PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498818
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498818
Vascular Patches Market size was valued at USD 359.3 Million in 2023, expanding at a CAGR of 8.00% from 2024 to 2032.
Vascular patches are microporous polyester-urethane patches used to repair vascular wounds using sutures. The World Health Organization (WHO) states that cardiovascular illnesses are the leading cause of mortality, killing 17.9 million people each year. Vascular patches exhibit excellent tissue integration, are highly biocompatible, have low infectious potential, cause minimal suture line bleeding, do not require impregnation or pre-clotting, and are easy to handle.
Vascular Patches Market- Market Dynamics
Growing Elderly Population
Over the forecast period, market growth is expected to be driven by an aging global population and an increase in the risk of chronic diseases such as cardiovascular disease. For instance, the World Health Organization reported in October 2022 that 80% of older people will live in low- and middle-income nations by 2050. Furthermore, in 2020, the number of adults aged 60 and older outweighed children under the age of five.
Vascular Patches Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.00% over the forecast period (2024-2032)
Based on Material segmentation, biologic vascular patch segment dominated the market in 2023.
Based on application segmentation, carotid endarterectomy had the largest revenue share in the market.
On the basis of region, North America was the leading revenue generator in 2023
The Global Vascular Patches Market is segmented on the basis of Material, Application, End User, and Region.
The market is divided into two categories based on Material: synthetic vascular patches and Biologic vascular patches. The biologic vascular patch segment dominated the market in 2023, owing to its ease of application, lower risk of infection after surgery, and higher biocompatibility. One of the primary advantages of biological vascular patches is their biodegradability, as well as their increased tensile and suture retention strength.
The market is divided into two categories based on application: Open Repair of Abdominal Aneurysm, Carotid Endarterectomy, Vascular bypass Surgery, Peripheral vascular reconstruction, and Others. In 2023, carotid endarterectomy had the highest revenue share in the market. A carotid endarterectomy is a technique that includes opening the carotid artery to relieve the constriction and thereby decrease the risk of stroke. The risk of stroke is reduced by inserting a patch into the opening in the artery as it is closed at the end of the surgery.
Vascular Patches Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to have a dominating position in the global vascular patches market during the forecast period. North America is expected to have 38.6% of the market share by 2023. The global market for vascular patches is predicted to rise significantly in the future years, owing to the growing prevalence of chronic diseases and improved awareness. The rising frequency of cardiovascular illnesses in the region is likely to drive market growth during the forecast period.
Aisa Pacific is expected to have robust, fastest market growth over the projected period due to the region's massive and ever-expanding population and an increase in the prevalence of cardiovascular illnesses, which creates a high need for vascular treatments and therapies. Better medical care infrastructure, better disposable incomes, and greater public knowledge of cutting-edge medical procedures are all expected to drive market expansion.
The competitive landscape of the vascular patches market requires an analysis of key players such as Braile Biomedica, Baxter International, Getinge Ab (Maquet), B. Braun Melsungen AG, and W. L. Gore & Associates, among others, their market strategies, and competitive dynamics in the industry. It looks at how companies in this market compete for market share, innovation, pricing strategies, and product offerings. Therefore, one can understand different landscapes in the course of actions of stakeholders, predicting alterations and developing competent decisions. Some of the key factors include market positioning, mergers and acquisitions, product developments and partnerships among competitors, thereby giving influence on the overall competitive growth of the Vascular Patches Market.
In September 2022, W.L. Gore & Associates acquired InnAVasc Medical, a tiny medical technology startup. W. L. Gore & Associates' acquisition of InnAVasc's experimental technology will bolster the company's mission to improve patients' lives by delivering physician-developed therapeutic solutions in the dialysis access space.
GLOBAL VASCULAR PATCHES MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Braile Biomedica
Baxter International
Getinge Ab (Maquet)
B. Braun Melsungen AG
W. L. Gore & Associates
Admedus
Cryolife
Edwards Lifesciences
Labcor Laboratorios
Terumo Corporation
BiOTECK
Lab Medica
Tissuemed
InSitu Technologies
LeMaitre Vascular, Inc.
Becton, Dickinson, and Company
CARITAS.
Others