Bioabsorbable Stents Market Expected to Reach $0.3089 Billion by 2027

According to a new report published by Allied Market Research, titled, “Bioabsorbable stents Market by Biomaterial, Application and End User: Global Opportunity Analysis and Industry Forecast, 2020–2027," the global bioabsorbable stents market size was valued at $0.2836 billion in 2019, and is projected to reach $0.3089 billion by 2027, registering a CAGR of 5.6% from 2020 to 2027.

Stents are polymeric or metallic tubes which are implanted into the lumen of any duct or blood vessels for keeping the passage open. The bioabsorbable stents are special type of stents, which have the properties to get dissolved or reabsorbed within the patient's body. There are different variations of stents available in the bioabsorbable stents market. These are used in different clinical conditions like esophageal cancer, gall bladder cancer, abdominal and gastrointestinal tract cancer. But the most common use of bioabsorbable stents is in the treatment of cardiac abnormalities like blocked blood vessels.  

Increase in technological advancements in stents, rise in prevalence of cardiac diseases, surge in geriatric population, and growth in demand for percutaneous coronary intervention (PCI) procedures and minimally invasive procedures are the major factors that boost the bioabsorbable stents market growth. In addition, lack of physical activity and unhealthy diet habits which lead to the development of cardiovascular diseases further propel the market growth. The bioabsorbable stents help in restoring the flow of blood and support the blood vessel through the healing process. Moreover, these stents reabsorb or disappear automatically after some days from the treated site, which has advantages like reduction in late-stent thrombosis. These stents are compatible in paediatrics surgery, which does not require any repeat surgical removal and facilitate the vessel growth. Most of these stents are made of polylactic acid, which is a naturally dissolving material. In addition, the polymer materials like corrodible metals, polycarbonates, and bacterial derived polymers are under trial for the development of new bioabsorbable stents. Rise in demand for polymeric materials by patients and physicians propel the need for bioabsorbable stents and thereby support the market growth. 

The implementation of lockdown has delayed the percutaneous coronary intervention (PCI) procedure up to six months; thereby, having a minimal negative impact on the market. Due to COVID-19 pandemic, many hospitals across the globe, including cardiac catheterization were restructured to increase the hospital capacity for the patient diagnosed with COVID-19. This leads to cancellation of many non-essential surgical procedures and also the quality of care toward the patients other than COVID-19 decreases.

The bioabsorbable stents market is segmented on the basis of biomaterial, application, end user, and region. On the basis of biomaterial, the market is divided into polymeric stents and metallic stents. The polymeric stents segment dominated the market in 2019 because of its use by various companies, physicians, and patients due to less inflammatory response, complete drug elution, and low risk of associated complications.  

On the basis of application, the bioabsorbable stents market is bifurcated into coronary artery disease and peripheral artery disease. The coronary artery diseases segment dominated the market in 2019 due to rise in unhealthy diet habits, lack of physical activities, and rise in geriatric population, which is prone to coronary artery disease. 

As per end use, the market is classified into hospital and cardiac centers. Hospitals use bioabsorbable stents for the treatment of cardiac disorders, peripheral artery diseases, along with other diseases such as esophageal cancer and gall bladder cancer. On the other hand, cardiac centres use bioabsorbable stents which focus only on the patients related to cardiac care. The hospital segment is expected to represent favourable bioabsorbable stents market growth during the forecast period due to increase in prevalence of cardiac diseases and availability of multiple options for treatment procedures. 

Key Findings Of The Study 

• On the basis of biomaterial, the polymeric stents segment was the highest contributor to the bioabsorbable stents market in 2019.
• By application, the coronary artery disease segment was the highest contributor to the bioabsorbable stents market in 2019.
• According to end use, the hospital segment is anticipated to register fastest CAGR during the forecast period.
• Region wise, North America accounted for the largest revenue share in 2019; while Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.