Global vascular graft market is expected to reach USD 3,626 million by 2022, according to a new study by Grand View Research, Inc. Key factors attributing to its rapid growth include increasing prevalence of cardiovascular diseases coupled with the development of technological advanced novel tissue engineered biomaterial based vascular graft.
Furthermore, rising healthcare expenditure, favorable reimbursement policies and advanced technological facilities, are expected to positively reinforce vascular graft market growth over the next seven years.
Vascular graft market is segmented on the basis of type of raw material that includes polyester, polytetrafluoroethylene, polyurethane and biological materials. Biological materials are further classified as human saphenous & umbilical veins and tissue engineered materials. Key factors attributing to rapidly growing demand for biomaterial based graft are higher acceptability of these graft in human body and reduced risk of post surgery complication associated with tissue engineered and human saphenous vein based graft.
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Rising demand for biomaterial vascular graft and technological advancements pertaining to novel product development such as Nellix and Fortevo will boost usage rates over the forecast period.
Key applications analyzed in the report include cardiovascular diseases, aneurysm, kidney failure, vascular occlusion and diabetes. Key factors driving the market growth include increasing geriatric population base which is highly prone to cardiac disorders and unhealthy lifestyle habits such as alcohol consumption & smoking.
Vascular graft industry is further segmented on the basis of products that include hemodialysis access graft, endovascular stent graft, peripheral vascular graft and coronary artery bypass graft. High volume of EVAR procedures is a high impact rendering driver attributing for the large share of endovascular stent graft.
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Further key findings from the study suggest:
In 2014, North America held majority of market share of nearly 50% owing to the presence of advanced healthcare infrastructure, high level collaboration between the research organizations and major manufacturers of vascular stent graft. Furthermore, increasing adoption of technological advanced products such as to improve patient care followed by new discoveries of specific tissue engineered vascular graft is anticipated to heighten the demand for vascular graft in the coming seven years.
Asia Pacific is expected to be the fastest growing region growing at a CAGR of nearly 10% during the forecast period. Key factors attributing to its rapid growth include rapid development of healthcare research facilities in the region, favorable government initiatives such as the “Make In India” to encourage big players operating in vascular graft market to establish their manufacturing facilities in the region and rising incidences of target diseases such as cardiovascular and kidney disorders.
Key players operating in vascular graft market include Medtronic Plc., LeMaitre Vascular Inc., W.L. Gore & Associates, Inc., Cook Medical, Terumo Medical Corporation and Bard Peripheral Vascular Inc.
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