Global Vascular Patches Market, By Type (Biologic Vascular Patches, Synthetic Vascular Patches), By Application (Carotid Endarterectomy, Aortic Aneurysms, Others), By End User (Hospital and Clinics, Ambulatory Surgical Centers, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on adopting growth strategies, such as the launch of new products, which will drive the global vascular patches market. For instance, on February 4, 2019, Cardiva Medical Inc., a medical device company, received premarket approval (PMA) approval from the U.S. Food and Drug Administration (FDA) for the VASCADE MVP Venous Vascular Closure System. VASCADE MVP uses a simple and proprietary delivery system to place a collagen patch on the outside of each vessel puncture site following completion of the procedure.
Global Vascular Patches Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of things from one place to another.
COVID-19 impacted the growth of the vascular patch market negatively owing to the decreased number of vascular surgeries due to the restrictions imposed by the government to avoid the spread of COVID-19. For instance, according to an article published in Frontiers in Surgery, on August 2022, during a pandemic, there was a 34.51% drop in surgical procedures reported in central Romania, with a disproportionally large 80.6% drop in cases with a diagnosis of venous insufficiency and a rise of 67.21% in patients with acute arterial ischemia.
Global Vascular Patches Market: Key Developments
On June 26, 2019, Osaka Medical College, Fukui Tateami Co., Ltd., a fabric manufacturing company, and Teijin Limited, a Japanese pharmaceutical and information technology company, announced that the alliance had launched a clinical trial of their newly developed patch material, OFT-G1 (provisional name), for cardiovascular surgery, and the first surgery using OFT-G1 was successfully performed. The OFT-G1 is revolutionary designed by the surgical expertise in cardiovascular surgery of Osaka Medical College, the pioneering warp-knitting technology of Fukui Tateami, and the advanced polymer-application technology of Teijin.
On September 21, 2021, Terumo Aortic, a medical device company, announced the launch of the company's global surgical graft study known as PANTHER. This study is a prospective and retrospective, multi-center, multi-arm, post-market study of the company's comprehensive range of knitted and woven surgical grafts and cardiovascular patches.
Browse 36 Market Data Tables and 26 Figures spread through 180 Pages and in-depth TOC on “Global Vascular Patches Market”- Forecast to 2030, Global Vascular Patches Market, By Type (Biologic Vascular Patches, Synthetic Vascular Patches), By Application (Carotid Endarterectomy, Aortic Aneurysms, Profundaplasty, Others), By End User (Hospital and Clinics, Ambulatory Surgical Centers, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/vascular-patches-market-4371
Key Takeaways of the Global Vascular Patches Market:
- The global vascular patches market is expected to exhibit a CAGR of 7.9% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global vascular patches market.
- Among application, the carotid endarterectomy segment is expected to hold a dominant position in the global vascular patches market during the forecast period, and this is attributed to the increasing carotid endarterectomy cases. For instance, according to the data published by the Society for Vascular Surgery, Carotid Endarterectomy is among the most frequently performed vascular operations in the U.S. More than 100,000 such operations are performed annually at a cost of US$ 1.2 billion.
- Among region, North America is expected to be the dominant region in the global vascular patches market, owing to increasing funding for cardiac diseases, which is expected to propel the region growth over the forecast period. For instance, as per the data published by the national institutes of health (NIH), in May 2022, about US$413 million was funded for atherosclerosis in 2021, and an estimated US$430 million is allocated in 2022 for research and disease-related studies, with the expectation that this funding will reach US$432 million by 2023.
- Major players operating in the global vascular patches market are 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
