The Vascular Patches Market is estimated to be valued at US$ 380.9 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vascular patches are primarily used to reinforce weakened or damaged blood vessels after vascular surgeries like endarterectomy or angioplasty. They are manufactured using both synthetic materials like PTFE, ePTFE, Dacron and biological tissues. Vascular patches provide mechanical support to patched vessels, seal off blood leaks and allow cellular repopulation and tissue remodeling. They minimize bleeding risk and facilitate wound healing compared to sutures alone.
Market key trends:
Growing demand for minimally invasive surgeries is a major trend fueling demand for vascular patches. Minimally invasive procedures utilize smaller incisions resulting in less post-operative pain, reduced hospital stay and faster recovery compared to open surgeries. This has boosted adoption of endovascular techniques involving peripheral and coronary stenting, balloon angioplasty and catheter-based therapies. As these procedures often require vascular reconstruction at access or treatment sites, demand for patches has risen steadily. Rising prevalence of cardiovascular diseases worldwide along with rapidly aging global population base are other key factors contributing to increased vascular procedures and subsequent patch consumption. In addition, ongoing product advances focusing on enhanced biocompatibility, suture retention strength and healing properties are helping market players expand clinical applications of patches.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the vascular patches market is low due to the presence of stringent regulations regarding vascular patches manufacturing. Bargaining power of buyers: The bargaining power of buyers is moderate as the vascular patches industry has established end-users with acceptable substitutes. Bargaining power of suppliers: The bargaining power of suppliers is low as there are many suppliers and the switching cost between them is low. Threat of new substitutes: The threat of new substitutes is low as vascular patches do not have close substitutes for their intended use in vascular surgeries. Competitive rivalry: Intense due to presence of large number of established players.
SWOT Analysis
Strength: Wide product offerings, innovation capabilities and strong geographical presence. Weakness: High R&D costs, stringent regulatory requirements. Opportunity: Growth in emerging economies, rising healthcare expenditures. Threats: Threat from alternative treatment options, price pressure from low-cost producers.
Key Takeaways
The global vascular patches market is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing number of surgeries caused by rising incidence of vascular diseases. Regionally, North America dominated the global market and is expected to continue its dominance over the forecast period due to the advanced healthcare infrastructure and availability of skilled medical professionals in the region. Asia Pacific is expected to be the fastest growing market for vascular patches during the forecast period owing to rapidly improving healthcare infrastructure and increasing medical tourism in emerging countries such as India and China.
Key players operating in the vascular patches market are B. Braun Melsungen AG, C. R. Bard, Inc., LeMaitre Vascular, Inc., Getinge AB, W. L. Gore & Associates, Inc., Edwards Lifesciences Corporation, Baxter International Inc., CryoLife, Inc., Medtronic, and Admedus. These players are focusing on new product launches and geographical expansion to strengthen their market position.
Vascular Patches Market Size Analysis by Material (Biologic Vascular Patches, Synthetic Vascular Patches), Application (Carotid Endarterectomy, Open Repair of Abdominal Aortic Aneurysms Vascular Bypass Surgery, and Others), End-user (Hospitals and Clinics, Ambulatory Surgical Centers, and Others), and Region–Global Forecast till 2023The Global Vascular Patches Market Size is poised to touch USD 6.1 billion at a notable 4.1% CAGR over the predicted years (2018-2023).
In every surgical procedure, the primary closure of sutures needs to be done effectively.
On the contrary, scarcity of skilled professional, mishandling, decrease in carotid endarterectomy surgeries owing to low preference are factors that may restrict the growth of the vascular patches market.Vascular Patches Market Key Players Leading players profiled in the vascular patches market include Baxter International Inc. (U.S.), Edwards Lifesciences Corporation (U.S.), Labcor Laboratórios Ltda (Brazil), Admedus (Australia), CryoLife, Inc. (U.S.), W. L. Gore & Associates, Inc. (US), LeMaitre Vascular, Inc. (U.S.), Maquet (Germany), B. Braun Melsungen AG (Germany), Terumo Corporation (Japan), C.R.
Bard, Inc. (U.S.) and others.April 2019- Tel Aviv University researchers have come up with the world’s first ever 3D printed heart that is perfectly functioning, anatomically, biochemically, cellular and immunologically matched.
The heart will be vascularized and supplied through the patient’s blood vessels and created from the own cells of the patient.
Of these, the biologic vascular patches will have the maximum share in the market over the predicted years followed by synthetic vascular patches that will grow at the fastest pace.Based on application, the vascular patches market is segmented into open repair of abdominal aortic aneurysms vascular bypass surgery and carotid endarterectomy.
