Global Biodegradable Stents Market, By Product Type (Coronary Stents and Peripheral Stents), By Material Type (Polymer-based Stents and Metallic Stents), By End User (Hospitals, Specialty Clinics, and Ambulatory Surgical Centers), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 388.9 Mn in 2023 and is expected to exhibit a CAGR of 7.2% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on research and development activities to get product approvals from the regulatory authorities, which is driving the global biodegradable stents market growth. For instance, in February 2021, BIOTRONIK, a medical device company, announced CE Mark certification for the Orsiro Mission drug-eluting stent (DES) system. The next generation of the company’s ultrathin strut Orsiro DES provides higher deliverability than other contemporary stents.
Global Biodegradable Stents Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and has a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems regarding the transportation of things from one place to another.
However, the COVID-19 had a negative impact on the global biodegradable stents market, owing to the less use of coronary stents. For instance, in October 10, 2022, according to an article published in Research Square journal, compared with before the lockdown, the number of Percutaneous transluminal coronary angioplasty procedures declined by 62% during the lockdown and remained lower by 29.4% after the lockdown was lifted. The decline was greater in public health (77.4%) than private health facilities (47.9%).
Global Biodegradable Stents Market: Key Developments
In June 2021, Abbott, a medical device company, announced that its XIENCE family of stents had received the U.S. Food and Drug Administration (FDA) approval for one-month (as short as 28 days) DAPT labeling for high bleeding risk (HBR) patients in the U.S.
In January 2021, the U.S. Food and Drug Administration (FDA) cleared Boston Scientific's Synergy Megatron Drug-Eluting Stent (DES) system. The company said it is the first platform that is purpose-built for large, proximal vessels.
Browse 24 Market Data Tables and 28 Figures spread through 165 Pages and in-depth TOC on “Global Biodegradable Stents Market”- Forecast to 2030, Global Biodegradable Stents Market, By Product Type (Coronary Stents and Peripheral Stents), By Material Type (Polymer-based Stents and Metallic Stents), By End User (Hospitals, Specialty Clinics, and Ambulatory Surgical Centers), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
Link: https://www.coherentmarketinsights.com/market-insight/biodegradable-stents-market-1917
Key Takeaways of the Global Biodegradable Stents Market:
- The global biodegradable stents market is expected to exhibit a CAGR of 7.2% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global biodegradable stents market.
- Among product type segment, the peripheral stents segment is expected to exhibit the highest CAGR in the global biodegradable stents market during the forecast period. For instance, on April 7, 2023, Stena Peripheral Flow Directing Stent was created by the Turkish medical company Invamed for the management of peripheral artery aneurysms. According to Invamed, these stents are adaptable to the walls of peripheral arteries since they are flexible, have a high bending capacity, and are fatigue resistant.
- Among regions, North America is estimated to account for the largest market share in the global biodegradable stents market, due to product approvals by key market players. For instance, in October 2020, Medtronic plc., a medical device company, announced it had received the FDA approval for new 1-month dual antiplatelet therapy (DAPT) labeling with an expanded indication for patients at high bleeding risk (HBR) implanted with the company’s Resolute Onyx drug-eluting stent (DES) in the U.S.
- Major players operating in the global biodegradable stents market are Boston Scientific Corporation, Abbott, Kyoto Medical Planning Co., Ltd., QualiMed, Elixir Medical Corporation, ENDOCOR GmbH, BIOTRONIK SE & Co. KG, Amaranth Medical, Inc., and Arterial Remodeling Technologies SA.
