Global Bioabsorbable Stents Market Size

Bioabsorbable Stents Market Analysis

The Global Bioabsorbable Stents Market size is estimated at USD 1.08 billion in 2024, and is expected to reach USD 1.63 billion by 2029, growing at a CAGR of 8.76% during the forecast period (2024-2029).

The coronavirus disease 2019 (COVID-19) pandemic has had an unprecedented impact on health care and cardiac surgery. As per the Society of Thoracic Surgeons (STS) database in February 2021, Cardiac surgery volumes in the United States fell by more than half during the COVID-19 pandemic's first wave, with the biggest drops observed in the New England and mid-Atlantic regions. Other studies that looked at the early weeks and months of COVID-19 found that when hospitals' services were shut down or severely limited and patients were hesitant to seek help there were widespread cardiac effects such as missed ST-segment elevation myocardial infarction (STEMIs), higher rates of cardiac arrest, and fewer diagnostic and elective procedures. Thus, the decline in the cardiac surgery volume significantly impacted the market growth.

Factors that are driving the market include a high prevalence of cardiovascular diseases, steep increase in the aging population, and the expanding base of the obese population. For instance, according to a World Health Organization article published July 2021, an estimated 17.9 million people worldwide die from heart disease each year. This represents 31% of deaths worldwide, and 85% of these deaths are mainly caused by heart disease and stroke. This high prevalence of cardiovascular diseases and deaths associated to it are expected to drive demand for early diagnosis and treatment, which will expand the scope of the market studied and boost its market growth over the forecast period.

Furthermore rise in geriatric population who are more prone towards the chronic diseases such as heart diseases anticipated to boost the market demand. According to the World Health Organization Facts of October 2021, the proportion of the global population aged 60 and up will nearly double from 12% to 22% between 2015 and 2050. By 2050, 80% of the world's elderly will live in low- and middle-income countries. The population is ageing at a much faster rate than in the past. Every country faces significant challenges in ensuring that its health and social systems are prepared to take advantage of this demographic shift.

In addition, growing base of obese population bolster the bioabsorbable stent demand boost the market growth over the forecast period. According to the World Health Organization's report published in June 2021, 39 million children under the age of 5 years were overweight or obese in 2020. Incidences of obesity have been increasing fiercely over the past decades, and it is often described as a global endemic, especially in developed countries where lifestyle-related disorders, such as anxiety, stress, smoking, and drinking, are more prevalent. Thus, increasing in the prevalence of obesity makes patients more prone towards the heart diseases thereby expected to boosting the market growth.

However, growing product launches by the key market players anticipated to boost the market growth. For Instance, in December 2021, Svelte Medical Systems received United States Food and Drug Administration (FDA) approval to commercialize the SLENDER IDS fixed-wire and DIRECT RX bioabsorbable rapid-exchange drug-eluting stent (DES) systems for the treatment of coronary artery disease in the United States.

Thus, all aforementioned factors anticipated to boost the market growth over the forecast period. However, stringent regulatory scenario, high cost of devices as well as safety issues restraint the market over the forecast period.