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 a 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.
Key Market Trends
Application in Aortic Aneurysms is Expected to Exhibit the Fastest Growth Rate over the Forecast Period
Pseudoaneurysm of the ascending aorta is a rare but potentially fatal complication after cardiovascular surgery, and it can result in rupture. A small, localized saccular pseudoaneurysm of the aorta is often treated with quick patch repair rather than tube graft replacement.
As per a 2019 report by Ronald L Dalman et al., certain forms of aortic aneurysm like abdominal aortic aneurysm (AAA) is uncommon in people under the age of 60. About 1 person in 1000 develops an AAA between the ages of 60 and 65, and this number continues to rise with age. Report also observes that AAAs occur in up to 13% of men and 6% of women over the age of 65. Moreover, the global geriatric population is also on the rise, especially in developed regions of the world. For instance in the United States, the population aged 60 years and above is expected to increase from 21.5% in 2017 to 27.8% by 2050. This factor is also expected to increase the incidence of Aortic Aneurysm, which will increase the demand for vascular patch, helping the market growth.
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. This has driven the research and development in the region and also promoted the awareness regarding vascular patches. Additionally, 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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