Bioresorbable Scaffolds Market Growing Trend and Demand in Healthcare Sector 2023
Bioresorbable scaffolds are medical devices used in widening clogged arteries or veins and primarily find use in cardiovascular surgeries. They have gained prominence in recent years due to metallic scaffolds causing an infection within the body and resulting in patient death. Developments of bioresorbable scaffolds to reach the level of drug-eluting stents are likely to drive the global bioresorbable scaffolds market.
The global bioresorbable scaffolds market is expected to touch a towering valuation by exhibiting 18.9% CAGR from 2017 to 2023 (forecast period). High prevalence of cardiovascular disorders is the primary driver of the market. According to a 2014 report by the World Health Organization (WHO), cardiovascular diseases can account for a majority of deaths globally. Rising rates of obesity, diabetes, and sedentary lifestyle of patients can all contribute to the market growth.
Increasing government support and investment for better medical techniques and breakthroughs of techniques in cardiovascular surgeries can fuel the bioresorbable scaffolds market. Biodegradable nature of these stents which allow for recovery of vessel vasoreactivity can play a pivotal role in the market in the coming years. Use of polymers as a coating for stents for providing adequate radial strength will open up new growth avenues.
But availability of alternative therapies can restrain market growth.
The global bioresorbable scaffolds market is segmented by material, type, application, and end-user.
By material, it is segmented into polycarbonate scaffold, polymeric scaffold, absorbable magnesium stent (AMS), and others. Polymeric and polycarbonate scaffold segments can account for a large market share due to increasing use of PCI procedures and preference of polymer-based stents.
By type, it is segmented into paclitaxel-eluting device, drug eluting coronary scaffolds, sirolimus-eluting device, everolimus-eluting device, and novolimus-eluting device.
By application, it is segmented into regulation of blood flow control, peripheral vascular intervention, and others.
By end-user, it is segmented into clinics, hospitals, and others. Hospitals can account for a large market share due to preference of hospitals by patients for diagnostic and surgical procedures. Rapid rate of cardiovascular surgeries can drive the segment growth exponentially.
Europe, the Middle East & Africa (MEA), Asia Pacific, and the Americas are regions covered in the bioresorbable scaffolds market report.
The Americas accounted for close to 40% market share in 2016. Large geriatric population, large share of the regional population plagued by obesity and diabetes, and presence of prominent market players are factors bound to propel demand for bioresorbable scaffolds in the region. High stress levels, lack of exercise, and deskbound lifestyle of patients are other drivers positively impacting the bioresorbable scaffolds market. High incidence of pulmonary artery disease, coronary artery disease, and other diseases which can harden or weaken arteries can also be a vital growth determinant in the market.
Europe has the second largest market share due to a large healthcare budget, patient-friendly reimbursement policies, and presence of developed economies of Italy, France, and Germany. Rising focus of players in the region to focus on clinical trials of stents and rise of pulmonary coronary interventional (PCI) procedures
The APAC region can account for the fastest growth rate due to a large patient pool, large number of skilled surgeons, and high incidence of cardiovascular disorders. Furthermore, reduction in prices of stents by governments for making it affordable for patients across all economic strata can bode well for the market within the region.
Boston Scientific Corporation,Kyoto Medical Planning Co. Ltd.,Translumina,Elixir Medical Corporation,MicroPort Scientific Corporation,Xenogenics Corporation,B. Braun,TERUMO CORPORATION,Biotronik,Abbott,Amaranth Medical, Inc.,Medtronic,REVA Medical, Inc,Cardinal Health., and Lombard Medical, Inc, are some of the noteworthy players in the global bioresorbable scaffolds market.