Date: October 2, 2024
According to a market research report, approximately 19.05 million deaths worldwide were attributed to cardiovascular disease (CVD) in 2022. Data from the American Heart Association (AHA) indicates that the global vascular stent market is expected to reach $22.69 billion by 2030, with a compound annual growth rate (CAGR) exceeding 6.0%. As the global population ages and the prevalence of cardiovascular diseases increases, there is a growing demand for drug-eluting vascular stents and advanced medical devices.
JY BioMedical has identified significant market potential in drug-eluting vascular stents. The company is actively engaging with the Bahrain Economic Development Board (EDB) and the Office of the Prime Minister of Bahrain to discuss new drug clinical trials and the promotion of advanced medical devices. The EDB notes that the Middle East and Africa region is the fifth-largest medical device market globally, with the cardiovascular medical device market reaching $3.18 billion in 2021. The import volume of cardiovascular medical devices, such as heart stents, has significantly increased in Middle Eastern countries, primarily due to the lack of high-end medical device manufacturing capabilities. The United States remains the major supplier of medical devices to the Middle East.
JY BioMedical plans to expand its presence in the Middle Eastern market with the development of drug-eluting vascular stents. The company has fully entrusted 3D Global Biotech with the development and manufacturing of “Anti-Restenosis Drug-Eluting Vascular Stents.” 3D Global Biotech has announced that it will collaborate with strategic partner HeXun Biosciences Co., Ltd. to apply their thrombosis and coronary artery obstruction treatment technologies to vascular stents. Clinical trials, including preclinical and clinical phases, will be conducted within the Taipei Medical University healthcare system. This collaboration aims to expand into the Middle Eastern and U.S. markets, providing greater benefits to CVD patients.