Bioresorbable Coronary Stents Market Size, Share, Growth, And Industry Analysis, By Type (Absorb BVS, Absorb 2nd Generation, Magmaris, MeRes-100 and DESolve), By Application (Hospital, Clinic and Research Institute), Regional Insights, and Forecast From 2024 To 2031

Updated On: 01 April 2024

Bioresorbable Coronary Stents Market Report Overview

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The global bioresorbable coronary stents market size was USD 88 million in 2022 and is expected to reach USD 183.29 million in 2031, exhibiting a CAGR of 8.5% during the forecast period.

A stent is a tiny tube that is used to effectively cure arterial blockage in the domain of cardiology. These stents, which are made of plastic or metal and are inserted in the blood artery lumen, are crucial in widening the arteries to facilitate simple blood flow from the heart to all other regions of the body. The use of bioresorbable stents, as opposed to the traditional treatment for coronary artery disease, allows the artery to recover and return to normal function by partially degrading the stent over time. Due to greater dependability and a greater degree of temporal assistance to the blood arteries, it is commonly employed in high-end hospitals and cardiothoracic specialty clinics.

The market for bioresorbable coronary stents had a sizable market size in 2019, and it is anticipated to increase sharply in 2028, with a quick rate of sales growth over the course of the forecast period. Due to shifting market dynamics and consumption habits, there has been a significant increase in the demand for effective treatment methods, and their adoption across the healthcare industries has also increased. Over the forecast period, such elements are expected to encourage both market and industry development.

COVID-19 Impact: Rapid Decline in Essential Aid due to Prolonged Lockdowns Enforced

The global COVID-19 pandemic has been unprecedented and staggering, with the bioresorbable coronary stents market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The bioresorbable coronary stents industry has been significantly influenced by the COVID-19 pandemic, which has had a serious influence on the manufacturing and production sectors. Due to prolonged lockdowns enforced in various nations around the world, there has been a rapid decline in essential aid as well as distribution network disruption. Many businesses in the private sector have relied primarily on an expansion in expenditures to cover their losses. However, the market is anticipated to have substantial growth possibilities due to the relaxation of quarantine restrictions and the overwhelming demand for early detection.

Latest Trends

"Creation of Hybrid Bioresorbable Stents to provide Assistance to the Artery for Long Durations"

One of the newest developments in the bioresorbable stents sector is the creation of hybrid bioresorbable stents, which bring together the advantages of both these and metallic stents. These stents are anticipated to be more flexible, stronger in the radial direction, and better equipped to give assistance to the artery for a prolonged duration.

Bioresorbable Coronary Stents Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Absorb BVS. Absorb 2nd Generation, Magmaris, MeRes-100 and DESolve

• By Application Analysis

Based on application, the market can be divided into Hospital, Clinic and Research Institute

Driving Factors

"Growing Cardiovascular Diseases and Geriatric Population are Piloting the Industry Expansion"

The major cause of worldwide mortality and morbidity is cardiovascular disease. In low- to middle-income countries, cardiac problems account for 75% of fatalities. Given that older people are more vulnerable to coronary heart disease, the growing geriatric population worldwide is another important factor boosting the market for coronary stents. Persons over 65 are more inclined than younger individuals to develop coronary artery disease since aging alters the blood arteries found in the heart. As a result, the demand for bioresorbable coronary stents is increasing due to an aging population and an increase in the frequency of heart disease.

"Rising Investments in R&D to Create New Options for Coronary Stents by Different Medical Sectors"

The worldwide market is booming as a result of increased spending and R&D effort by different medical sectors to find and create new options for bioresorbable coronary stents with accuracy and speed. R&D investment is a risky business approach for producing innovative products and lengthy business and development progress. in line with information from the United Nations Educational, Scientific, and Cultural Organization (UNESCO). Approximately ten countries make up for 80% of the global share R&D investment, which has topped USD 1.7 trillion.

Restraining Factors

"Several Drawbacks Associated with these Stents will Limit the Market Growth"

It is anticipated that hefty stent treatment prices will to some extent limit the need for coronary stents. Additionally, potential risks related to the utilization of coronary stents have held back various demographic groups' adoption patterns for stents. Prior to that, a significant obstacle to the sales of stents in any market is the availability of adequate healthcare infrastructure and qualified medical personnel. The majority of third-world or low-income nations in Africa, Middle Asia, and some regions of Asia Pacific are experiencing this difficulty for the bioresorbable coronary stents market growth expansion .

Bioresorbable Coronary Stents Market Regional Insights

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"Increase in Cases of Cardiovascular Diseases and Region’s High Adoption of Healthcare Technology is Driving the Regional Market"

The Asia Pacific area is predicted to witness the greatest increase in the market for coronary stents due to reasons such as increase in the occurrence of cardiovascular illnesses, the older population, and the region's high adoption of cutting-edge healthcare technology. Furthermore, bioresorbable stents are widely used in Japan, one of the nations that has the most advanced medical technologies. Due to such characteristics, Asia Pacific is expected to hold the greatest bioresorbable coronary stents market share over the forthcoming years.

Key Industry Players

"Key Players Focus Product Development to Increase their Sales  "

Meril Life Sciences Pvt. Ltd. and Arterius are two relatively young stent companies that compete against well-established manufacturers of drug-eluting coronary stents in the industry for bioresorbable stents. The creation of new bioresorbable coronary stents with improved absorption rates, strut width, and circumferential strength is the focus of major strategic initiatives among the producers. Three generations of bioresorbable stents for coronary diseases have been developed by pure-play businesses such as Amaranth Medical, each with increasingly superior device characteristics. Magnitude, the newest product from the corporation, is anticipated to grow this industry with increased sales once it becomes commercially available.

List of Market Players Profiled

• BIOTRONIK (Germany)
• Meril Life Sciences Pvt. Ltd. (India)
• Elixir Medical Corporation (U.S.)
• REVA Medical (U.S.)
• Arterial Remodeling Technologies (France)
• Amaranth Medical (U.S.)
• Microport Scientific Corporation (China)

Report Coverage

This report covers the bioresorbable coronary stents market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.