A research study titled, “Vascular Graft Market by Product, Application, and Raw Material – Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the vascular graft market is projected to be around $4.2 billion by 2025.
Vascular grafts are prosthetic implants that are used to replace, repair or bypass sections of blood vessels. As the need for coronary vascularization is increasing worldwide, different strategies have been investigated for blood restoration to the heart. Vascular grafts are being evaluated for the bypass surgery of the atherosclerotic coronary arteries. Cardiovascular diseases (CVDs) such as atherosclerosis can be treated by implantation of vascular grafts with the help of coronary artery bypass surgery. CVD is a class of diseases which affects heart or blood vessels. CVDs include stroke, heart failure, congenital heart disease, angina, arrhythmia and myocardial infarction. The risk factors for CVDs are high blood pressure, obesity, unhealthy diet, physical inactivity, tobacco consumption, drinking excess alcohol, smoking, aging, high blood cholesterol, stress, and depression. CVDs are characterized by chest pain, tiredness, increasing heartbeat, excessive sweating and difficulty in breathing. According to a study conducted by American Heart Association in 2017, around 92.1 million American adults have some or the other type of CVD. The study further states that the estimated number of annual new heart attacks in U.S. is 580,000 with 210,000 incidences of recurrent attacks. Suchhigh prevalence of CVDs will drive the global market during forecast period.
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Endovascular stent grafts segment occupied the largest share of the overall market in 2016, due to factors such as decrease in the level of physical activity, increase in the consumption of junk food, tobacco and alcohol. Cardiovascular diseases segmentaccounted for the largest share of the global market in 2016,owing toincrease in the pervasiveness of hypertension and increase in risk factors such as high blood sugar and other age related disorders. Polyester based grafts segment accounted for the major share of the overall market in 2016, due to factors such as excessive tensile strength, raw material availability and durability. Biological materials segment is expected to witness fastest growth during forecast period owing to high adoption rate among users and increase demand for more biocompatible vascular grafts.
U.S. occupied the largest share of the North America vascular graft market in 2016, due to factors such as increase in the healthcare expenditure, advancement in healthcare facilities and high prevalence of cardiovascular disorders. Furthermore, increasing adoption of technological advanced products will drive the U.S. market during forecast period. Emerging markets such as China and India arepoised to witness favorable growth during the forecast period due to factors such as rise in geriatric population andcontinuous improvement in healthcare infrastructure. Furthermore, government initiatives in India such as “Make in India” encourages many players to set up manufacturing plants in thecountry, which is set to stimulate the market growth during forecast period.
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Product development is the major strategy adopted by the key players to sustain the market competition. For instance, in December 2016, Medtronic obtained CE Mark for its Endurant II/IIs stent graft system for treating abdominal aortic aneurysm patients.
Some of the key players in vascular graft market are W.L. Gore & Associates, Inc., Terumo Medical Corporation, B. Braun Melsungen AG, Vascutek Ltd, Medtronic Plc., ARTEGRAFT, LeMaitre Vascular Inc., Heart Medical Europe BV, Bard Peripheral Vascular Inc. and Cook Medical Group.
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Key Findings of the Research Study:
- Endovascular stent grafts segment accounted for three-fourth share of the global market in 2016, owing to their wide adoption in treating aortic disorders caused due to diabetes and cardiovascular devices.
- Hemodialysis segment is expected to witness high growth during forecast period owing to increasing prevalence of diabetic people suffering from kidney related disorders.
- Cardiovascular diseases segment accounted for one-fourth share of the global market in 2016 owing to rise in incidences of hypertension, aneurysm, and other age-related disorders.
- Polyester based vascular graft segment held over one-third market share in 2016. High durability and tensile strength and easy availability of these grafts will further contribute to the growth of this segment.
- North America accounted for almost half of the market share in 2016, owing to presence of large elderly population suffering from cardiovascular and other disorders.
- Asia-Pacific is expected to grow at fastest CAGR owing to rise in disposable income of people and increase in demand for better healthcare infrastructure.