Vascular Patches“The global vascular patches market is projected to grow at a CAGR of 8.5% during the forecast period.”
The vascular patches market is expected to reach USD 525.8 million by 2031 from USD 349.6 million in 2022, at a CAGR of 8.5%. Factors such as rapidly growing geriatric population and the subsequent increase in the prevalence of vascular diseases; increasing number of vascular surgeries performed; and increasing adoption of biological patches are driving the growth of the market. The decreasing number of carotid endarterectomy surgeries and product failures and recalls are expected to limit market growth in the coming years.
“The biologic vascular patch segment is estimated to grow at the fastest rate in the next five years.”
On the basis of material, the vascular patches market is segmented into biologic vascular patches and synthetic vascular patches. The biologic vascular patches segment is expected to grow at the highest CAGR during the forecast period. Growth in this market can largely be attributed to the advantages associated with the use of biologic vascular patches, such as superior biocompatibility, ease of use, minimal suture line bleeding, and reduced rates of infection in comparison with synthetic patches.
“Asia Pacific is estimated to grow at the highest CAGR during the study period.”
Geographically, the vascular patches market is dominated by North America, followed by Europe in 2017. However, Asia Pacific is estimated to grow at the fastest rate due to the rising prevalence of cardiovascular diseases and the implementation of favorable government initiatives in several Asian countries. In India, for example, the central government and the Health Ministry launched the AMRIT (Affordable Medicines & Reliable Implants for Treatment) program in 2015, which enables pharmacies in government hospitals to sell various devices, cardiac implants, and cardiovascular drugs at 50–60% lower prices. Such initiatives will help boost the demand for cardiac products, including vascular patches, in the coming years.
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The primary interviews conducted for this report can be categorized as follows:
• By Company Type: Tier 1–35%, Tier 2–22% and Tier 3- 43%
• By Designation: C level–15%, Director level–32%, Others–53%
• By Region: North America–34%, Europe–25%, Asia Pacific–23%, Rest of the World–18%
The key players in the vascular patches market include Terumo Corporation (Japan), C. R. Bard, Inc. (US), B. Braun Melsungen AG (Germany), LeMaitre Vascular, Inc. (US), Maquet (Germany), W. L. Gore & Associates, Inc. (US), Admedus (Australia), CryoLife, Inc. (US), Labcor Laboratórios Ltda (Brazil), Baxter International Inc. (US), and Edwards Lifesciences Corporation (US).
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