Cardiovascular diseases are class of diseases which affects heart or blood vessels and includes disorders such as stroke, heart failure, congenital heart disease, angina, arrhythmia and myocardial infarction, characterized by chest pain, increasing and irregular heartbeat, excessive sweating and difficulty in breathing. According to report published by American Heart Association in 2017, around 92.1 million American adults are living with some or other type of cardiovascular disease. The estimated number of new heart attacks in U.S. is 580,000with 210,000 incidences of recurrent attacks. Heart conditions such as atherosclerotic plaques can result in severe occlusions of peripheral and coronary arteries. Treatment depends on degree of severity of disease and includes drug therapy, coronary artery angioplasty and bypass surgery. Generally, internal mammary arteries are used as replacement grafts. However, artificial grafts are used for treating those patients who have severely damaged arteries owing to other chronic diseases or previous surgeries.
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Artificial blood vessels are tubes made of synthetic polymers which are used to restore blood circulation in disease state. These synthetic blood vessels are manufactured by using biosynthetic materials such as polyethylene terephthalate and Polydioxanone owing to high water and chemical resistance, high conductivity and high permeability to oxygen. Hemoglobin- based oxygen carriers are one of the commonly used synthetic blood vessels which are to transfer oxygen molecules form blood stream to heart vessels thereby restoring normal functioning of heart. Other materials such as Silk have been recently used for producing artificial blood vessels. Prosthetic silk is manufactured by special processed silk, with unique knitting technology rolled into a cylinder with alternative silk as a protective coating, to prevent the leakage of blood.
Increasing geriatric population with higher risk of developing cardiovascular disorders is key factor expected to propel growth of the market. Number of people with aged 60 and more has increased substantially in the past few years. According to UN aging population is expected to grow at 56% from 901 million in 2015 to 1.4 billion by 2050. Such high prevalence of cardiovascular diseases will surge growth of artificial blood vessels. Moreover, increase in the healthcare expenditure of people and favorable reimbursement policies will further drive growth of the market. However, expensive vascular graft procedures, high cost and high risk of developing infection is expected to slow down growth of the market.
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Major players operating in artificial blood vessels market are W.L. Gore & Associates, Inc., B. Braun Melsungen AG, Medtronic Plc., Bard Peripheral Vascular Inc., Maquet Holding B.V. & Co. KG, Terumo Medical Corporation, Cook Medical, Heart Medical Europe BV, Jotec GmbH and Lemaitre Vascular Inc. New product launch is the common strategy observed among key players to acquire larger market share thereby enhancing their global presence. For instance, in January 2016, Jotec GmbH had launched E-ventus BX balloon expandable peripheral stent graft system exclusively used for interventional therapy of arteries in cases of raptures, dissections and aneurysms.
Emerging markets coupled with technological advancements will provide ample growth opportunities for players operating in the global market. Furthermore, increasing FDA approval for new technologies and devices will drive the market in coming next years. Breakthrough technologies such as artificial blood vessels that have ability to grow when implanted in the body will revolutionize the global market. Furthermore, advancements in 3D printing technology and vascular tissue engineering enabling development of customized vascular grafts will drive the market in coming years.
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