Vascular Graft Market Overview
Vascular grafts are believed to be one of the most eminent prosthetics used in cardiovascular and vascular surgeries due to their ability to improve vascular access. Market Research Future (MRFR) has published a research report about the global vascular graft market that figures a decent hike for this market at 7.6% CAGR (Compound Annual Growth Rate) between 2017 and 2023. By value, the market has been figured to be worth the US $ 4.14 bn by the end of forecast period.
The vital factors supporting global vascular grafting market growth include the increasing prevalence of cardiac ailments, end-stage renal diseases, and the growing prevalence of diabetes. Other important factors leading to market growth are genetic factors like cardiac aneurysms, coronary artery diseases, and hypertension. Some lifestyle-related factors that create demand for vascular graft and support market growth include alcohol consumption, unhealthy lifestyle, and tobacco smoking. The social factors leading to market growth include changing lifestyle, ever-increasing geriatric population, and technological advancements. However, lack of administrative endorsement and high treatment cost and complications related to prosthetic grafts can hamper the market growth.
Segmentation
The global vascular graft market has been segmented on the basis of end-user, indication, raw material, and region. Based on end users, this market has been segmented into ambulatory surgical centers and hospitals. During the forecast period, the ambulatory surgical centers have been estimated to be the fastest growing segment. Hospitals hold the major market share and their dominance is expected to continue during the forecast period.
The indication-based segment segments the market into endovascular aneurysm repair, hemodialysis access, and peripheral vascular repair. During the forecast period, endovascular aneurysm repair is expected to be the major segment whereas the peripheral vascular repair segment is expected to emerge as the fastest growing segment.
Based on the raw materials, the market has been segmented into biosynthetic grafts, expanded polytetrafluoroethylene (ePTFE) grafts, polyester grafts, and polyurethane grafts. During the forecast period, the polyester grafts may hold the major market share among all segments. The biosynthetic graft is being considered to be the fastest growing segment.
Regional Analysis
The regional segmentation of the global vascular graft market can segment the global market into regional markets namely The Americas (North America & South America), Europe, Asia Pacific, and the Middle East & Africa (MEA). During the forecast period, the Americas segment is expected to retain its dominant share in the global market because North America alone can hold this share anyways. Due to technology, North America is a bigger market than South America. In North America, the market is growing due government support for R&D, the availability of advanced medical facilities, the presence of many key market players, the presence of reimbursement coverage, and high prevalence of cardiovascular ailments, diabetes, and chronic kidney diseases. In North America, the vital country-specific markets are USA and Canada. In South America, Argentina and Brazil are two strong economies that can be suitable markets in the future.
During the forecast period, the Asia Pacific region has been figured to emerge as the fastest growing regional market. Key factors supporting the market growth in this region include the growing prevalence of cardiovascular ailments and diabetes. Other factors supporting the market growth include improving healthcare infrastructure, epidemiological transition causing premature death, and lastly, the growing demand for the minimally invasive grafting procedures. The vital country-specific markets in this region are Australia, China, India, Japan, and South Korea, followed by the remaining countries of the Asia Pacific region.
The MEA region is the smallest regional market. In this region, the market is small and limited due to poor countries, lack of awareness, lack of advanced medical facilities, low standard of medical facilities, lack of education, lack of healthcare facilities, and most governments not considering healthcare a priority.
Key Players
The key players in the global vascular graft market include B. Braun Melsugen AG (Germany), Cardinal Health (USA), C. R. Bard (USA), Cook Medical (USA), Endologix (USA), Gore Medical (USA), LeMaitre Vascular (USA), Maquet (Germany), Medtronic (Ireland), and Terumo (Japan).
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