The global Biodegradable Stent Market reached a valuation of USD 298.0 million in the year 2022, and it is projected to achieve an impressive figure of USD 702.67 million by the year 2032. This upward trajectory indicates a robust compound annual growth rate (CAGR) of 10% during the forecast period. The driving forces behind this growth are the escalating prevalence of cardiovascular diseases worldwide and the surging demand for minimally invasive surgical procedures. Biodegradable stents, crafted from naturally soluble materials like Polyglycolic Acid (PGA) and Polylactic Acid (PLA), are designed to eliminate the need for additional surgical interventions, as they can be safely absorbed by the body.
The escalating global incidence of cardiovascular disorders stands out as a prime contributor to the burgeoning market revenue. According to data from the World Health Organization (WHO), cardiovascular diseases account for approximately 31% of all global fatalities, positioning them as the foremost cause of mortality. Sedentary lifestyles, poor dietary habits, and an aging populace collectively contribute to the high prevalence of these conditions. As a preferable alternative to conventional metallic stents, biodegradable stents are gaining prominence due to their biocompatibility and ability to mitigate risks such as thrombosis and restenosis.
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Key Insights: Material Composition Analysis: Biodegradable stents, categorized as medical devices, find application in addressing diverse cardiovascular conditions such as coronary artery disease. Notably, these stents eliminate the need for a secondary surgical intervention for removal due to their construction from biodegradable materials that naturally degrade and are absorbed by the body. The market segment encompassing polymer- and metal-based biodegradable stents is further subdivided based on material composition.
The polymer-based biodegradable stent segment led the market in terms of revenue share in 2022 and is projected to maintain its dominance during the forecast period. This trend is attributed to the advantages that polymer-based stents offer, including flexibility, ease of deployment, and gradual dissolution, ultimately preserving the artery's original state. Moreover, polymer-based stents demonstrate a reduced incidence of complications such as restenosis and thrombosis when compared to conventional metallic stents. As the preference for minimally invasive procedures and the prevalence of cardiovascular ailments continue to grow, polymer-based biodegradable stents are anticipated to spearhead market expansion.
Application Analysis: The coronary artery disease category emerged as the revenue leader in the global biodegradable stent market in 2022.
Segmented by application, the biodegradable stent market encompasses two categories: coronary artery disease and peripheral artery disease. The coronary artery disease segment commanded a substantial portion of revenue in 2021. As a leading cause of mortality globally, the prevalence of coronary artery disease is driving demand. Biodegradable stents, designed to naturally degrade and minimize the risk of artery re-blocking (restenosis), are emerging as a promising alternative to conventional metallic stents. Furthermore, their eventual absorption by the body eliminates the hindrance to subsequent medical interventions, such as bypass surgery. These attributes have bolstered interest in biodegradable stents, consequently boosting sales.
During the forecast period, the peripheral artery disease segment is anticipated to exhibit the highest revenue CAGR. The rising incidence of peripheral artery disease, characterized by narrowed or obstructed arteries outside the heart, typically affecting the legs, is anticipated to be the primary growth driver. Biodegradable stents present a viable solution for peripheral artery disease, particularly in scenarios where conventional stents might pose complications. Additionally, these stents contribute to reducing the likelihood of future medical procedures and restenosis, thereby improving patient outcomes. Increasing consumer awareness of their benefits and technological advancements are expected to drive market growth.
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Regional Analysis: The expanding biodegradable stent market within the healthcare sector is driven by the heightened requirement for stent procedures, prompted by the surge in cardiovascular disorders. Biodegradable stents, with their ability to degrade and ultimately be absorbed by the body – in contrast to permanent implantation of conventional stents – are gaining traction. This innovation is reshaping cardiovascular therapies, eliminating the need for long-term medication and reducing restenosis risks.
The Asia Pacific region is poised to contribute significantly to the global biodegradable stent market due to the growing incidence of cardiovascular diseases in developing countries like China and India. The substantial patient base in the region is expected to fuel market growth, coupled with a surging demand for advanced medical technologies. Moreover, the availability of cost-effective medical services acts as a pivotal factor fostering the expansion of the biodegradable stent market.
North America is anticipated to maintain dominance over the biodegradable stent market throughout the forecast period, attributed to the rising popularity of minimally invasive procedures and advanced medical technologies. The region's high prevalence of cardiovascular diseases is propelling the demand for stent treatments, thus augmenting market growth. Favorable reimbursement policies and the presence of significant market players further contribute to the region's anticipated expansion.
Competitive Landscape: The global biodegradable stent market is on track for considerable growth in the forecast period. Biodegradable stents are gaining favor over traditional metal stents due to their ability to degrade over time and be absorbed by the body, reducing the risk of long-term complications. The market exhibits a fragmented nature, with a range of large and medium-sized players collectively accounting for the majority of market revenue. Noteworthy companies in the biodegradable stent market include:
- Abbott Laboratories
- Biotronik SE Co. KG
- Boston Scientific Corporation
- Elixir Medical Corporation
- Reva Medical Inc.
- Medtronic Plc.
- Terumo Corporation
- Meril Life Sciences Pvt. Ltd.
- Arterial Remodeling Technologies S.A.
- Amaranth Medical Inc.
In conclusion, the global biodegradable stent market is primed for substantial expansion driven by the rising prevalence of cardiovascular diseases and the growing demand for minimally invasive procedures. With polymer-based stents anticipated to lead the market due to their superiority and metal-based stents expected to gain traction, the industry is poised for remarkable growth across various applications and regions. Major players are actively seeking strategic collaborations and advancements to solidify their market positions in this evolving landscape.
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