Global Vascular Patches Market Expected to Grow with a healthy CAGR
The Global Vascular Patches Market is estimated to grow double fold by the end of 2023. The market is mainly driven by the burgeoning healthcare sector. In 2017, the market had valued at USD 4.1 Bn which is expected to reach USD 6.1 Bn by 2023, registering 4.1% CAGR during the forecast period (2018-2023).
Deskbound lifestyle, anxiety, stress and high consumption of junk food are the key causes of cardiovascular diseases. Sedentary lifestyle mirrors the demand for vascular surgeries and hence, patches. Moreover, the increasing number of cases of cardiovascular diseases are supporting the vascular patches market to grow rapidly.
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Increasing awareness about the availability of cardiovascular surgical procedures and the emergence of robotically assisted surgeries such as coronary artery bypass, valvuloplasty, and valvular replacement are escalating the vascular patches market to greater heights.
Furthermore, the demand for optimization of efficacy and safety monitoring along with the technological advancements, are fostering the market growth, recovering patients earlier than the estimated time which is further saving the cost of the hospital stay.
Global Vascular Patches Market – Segments
The global vascular patches market has been segmented on the basis of material, application, end-user, and regions. By material, the market is segmented into biologic vascular patches and synthetic vascular patches.
Among these, the segment biologic vascular patches account for the major segment, whereas, the synthetic vascular patches segment accounts for the fastest growing segment.
By application, the market is segmented into carotid endarterectomy and open repair of abdominal aortic aneurysms vascular bypass surgery
Out of these, the segment carotid endarterectomy accounts for the largest segment, whereas, the open repair of abdominal aortic aneurysms vascular bypass surgery is the fastest growing segment.
By end-user the market is segmented into hospitals & clinics and ambulatory surgical centers, and others. The segment hospitals & clinics is the largest segment, whereas the ambulatory surgical centers is deemed to be the fastest growing segment.
Global Vascular Patches Market – Regional Analysis
By region, the market is segmented into the Americas, Europe, Asia-Pacific, and Middle East & Africa. Out of these, the Americas region dominates the market, whereas the Asia Pacific region accounts for the fastest growing region.
Globally North America accounted for the largest share in the Americas vascular patches market. It is expected to grow with a substantial CAGR during the forecast period. Rising prevalence of cardiovascular diseases in the U.S. and Canada along with the high per capita healthcare spending and the growing population are expected to spur the growth of this vertical in the region. Moreover, the rapid uptake of advanced technologies and devices in the surgical process is also an essential driver of the market. The presence of the major manufacturers is fueling the market in the region.
The European region accounts for the second-largest market for vascular patches owing to the factors such as the high per capita healthcare expenses and raising awareness towards advancements in vascular procedures and patches, positively impact the market growth in the region. Also, the resurging economy is playing a vital role in increasing the market value in the region.
Whereas, the Asia Pacific region is emerging as the fastest growing market for vascular patches. Factors such as the growing healthcare sector in highly populated countries such as India and China substantiate the market growth in the region. Furthermore, factors like the increasing geriatric populace, rising cases of patients suffering from chronic coronary diseases, growing awareness about healthcare, influence the market growth positively.
Global Vascular Patches Market – Key Players
Some of the market leaders profiled in the report are C.R. Bard, Inc. (U.S.), Terumo Corporation (Japan), B. Braun Melsungen AG (Germany), Maquet (Germany), LeMaitre Vascular, Inc. (U.S.), W. L. Gore & Associates, Inc. (US), CryoLife, Inc. (U.S.), Admedus (Australia), Labcor Laboratórios Ltda (Brazil), Edwards Lifesciences Corporation (U.S.), and Baxter International Inc. (U.S.).
Innovation, mergers & acquisitions, product launch, and regional expansion remain the key trends for these players to maintain their market positions.
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