Product Code: RP-ID-10059266 |
Published Date: 21 Oct 2022 |
Region: Global |
Category: Healthcare & Pharmaceuticals |
Report ID: 10059266
Market Overview:
Global Bioabsorbable Stent/Bioresorbable Scaffold Market
"The global bioabsorbable stent market size in 2021 is estimated to be ~USD 8 billion, and the compound annual growth rate is expected to be 5% during the forecast period 2022-2030. The increasing prevalence of cardiovascular diseases (CVD) (such as strokes and heart attacks) and the increasing number of elderly people with increased risk of heart disease are expected to drive the demand for coronary stents during the prognosis period.
They are one of the leading causes of death worldwide. In 2018, it caused nearly 836,546 deaths in the United States, accounting for about one-third of the death toll. Therefore, the unprecedented increase in the number of CAD patients is expected to increase the demand for effective coronary stent treatments. This factor is expected to drive demand within the expected year.
In addition, the growing preference for minimally invasive surgery (MIS) is another factor that is expected to drive the adoption of coronary stents during the prognosis period. The advantages of these procedures include small incisions, which can increase patient satisfaction.
These procedures can also shorten hospital stays and promote rapid recovery. In addition, the increase in the number of percutaneous coronary intervention (PCI) procedures in recent years has contributed to the growth of the market. In 2016, the Korean Journal of Thoracic and Cardiovascular Surgery pointed out that the PCI rate for coronary artery disease (CAD) was 78%, and the PCI rate by country exceeded 96%, which was significantly higher than the world average.
Therefore, it is expected that the increase in the number of PCI operations and the advancement of stent technology will promote the development of the coronary stent market. Due to the introduction of advanced DES and the development of bioabsorbable stents, coronary stents are becoming more and more popular with traditional balloon angioplasty.
Technical advances in coronary stents, such as the development of bifurcated stents and the use of biodegradable materials, have led to effective and improved results associated with CVD treatment. The company actively participates in product development and strategic partnerships and cooperation. The above factors are expected to drive the growth of the coronary stent market during the forecast period.
PRODUCT INFORMATION:
The coronary stent market is subdivided into bare metal stents, drug-eluting stents, and bioabsorbable vascular stents (BVS) by product. Drug-eluting stents (DES) dominated in 2020. The growth of this market segment is driven by many factors, such as more and more sedentary lifestyles leading to lifestyle diseases such as atherosclerosis. In addition, the increase in the elderly population is another important factor driving the growth of this market segment.
Major players in the coronary stent market have participated in the development of the technologically advanced DES, which has further promoted the market. For example, Abbott received FDA approval for Xience Sierra in May 2018, which is XIENCE;s everolimus-eluting coronary stent system. The stent is specifically designed to treat complex arterial blockages. In February 2018, another innovation of Medtronic was Resolute Onyx 2mm, which is currently the smallest DES on the market.
Due to the low cost and low hospitalization rate, the use of BMS is still used in many PCI procedures. Bioabsorbable scaffold (BRS) is the latest technology to market after DES. Abbott introduced Absorb, the first bioabsorbable vascular stent system, in 2016. However, due to some adverse reactions related to it, the company recalled the product globally in 2017. The company is investing in the development of next-generation BRS with better patient compliance. For example, in April 2017, Reva Medical;s drug-eluting bioabsorbable coronary stent Fantom received CE (European Union) mark approval.
REGIONAL INFORMATION:
North America is the main regional market for bioabsorbable stents in 2020, and the same trend is expected to appear in the foreseeable future.
The sedentary lifestyle that leads to obesity and other cardiovascular diseases such as heart attack, stroke and ischemic heart disease (IC) has mainly driven the development of the North American market. In addition, advances in coronary stent technology, such as the use of bifurcated stents and biodegradable materials, have further promoted market growth. The presence of mature market players such as Medtronic, Abbott and Boston Scientific is driving market growth in the region.
MAJOR COMPANIES AND MARKET SHARE PROSPECTS:
The market is composed of many global and local players. Abbott is one of the major players in this market. Although the company's product Absorb failed in 2017, it regained its status after the introduction of Xience Sierra. The company participates in various strategic cooperation to increase its market share, such as new product launches, strategic cooperation and regional product launches.
For example, in June 2019, Boston Scientific acquired Vertiflex, Inc. to enhance its minimally invasive device portfolio. . Start-up companies are also working hard to develop technologically advanced products to increase market penetration. In December 2017, Medinol;s Elunir drug-eluting stent received FDA approval, which is expected to increase the company;s revenue in the next few years. Some other well-known companies operating in this field include Terumo Corporation, C. R. Bard, Inc., Cook Medical, and MicroPort Scientific Corporation.
MARKET SEGMENTS COVERED BY THE REPORT:
The report forecasts global, regional, and national revenue growth, and analyzes the latest industry trends in each sub-segment from 2022-2030. For the purpose of this research, Kenneth Research will report on the global coronary stent market by product and region: Product Outlook (Revenue, USD million, 2022-2030) Bare Metal Stent (BMS) Drug Eluting Stent (DES) Biodegradable non-biodegradable stent Bioabsorbable blood vessel (BVS).
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