). Depending on the way cost analysis for various healthcare sectors, the health costs in the different countries and the acceptable marginal cost threshold to avoid an adverse event, the use of a drug-eluting stent in France is cost-effective in the overall population of stented patients.
Drivers – Bioresorbable Stents Market
Increasing prevalence of coronary artery diseases and peripheral artery diseases
With the steep increase in the aging population, and the expanding base of the obese population coupled with busy lifestyle, unhealthy foods and less physical activity; there has been a significant increase in population with a cholesterol-rich diet and smoking habits since the last decade. The increase in the population of smokers is analysed to add up the risk of atherosclerosis along with hypercholesterolemia. These habits and lifestyle changes are estimated to increase the risk of Cardiovascular Diseases (CVDs) and Peripheral Artery Disease (PAD) which can be considered as a Bioresorbable Stents key driver of the market during the forecast period 2020-2025.
Challenges – Bioresorbable Stents Market
High selling price and risks of complications associated with bioabsorbable stents
The major challenge for the market is the high cost of devices and drawbacks such as local inflammation recoil after expansion, crossing issues, and difficulty in visualizing a non-metallic stent on fluoroscopy in a vast and heterogeneous market. In addition to these substitutes, there are various other substitutes available for treating blocked arteries as well as CAD and PAD. The stringent rules and regulations scenario, owing to which only a few products have been approved till now is the major problem for some of the regions.
Bioresorbable Stents Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Bioresorbable Stents Market. In 2019, Bioresorbable Stents Market share is fragmented by the top ten players present in the market. Bioresorbable Stents Market top 10 companies are Biotronik, Meril Life Sciences Pvt. Ltd., Arterius, Elixir Medical Corporation, Terumo Corporation, Abbott Laboratories, REVA Medical, Kyoto Medical Planning Co. Ltd, and others.
Acquisitions/Product Launches
In February 2020, Biotronik launched Next-Generation Drug Eluting Stent System in the CE region.
In April 2019, Arterius collaborated with University of Bristol’s Translational Biomedical Research Centre to develop a smart bioresorbable stent for severe peripheral vascular disease.
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