The global market of a vascular patch was valued at USD 168.33 million in 2017, which is expected to reach USD 306.94 million by 2023, with an estimated CAGR of 10.53%, over the forecast period 2019-2024. The growth of the vascular patch market is due to the benefits linked with stenosis or occlusion of blood vessels. Presently, the autologous vessels, like the saphenous vein and internal thoracic artery, are the gold standard for several vascular surgeries. The present trend involves a significant demand for synthetic vascular patches, due to the presence of well-established polymeric biomaterials companies across several countries, globally.
The application segment is majorly surrounded around cardiovascular diseases. The high prevalence of stroke and ischemic heart diseases, leading to a large number of hospital admissions, leads to higher demand for vascular patch use in hospitals. A large number of carotid endarterectomy are performed globally, and it is considered as a well-established procedure across multiple hospitals, which primarily demands the use of vascular patches over the forecast period.
Scope of the Report
This report includes an in-depth study of the vascular patch market. The patch, used for the closure of vascular surgery, has high biocompatibility and proven, long-term mechanical stability, which is preferred by several surgeons for procedures associated with carotid, profunda, and iliac and femoral arteries.
Key Market Trends
Biologic Vascular Patches Segment is Expected to Exhibit the Fastest Growth Rate over the Forecast Period
Major benefits offered by the biologic vascular patches are the biodegradable property and higher tensile and suture retention strength. To overcome the chances of infection, biologic vascular grafts are preferred over synthetic vascular grafts. Mostly, the bovine pericardial tissue is used to manufacture biologic vascular patches. XenoSure Biologic Vascular Patch from LeMatre is one of the high-quality bovine pericardium patches used for precise closure, during endarterectomy and vascular reconstruction procedures.
Duravess bovine pericardial vascular patch from Edwards Lifesciences is commonly used for carotid endarterectomy, arteriovenous access revisions, profundaplasty, femoral, iliac, and renal and tibial endarterectomy. Since bovine pericardial tissue contains a high amount of structural protein with elastic properties, it allows conformity to challenge vessel anatomy and, therefore, its usage has been growing. Furthermore, the demand for this kind of patches is expected to rise, as bovine pericardial vascular patches exhibit a significant decrease in intraoperative suture line bleeding, as compared to synthetic patches.
North America Captured the Largest Market Share and is Expected to Retain its Dominance
North America holds the largest share in the vascular patches market, with the United States being the largest contributor to its revenue. The United States spends a significant percentage of its GDP on healthcare, each year. According to the recent report of the Organization for Economic Co-operation and Development (OECD), 2018, about 18% of the GDP is spent on healthcare. The increasing prevalence of vascular diseases is the major factor expected to drive the overall growth of the market, during the forecast period. Furthermore, there is a rise in the geriatric population in the United States, which is expected to create more opportunities for the market in the country.
The vascular patches market is highly competitive and consists of several major players. The presence of major market players, such as Terumo Corporation, Baxter International, Getinge AB (Maquet), B. Braun Melsungen AG, and Becton, Dickinson, and Company are, in turn, increasing the overall competitive rivalry of the market.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Rapidly Growing Geriatric Population and Increase in the Prevalence of Vascular Diseases
4.3.2 Increasing Adoption of Biological Patches
4.4 Market Restraints
4.4.1 Risk of Immune Response and Serious Complications
4.4.2 Product Failures and Recalls
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Material
5.1.1 Biologic Vascular Patches
5.1.2 Synthetic Vascular Patches
5.2 By Application
5.2.1 Carotid Endarterectomy
5.2.2 Aortic Aneurysms
5.2.4 Other Applications
5.3 By Usage
5.3.1 Prescription Glass
5.3.2 OTC Reading Glass
5.4.1 North America
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.4.4 Middle East & Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East & Africa
5.4.5 South America
18.104.22.168 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Lemaitre Vascular
6.1.2 Baxter International
6.1.3 Getinge AB (Maquet)
6.1.4 B. Braun Melsungen AG
6.1.5 W. L. Gore & Associates
6.1.8 C. R. Bard (BD)
6.1.9 Edwards Lifesciences
6.1.11 Terumo Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.