Vascular Graft Market Will be Worth US$3.29 bn by 2024
, 11 January 2019
-- Vascular Graft Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Global Vascular Graft Market: Snapshot
Vascular graft has been a prosthetic of choice among the vascular and other cardiovascular surgeons worldwide due to its strong, inert and biocompatible design which also varies in sizes and configurations in order to improve vascular access. The rise in vascular graft usage has been increased due to increase in cardiovascular diseases and diabetes. Increase in geriatric population, demand of new technological advancements in vascular access, rise in demand of vascular grafts among vascular patients can also accelerate the growth in vascular graft market. Risk of infection due to diabetes mellitus and immune response can increase some serious complications such as sepsis, amputation, disruption of infected anastomotic rigid line with a rupture, etc. can restrain the market growth.
The global vascular graft market is forecast to reach US$3.29 bn by the end of 2024, from US$2.15 bn in 2015. If these figures hold true, the global vascular grafts market will exhibit a CAGR of 5.0% between 2016 and 2024.
Hospitals Emerge as Leading End Users of Vascular Grafts
Based on product, the vascular graft market is segmented as endovascular stent graft, peripheral vascular graft, hemodialysis access graft, bypass graft and others. The endovascular stent graft segment dominated the global vascular graft market accounting for the share of 41.0% in 2015 as these devices are mostly utilized by the vascular surgeons for abnormal aortic disorders or aneurysm caused due to cardiovascular disorders or diabetes, and smoking. The hemodialysis segment is also expected to register the fastest growth during the forecast period due to increase in number of diabetes patients. Bypass graft segment is projected to grow with a second highest CAGR between 2016 and 2024 due to increase in number of incidences of coronary artery diseases caused due to increase in obesity and unhealthy food habits.
Vascular grafts are used by various end users including hospitals, ambulatory surgical centers, specialty clinics, cardiac catheterization laboratories, and others. The hospital end user segment held the largest market share in 2015 owing to increasing incidence of cardiovascular disease, introduction of technological modification on grafts by different key players in the form of usage of different sources. The segment is also projected to grow at the fastest CAGR within the end user segment. The major factor driving the hospital end user segment is that most of the vascular graft with latest technological source & design availability in hospitals. Furthermore, continuous rise in the incidence of diabetes, cardiovascular disease are also expected to boost the growth of hospital segment during the forecast period from 2016 to 2024. Based on the source segment, synthetic vascular graft is expected to have higher market share by 2024 in compare to biological and biosynthetic vascular grafts. Vascular grafts are also used for various application including coronary artery disease; aneurysm; vascular occlusion; renal failure, and others. The coronary artery disease segment is likely to grow with higher CAGR between 2016 and 2024.
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Technological Developments Enabling North America Vascular Graft Market to Exhibit Strong Growth
The global vascular graft market has been segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa., which are further categorized into various countries under each region. North America dominated the global vascular graft market in 2015 with a share of 45.0% due to factors such as increasing prevalence of cardiovascular diseases and better healthcare awareness program for diabetes. Furthermore, technological developments and increasing expenditure by major key players for development of vascular graft are also boosting the growth of the vascular graft market in North America.
According to the Journal of BioMed Research International, (2013), cardiovascular diseases (CVD) cause 3% of all deaths in North America. Also, the American Heart Association (AHA) policy statement concluded that cardiovascular disease treatment cost will rise to US$ 1 trillion annually in the U.S. by 2030 which can increase the demand in various cardiovascular devices which is likely to drive the growth of the vascular graft market.
However, Asia Pacific is projected to highest growth rate over the forecast period. The rationale behind such high growth has been attributed due to increase in geriatric population, set up of distribution channels by key players. Moreover, improving healthcare infrastructure and medical tourism would also drive the growth of the vascular graft market in the next few years.
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W.L. Gore & Associates, Inc. dominated the global vascular graft market in 2015. Major factors attributed to its dominance are product portfolio and widespread market presence. Other players in the global vascular graft market include Vascular Grafts Solutions Ltd., Heart Medical Europe BV, C.R. Bard, Inc., MAQUET Holding B.V. & Co. KG (Getinge Group), Cook Medical, Inc., B. Braun Melsungen AG, Medtronic plc, LeMaitre Vascular, Inc., ARTEGRAFT, Vascutek Ltd. (Terumo Company) and others.
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Submitted by hawer on Friday, 11 January 2019 at 7:04 PM
Category: Health Care & Medical
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