Drug-Eluting Bioabsorbable Stents Market Size, Industry Analysis Report, Regional Outlook, Application Growth Potential, Competitive Market Growth & Forecast, 2021 – 2027
Report ID: GMI1383
Global Drug-Eluting Bioabsorbable Stents Market size is driven by the increasing geriatric population, rising obesity rate and associated risk factors, and development of technologically advanced devices. As per UN estimates, the global population above 60 years is expected to double by 2050. Rising geriatric population will accelerate the demand for drug-eluting bioabsorbable stents over the forecast period.
The obese population is susceptible to chronic diseases such as coronary heart diseases, diabetes, and high BP, strongly influencing the business growth. Furthermore, the rise in the number of cardiac surgeries is playing a vital role in attracting the patients toward drug eluting bioabsorbable stents. Drug-eluting stents with bioabsorbable polymer coating reduce the incidence of vessel revascularization and coronary restenosis, making it a better option over the traditional bare metallic stents. It is another prominent factor fueling the demand for these stents. On the other hand, high purchase cost of these devices is a major factor impeding market growth. Further, risk factors post DES implantation, such as chronic wall inflammation and endothelial dysfunction leading to stent thrombosis, are restraining the market size.
Drug eluting bioabsorbable stents market is segmented based on product, material, application, end-user, and region. By product type, the market is segmented into serolimus and paclitaxel drug-eluting stents. Sirolimus drug eluting stents with biodegradable polymer coating is expected to lead the market due to its advantages such as reduced incidence of Target Vessel Failure (TVF) and Major Adverse Cardiac Events (MACE). Paclitaxel stents segment will show a healthy growth rate over the coming years.
Based on the material, the industry is bifurcated into metallic and polymerbased drug eluting stents. Polymer based stents with biodegradable poly lactide coating will be naturally absorbed and metabolized in the body. This factor should boost the demand for polymeric stents over metallic stents.
Based on the application, the market is categorized into coronary artery diseases and peripheral artery diseases. The coronary segment is leading the market and will continue to witness a tremendous growth in the future due to the growing elderly patient pool, increasing prevalence of obesity, escalating number of deaths due to cardiac diseases, and increasing coronary interventions procedures.
Rising incidence of peripheral artery disease propels the demand for peripheral drug eluting stents. Rising geriatric population and technological innovations in this field are factors responsible for the increased demand for peripheral stents. However, the high cost of devices and complications associated with stents will hamper this segment’s growth.
By end-user, the market is segmented into hospitals and cardiac centers. The hospital segment dominates the market in terms of revenue and will continue to lead in the future. This is attributed to established medical infrastructure along with highly skilled and trained professionals to cater to the needs of patients suffering from coronary and peripheral artery diseases.
Europe dominates the drug eluting bioabsorbable stents market followed by North America. Increasing aged population, established healthcare infrastructure, and rising awareness among patients for these devices in developed countries, such as Germany, the UK, and France, will accelerate the market size.
U.S. drug eluting bioabsorbable stents market will witness a significant growth over the coming years. Increasing prevalence of coronary artery diseases, sedentary lifestyle, and growing elderly population base will fuel the demand for drug eluting stents. Giant players, such as Abbott and Biosensors International, are developing innovative bioabsorbable stents to reduce the complications post percutaneous coronary intervention procedures.
APAC is poised to be the fastest growing drug eluting bioabsorbable stents market over the forecast timeline. Developing economies, such as India, China, and Japan, will witness a tremendous growth owing to the increasing elderly patient pool, rising prevalence of obesity leading to cardiac diseases, and rising government initiatives. These factors will fuel bioabsorbable stents’ demand in the future.
Some of the prominent players in this market include Medtronic, B.Braun Melsungen, Abbott Laboratories, Boston Scientific Corporation, Medtronic, Biosensors International, and Terumo Corporation. To expand the product portfolio and capture higher market share, these players are focusing on unique growth strategies such as acquisitions, mergers, and new product launches.
Some of the other notable industry vendors are MicroPort Scientific Corporation, Alvimedica, Biotronik, Elixir Medical Corporation, and Innovative Health Technologies. These players are adopting collaborations and geographic expansion growth strategies to enhance their manufacturing capabilities as well as increasing their presence across the globe.
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