Bioresorbable Vascular Scaffolds Market Report Overview
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The global bioresorbable vascular scaffolds market size is anticipated to be worth USD 262.13 million in 2022. As per our research, the market is projected to touch USD 958.90 million by 2031 with a CAGR of 13.69 % during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Bioresorbable vascular scaffolds (BRSs) are primarily used and formed for providing a potential solution to the adverse effects caused by permanent metallic devices. They help in giving temporary support to the vascular wall. This is short term and can get removed or it can degrade over a period of time. In the end these equipments help in restoring the natural form of coronary arteries.
Obesity has become a common problem in people due to sedentary lifestyle. Obese people are more likely to get a heart disease compared to normal people. Increasing rate of obese population is becoming prominent recently.
Vascular scaffolds with improved features have been introduced in the medical sector. They are very helpful in providing treatment for peripheral and coronary arterial obstruction. Population with geriatric disease have also increased. All the above-mentioned factors have played a crucial role in upgrading bioresorbable vascular scaffolds market growth.
COVID-19 impact: Increased Heart Risk Due to Pandemic Increased Market Growth
The outbreak of pandemic of COVID-19 negatively affected all the sectors and industries across the world. People also suffered from several health problems during this particular period. Death rates increased globally.
According to many researches and reports, it was found out that people who were infected by corona virus were exposed to higher risks of cardiovascular diseases. This factor increased the demand for bioresorbable vascular scaffolds amidst the pandemic. People with heart diseases had to use this drug to protect the vascular walls of the heart. Hence there was a surge in the market share during COVID time.
LATEST TRENDS
"Rising Population of Obese people in Recent Times to Increase Market Growth"
Over the past few decades, the lifestyle of people has taken a drastic turn. Globalization, and modernization has negatively impacted the life of people. It has given way to sedentary lifestyle, resulting in people adopting unhealthy habits. Many diseases like diabetes, and high blood pressure are becoming more prevalent in people.
Another problem which is faced by people is obesity. Obesity increases the risk of heart disease as the cholesterol present in the human body can block coronary arteries preventing the supply of blood to heart muscles. This can result in sudden cardiac arrests. Rising percentage of obese population has been observed as a recent development leading to increase in the bioresorbable vascular scaffolds market share.
Bioresorbable Vascular Scaffolds Market Segmentation
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- By Type:
The market can be divided on the basis of type into the following segments:
Self-expanding, and, balloon dilation. The self-expanding segment is anticipated to dominate the market during the forecast period.
- By Application:
Classification based on application into the following segment:
Hospital, and, medical center. The hospital segment is predicted to dominate the market during the research period.
DRIVING FACTORS
"Introduction of Improved Bioresorbable Vascular Scaffolds to Accelerate Market Growth"
Vascular scaffolds are very helpful in providing treatment for peripheral and coronary arterial obstruction. Such obstructions are associated with ischemic heart diseases and cardiovascular diseases. Heart diseases have become the major cause of mortality recently. Bioresorbable stents assist in dilating blood vessels without any obstructions.
Vascular scaffolds with improved features have been introduced in the medical sector. These scaffolds can disintegrate into human body without the risk of any external intervention. When compared to first- and second-generation stents, bioresorbable vascular scaffolds are better and safer to use as they decrease the requirement of double antiplatelet therapy. This can become one of the major factors driving the market growth.
"Increasing Prevalence of Post-Stroke Consequences and Geriatric Diseases to Propel the Market Growth "
According to studies conducted by American Heart Association (AHA) around 100 million adults suffered from some kind of cardiovascular disease or post-stroke consequence. The increase in population suffering from geriatric diseases has also increased the risk of heart disease. The usage of bioresorbable vascular scaffolds the risk of such diseases can be relatively decreased.
These scaffolds can prevent any kind of inflammation which can in turn lead to thrombosis as well as stent restenosis. These equipments can be used for treating any blockage caused to the heart valves. They expand the blood vessels in order to prevent blocking of coronary arteries. Introduction of novel bioresorbable scaffolds has further propelled the demand for this medical equipment.
RESTRAINING FACTOR
"Complications Caused Due to the Integration of These Vascular Scaffolds to Bring Down Market Growth"
While using a bioresorbable vascular scaffold many precautions have to be exercised. A lot of complications can happen while using these equipments. Some of the common risks include central nerve damage, equipment malfunction, and, pulmonary complications. Such risks can hamper the market growth.
It can also lead to infections of catheter-related blood vessels. Additionally, the cost involved in installing a bioresorbable vascular scaffold is also very high. This device cannot be afforded by every patient suffering from cardiac devices. All of these factors can restrain the growth and development of vascular scaffolds market.
Bioresorbable Vascular Scaffolds Market Regional Insights
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"North America to Dominate Market in Upcoming Years"
North America is leading the bioresorbable vascular scaffolds market share. It occupies nearly one-fourth of the market share. Asia Pacific is the second largest shareholder of the market with a tremendous growth rate. The major reason for growth of market in North America is increasing the number of people with heart diseases.
Support provided by government for research and development in the medical sector is further fueling the market growth. Obesity, high cholesterol levels, blood pressure, and geriatric diseases caused by the adoption of unhealthy lifestyle by people in this region has become the main driver of the market development in North America.
Key Industry Players
"Leading Players adopt Acquisition Strategies to Stay Competitive "
Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
List of Market Players Profiled
- Stentys SA (France)
- Medtronic (Ireland)
- Boston Scientific Corportaion (U.S.)
- C. R. Bard, Inc. (U.S.)
Report Coverage
The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 262.13 Million in 2022 |
Market Size Value By |
US$ 958.9 Million by 2031 |
Growth Rate |
CAGR of 13.69% from 2022 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is bioresorbable vascular scaffolds market expected to touch by 2031?
The bioresorbable vascular scaffolds market is projected and estimated to touch USD 958.90 million by 2031.
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What CAGR is the bioresorbable vascular scaffolds market expected to exhibit by 2031?
The bioresorbable vascular scaffolds market is expected to exhibit a CAGR of 13.69% by 2031.
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Which are the driving factors of the bioresorbable vascular scaffolds market?
Vascular scaffolds with improved features have been introduced in the medical sector. They are very helpful in providing treatment for peripheral and coronary arterial obstruction. Population with geriatric disease have also increased. These factors accelerate bioresorbable vascular scaffolds market growth.
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Which are the top companies operating in the bioresorbable vascular scaffolds market?
Stentys SA, Medtronic, Boston Scientific Corportaion, and, C. R. Bard, Inc. are the top companies operating in the bioresorbable vascular scaffolds market.
