Wilmington, Delaware, United States, June 08, 2023 (GLOBE NEWSWIRE) -- The global bioresorbable vascular scaffold market was valued at USD 161.5 Mn in 2022 and is estimated to surpass USD 316.7 Mn by 2031, expanding at a CAGR of 7.8% between 2023 and 2031.
Increase in frequency of cardiovascular illnesses and rise in demand for less invasive treatments are projected to drive global bioresorbable vascular scaffold market development during the forecast period. Additionally, increase in healthcare spending and rise in awareness about the benefits of BVS over conventional metallic stents is likely to drive market demand for bioresorbable vascular scaffolds.
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Leading companies in the market are spending on R&D initiatives to create novel products and broaden product line. Players are focusing on strategic collaborations and alliances to increase market position in this fiercely competitive industry.
Coronary artery disease can be treated with a medical device termed as bioresorbable vascular scaffold (BVS). It is a specific kind of stent made of a biodegradable polymer that eventually dissolves, leaving just the natural channel. The purpose of BVS is to give the artery short-term assistance so that it can recover and resume its normal function. Basically, it is a very recent technological advancement that was created as a substitute of conventional metal stents. Long-term problems including thrombosis and restenosis are less likely with BVS. This is expected to drive industry growth.
Key Findings of Market Report
- Based on product type, the sirolimus-eluting device segment is expected to lead the global market between 2023 and 2031. The device effectively treats coronary artery disease. In comparison to bare-metal stents, sirolimus-eluting devices are frequently employed because of their capacity to lower restenosis rates and enhance clinical outcomes. One of the primary reasons influencing popularity of sirolimus-eluting devices is increase in the number of cases of coronary artery disease (CAD). Technical improvements is another major factor propelling the segment.
- In terms of material type, the poly-L-lactic acid segment held the largest market share in 2022. Poly-L-lactic acid (PLLA), a synthetic polymer, is used extensively in medical applications since it is biodegradable and biocompatible. Its superior mechanical qualities, including high tensile strength, make it the perfect choice for bioresorbable vascular scaffolds.
- Based on disease type, the coronary artery disease segment is anticipated to dominate the global market in the next few years. The segment is fueled by high prevalence of coronary artery disease across the world.
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Global Bioresorbable Vascular Scaffold Market: Growth Drivers
- Cardiovascular disease (CVD) is one of the primary factors contributing to mortality across the globe. The World Health Organization estimates that 17.9 million fatalities per year, or nearly 31% of all deaths worldwide, are caused by CVDs. A number of variables, including sedentary lifestyles, aging populations, and poor diets, are contributing to increase in the prevalence of CVDs. Hence, there is an increasing need for treatments that are efficient and can enhance patient outcomes. Cardiovascular diseases are becoming more common, which is accelerating market development.
- The ability to view the coronary arteries while performing minimally invasive operations has improved because of advancements in imaging technology, which has made it simpler to install BVSs. This has increased attention among medical professionals who are seeking effective substitutes for conventional stents. Increasing use of minimally invasive methods is expected to bolster global market.
Global Bioresorbable Vascular Scaffold Market: Regional Landscape
- North America is projected to lead the global industry in the next few years. Sophisticated healthcare infrastructure, rise in patient awareness about minimally invasive treatments, and high disposable income are anticipated to drive the bioresorbable vascular scaffold industry in North America.
Global Bioresorbable Vascular Scaffold Market: Key Players
- S3V Vascular Technologies
- BIOTRONIK Group of Companies
- Meril Life Sciences Pvt. Ltd.
- Kyoto Medical Planning Co., Ltd.
- Elixir Medical
- Zorion Medical
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Global Bioresorbable Vascular Scaffold Market: Segmentation
Product Type
- Everolimus-eluting Device
- Novolimus-eluting Device
- Sirolimus-eluting Device
- Others
Disease Type
- Coronary Artery Disease
- Peripheral Artery Disease
Material Type
- Poly-L-Lactic Acid (PLLA)
- Tyrosine-derived Polycarbonate
- Others
End-user
- Hospital
- Ambulatory Surgical Center
- Cardiac Catheterization Lab
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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