Wilmington, Delaware, United States, Jan. 17, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The bioabsorbable stents market stood at US$ 375.5 million in 2022. A CAGR of 6.4% is projected from 2023 to 2031, reaching more than US$ 560.1 million during the forecast period. Continuous material science and medical device engineering breakthroughs will likely lead to better bioabsorbable stents. New designs, materials, and manufacturing processes used in the production of stents can enable the creation of devices that perform better, have faster absorption rates, or cause fewer complications.
Long-term clinical studies and trials will be important for validating the safety and efficacy of bioabsorbable stents. Because of these studies, the findings may be in favor, and healthcare professionals may be keen to use these stents, thereby increasing their adoption in clinical practice. Potential uses of bioabsorbable stents beyond coronary arteries can be found in peripheral vascular interventions.
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As the research and development of bioabsorbable stents advances, there might be attempts to broaden the indications for bioabsorbable stents to treat a greater range of vascular conditions. Bioabsorbable stents that can be individualized according to the patient’s anatomical and physiological specifications may be possible. Personalized medicine approaches may contribute to designing treatment approaches for improved results.
Regulatory bodies like the United States Food and Drug Administration (FDA) and the European Medicines Agency (EMA) will be crucial in determining the future of bioabsorbable stents. The pathways and guidelines for regulation may change to suit the nature of these devices. Bioabsorbable stents could become cheaper as manufacturing processes mature and economies of scale develop. This may also make these devices more economically viable and help more healthcare environments to adopt them.
Key Findings of the Market Report
- The bioabsorbable polymer-based stent segment is expected to account for a substantial market share during the forecast period.
- North America dominated the bioabsorbable stent market share in 2022.
- By 2022, hospitals were the most prominent end-user segment in the global market.
- Coronary artery disease applications held a significant share of the market in 2022.
- The slow absorption rate segment is expected to drive the bioabsorbable stents market.
Global Bioabsorbable Stents Market: Key Players
Several local and international players are active in the global bioabsorbable stent market. Key strategies prominent players adopt include expanding product portfolios, merging, and acquiring.
- Amaranth Medical
- Arterial Remodeling Technologies
- Arterius Limited
- B. Braun Melsungen AG
- Biotronik SE & Co. KG
- Boston Scientific Corporation
- Elixir Medical Corporation
- Kyoto Medical Planning Co. Ltd.
- Microport Scientific Corporation
- Reva Medical
- Terumo Corporation
Global Bioabsorbable Stents Market: Growth Drivers
- Permanent metallic stents can potentially cause long-term complications, so bioabsorbable stents are designed to dissolve over time. Patients with complex medical conditions, particularly young ones, may benefit from this characteristic. Bioabsorbable stents may be more effective at healing blood arteries than metallic stents.
- With the stent dissolving, the conduit returns to a more natural state, lowering the chances of thrombosis in the long-run. Compared to metallic stents, bioabsorbable stents may eliminate or reduce imaging artifacts. Imaging in the future can provide a more detailed picture of the treated area during a later diagnostic procedure.
- Stents that dissolve over time appeal to patients’ more than permanent implants. This may lead to increased patient acceptance of medical interventions and improved compliance.
- The continuous advancement of medical technology and materials science contributes to the advancement of bioabsorbable stents. Innovating these devices' materials, design, and manufacturing processes can increase their effectiveness and safety.
- Bioabsorbable stent products need regulatory approval from health authorities to grow. Clinical adoption of these devices can be facilitated by regulatory support.
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Global Bioabsorbable Stents Market: Regional Landscape
- North America is expected to lead the market for bioabsorbable stents market. The North American economy showed promising signs of growth. Cardiovascular diseases, such as coronary artery disease, are common in
- North America, leading to the increasing demand for bioabsorbable stents. Research and development in biomedicine and materials science led to bioabsorbable stents. Design and material improvements have improved the performance and safety of these devices.
- New medical technologies are adopted largely because of reimbursement policies and healthcare system support. Favorable reimbursement policies may encourage the use of bioabsorbable stents over traditional ones.
- Several clinical trials and studies have assessed the safety and effectiveness of bioabsorbable stents. Bioabsorbable stents can contribute to market growth by raising awareness about their benefits among healthcare professionals and patients.
Global Bioabsorbable Stents Market: Segmentation
By Biomaterial
- Bioabsorbable Polymer-based Stents
- Bioabsorbable Metallic Stents
By Application
- Coronary Artery Disease
- Peripheral Artery Disease
By Absorption Rate
- Slow Absorption Rate
- Fast Absorption Rate
By End User
- Hospitals
- Cardiac Centers
- Ambulatory Surgical Centers
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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