Vascular Patches Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2817
Vascular Patches Market size is projected to experience significant growth from 2018 to 2024.
Rapidly growing geriatric population base prone to various vascular diseases will drive vascular patches market growth over the forecast period. According to United Nations, the global number of people aged over 60 years of age accounted for 962 million in 2017 and is projected to reach around 2.1 billion by 2050. With increase in elderly population, the demand for vascular patches will accelerate during forecast timeframe.
Increasing number of vascular surgeries being performed worldwide will serve to be another positive impact rendering factor. Vascular patches are highly used in minimally invasive vascular surgeries owing to its benefits over synthetic patches. Growing adoption of biological patches in numerous vascular diseases such as peripheral artery disease, carotid artery stenosis and other cardiovascular disease will spur vascular patches market size in foreseeable future. Furthermore, rising disposable income, advancements in healthcare facilities as well as increasing prevalence of cardiac diseases will augment vascular patches market growth.
However, product recalls or failures are expected to impede market growth during the forthcoming years. For instance, in June 2015, Baxter International announced voluntary recall of VASCU-GUARD peripheral vascular patch due to customer complaints. Moreover, dearth of highly skilled professionals may restrain market growth to some extent.
Biologic vascular patches segment is expected to lead the market throughout forecast timeframe. Biologic patches offer various benefits over synthetic patches such as ease of use, lower infection rate, minimum structure line bleeding and high biocompatibility. Aforementioned factors will augment the demand for biologic vascular patches during the forthcoming years.
Vascular bypass surgery segment is estimated to show considerable growth in vascular patches market due to increasing prevalence of various vascular diseases worldwide. Geriatric population base prone to vascular diseases will fuel the need for vascular bypass surgeries. Increasing number of surgeries worldwide and high demand for less invasive surgical procedures will further accelerate segmental growth over forthcoming period.
Hospitals segment is expected to hold largest market share throughout forecast period owing to increasing number of vascular procedures performed in hospitals. Increasing demand for minimally invasive procedures, growing popularity and benefits of advanced vascular products as well as fair reimbursement policies for surgeries performed in hospitals will upsurge segmental growth in the foreseeable future.
U.S. vascular patches accounted for the highest revenue share in 2017 owing to increasing prevalence of vascular diseases. Availability of advanced healthcare facilities, high healthcare expenditure as well as presence of major industry players will further boost the U.S. vascular patches market during forthcoming years.
Chinese vascular patches market is estimated to witness robust growth during forecast period. Growing geriatric population base coupled with rising prevalence of vascular diseases will propel market growth. Furthermore, presence of large patient pool in China, growing healthcare reforms as well as rising disposable income will boost Chinese vascular patches market over the forecast period.
Some of the key industry players operating in vascular patches market include Admedus, B. Braun Melsungen, Baxter International, C. R. Bard, CryoLife, Edwards Lifesciences Corporation, Labcor Laboratories, LeMaitre Vascular, Maquet, Terumo Corporation and W. L. Gore & Associates. Strategies adopted by the industry players include partnership, merger, acquisitions, as well as innovative product launch to expand their business product portfolio. For instance, in 2016, LeMaitre Vascular acquired ProCol Vascular Bioprosthesis product line from Hancock Jaffe Laboratories with an aim to strengthen its product portfolio.
Vascular patches market by material, 2013-2024 (USD Million)
- Biologic vascular patches
- Synthetic vascular patches
Vascular patches market by application, 2013-2024 (USD Million)
- Carotid endarterectomy
- Abdominal aortic aneurysms
- Vascular bypass surgery
Vascular patches market by end-use, 2013-2024 (USD Million)
- Ambulatory surgical centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- B. Braun Melsungen
- Baxter International
- C. R. Bard
- Edwards Lifesciences Corporation
- Labcor Laboratories
- LeMaitre Vascular
- Terumo Corporation
- W. L. Gore & Associates
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