VASCULAR PATCHES MARKET ANALYSIS

The Global Vascular Patches Market is estimated to be valued at US$ 380.9 Million in 2023 and is expected to exhibit a CAGR of 7.9% during the forecast period (2023-2030).

Analysts’ Views on Global Vascular Patches Market:

Vascular patches are used in cardiovascular diseases and reconstruction of tissue and arteries to repair aneurysms, arterial stenosis, and unwanted blood clots. Typically, the surgeries are performed on the heart. The rising number of patients with neurological disorders, cardiovascular diseases, and others is expected to increase the number of open surgeries such as aortic aneurysms, carotid endartectomy, and others. Thus, it offers the opportunity for various manufacturers to offer innovative products that allow surgeons to perform such surgeries more efficiently.

Figure 1. Global Vascular Patches Market Share (%), By Type, 2023

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Global Vascular Patches Market– Drivers

• Increasing cardiovascular Diseases: The increasing prevalence of cardiovascular diseases globally is expected to propel market growth over the forecast period. For instance, according to the data published by the World Health Organization on May 15, 2023, every year, about 805,000 people in the U.S. have a heart attack.
• Increasing older population: Increasing the older population globally and increasing the chances of a chronic disease like cardiovascular disease is expected to propel market growth over the forecast period. For instance, according to the data published by the World Health Organization in October 2022, in 2050, 80% of older people will be living in low- and middle-income countries. Moreover, in 2020, the number of people aged 60 years and older outnumbered children younger than 5 years.

Figure 2. Global Vascular Patches Market Share (%), By Region, 2023

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Global Vascular Patches Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global vascular patches market over the forecast period. North America is estimated to hold 38.6% of the market share in 2023 The global vascular patches market is expected to witness significant growth in the coming years, driven by the high prevalence of chronic diseases and increased awareness. The increasing prevalence of cardiovascular diseases in the region is expected to propel market growth over the forecast period. For instance, according to the data published by the America Heart Association, on January 25, 2023, cardiovascular disease (CVD) remained the leading cause of death in the U.S., accounting for 928,741 deaths in the year 2020. Moreover, between 2018 and 2019, direct and indirect costs of total CVD were US$407.3 Million (US$251.4 Million in direct costs and US$155.9 Million in lost productivity or mortality).

Global Vascular Patches Market– Impact of Coronavirus (COVID-19) Pandemic

• Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.
• COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, faced problems with the transportation of things from one place to another.
• However, the COVID-19 pandemic had a negative impact on the global vascular patches market, owing to a reduction in the number of surgeries performed. For instance, according to the data published by the National Center for Biotechnology Information, on July 31, 2021, there was a 52.7% reduction in adult cardiac surgery volume and a 65.5% reduction in elective cases.

Global Vascular Patches Market Segmentation:

The global vascular patches market report is segmented by type, by application, by end user, and by region.

• By type, the market is segmented into biologic vascular patches and synthetic vascular patches. Out of which, synthetic vascular patches is expected to hold a dominant position in the global vascular patches market during the forecast period, and this is attributed to increasing product launches.
• By application, the market is segmented into carotid endarterectomy, aortic aneurysms, profundaplasty, and others. Out of which, carotid endarterectomy is expected to dominate the market over the forecast period, and this is attributed to increasing cardiovascular diseases.
• By end user, the market is segmented into hospital and clinics, ambulatory surgical centers, and others. Out of which, hospital and clinics are expected to dominate the market over the forecast period, and this is attributed to the prompt treatment that can lead to proper recovery.
• Among all the segmentation, the application segment is expected to dominate the market over the forecast period, and this is attributed to increasing cardiovascular diseases.

Global Vascular Patches Market- Cross Sectional Analysis:

Key players are launching novel products in the market, which is expected to propel market growth over the forecast period. For instance, on June 30, 2021, Axio Biosolutions, a wound care company, announced U.S. Food and Drug Administration (FDA) clearance of its hemostatic product, Axiostat Patch, which helps control moderate to severe bleeding in vascular procedures, surgical debridement sites, puncture sites, and more.

Global Vascular Patches Market: Key Developments

• On September 12, 2022, Haemonetics Corporation, a medical technology company, announced it had received CE mark certification for its VASCADE vascular closure and VASCADE MVP venous vascular closure systems.
• On December 31, 2021, LeMaitre Vascular, Inc., a medical device company, acquired the business and assets of Artegraft, Inc., a medical device company, for US$ 90 million.

Global Vascular Patches Market: Key Trends

• Increasing Research and Development Activities by the Market Players: Increasing research and development activities by market players is expected to aid in market growth over the forecast period. For instance, in September 22, 2021, Terumo Aortic, a medical device company, announced the launch of the co-global surgical graft study known as PANTHER. The study is a prospective and retrospective, multicenter, multi-arm, postmarket study of the company’s range of knitted and woven surgical grafts and cardiovascular patches.

Global Vascular Patches Market: Restraint

• Product Recall: Increasing product recalls are expected to hinder market growth over the forecast period. For instance, Baxter International, a healthcare company headquartered in Illinois, U.S., recalled the Vascu-Guard peripheral vascular patch.

Global Vascular Patches Market - Key Players

Major players operating in the global vascular patches market include B. Braun Melsungen AG, C. R. Bard, Inc., LeMaitre Vascular, Inc., Getinge AB, W. L. Gore & Associates, Inc., Edwards Lifesciences Corporation, Baxter International Inc., CryoLife, Inc., Medtronic, and Admedus

Definition: Vascular patch is made of polyester-urethane and has been shown to have long-term mechanical stability as well as great biocompatibility.