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The vascular patches market has witnessed dynamic forces driving its growth and evolution. Vascular patches are used in various cardiovascular conditions where they play the role of repairing material during surgery. The industry thus operates under the influence of a complex combination of factors like advanced technology, high prevalence rates for vascular diseases and increasing ageing population.
Technological innovation still remains among the key drivers for vascular patches’ future potential eventually determining its performance. Through continuous research and development (R&D), there have been better performing synthetic patches made from advanced materials that were used for repair.
The increasing prevalence of vascular diseases is another influential factor in market dynamics. The rise in global incidence of cardiovascular conditions due to an ageing population and lifestyle-related factors has led to a growing demand for vascular interventions that work. These medical devices continue to be of high importance in surgical operations like endarterectomy as well as vascular reconstruction hence the continued market demand. The market is responding to a changing healthcare landscape with an emphasis on minimally invasive procedures and innovative solutions for better patient outcomes.
Further influence on the market dynamics comes from regulatory frameworks and standards that control the production and distribution processes of these patches. Rigorous regulatory requirements protect both patients’ safety and efficiency, thus, defining competition by creating barriers for new entrants into this industry. Abiding by these regulations is important for companies seeking market shares in research, development, and commercialization. It is not only a requirement by the law but also about corporate reputation or status.
Market dynamics of vascular patches are driven by global economic factors. Market trends are shaped by economic growth, health care spending and reimbursement policies. Affordable healthcare services such as vascular surgeries depend on economic forces. Economic downturns affect healthcare budgets which in turn impact consumer affordability leading to changes in the market dynamics of vascular patches. Conversely, economies doing well with increased healthcare expenditure support expansion.
A major component within the landscape surrounding Vascular Patches is competition amongst firms supplying them; including dominant players’, rivals at regional level as well as new comers who always want to show innovation through their efficiency oriented activities. Mergers and acquisitions can be common when it comes to strategic alliances meant at strengthening any organization’s position vis-à -vis its competitor- even though it may involve widening ones portfolio through addition of new products or services.
Vascular Patches Market Highlights:
Vascular Patches Market Overview
Vascular Patches Market Size was valued at USD 5.8 Billion in 2022. The Global Vascular Patches Market industry is projected to grow from USD 6.26 Billion in 2023 to USD 11.59 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.00% during the forecast period (2023 - 2032).The increasing research & development activities across the production of vascular patches and rising percentage of geriatric population are market drivers expediting the market’s expansion.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Vascular Patches Market Trends
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Rising updates in the production of vascular patches are driving the market growth
The growth in the geriatric population and increasing R&D across manufacturing of vascular patches is driving market CAGR for vascular patches. The market is expanding as a result of individuals living longer and developing vascular illnesses more frequently. For instance, it has been found that atherosclerosis is largely an elderly person's illness, and the majority of myocardial infarctions and strokes affect people who are 55 years or older, according to a research that appeared in the Cell Journal in May 2022. Additionally, it has been noted that the prevalence of peripheral artery disease (PAD) is higher in women than in males, according to a study that was published in Arteriosclerosis, Thrombosis, and Vascular Biology in May 2021. Additionally, compared to men between the ages of 55 and 59, men beyond the age of 85 have a higher prevalence of PAD. Therefore, cardiac operations are necessary due to the increased prevalence of atherosclerosis and PAD in the ageing population. This will probably increase consumer interest in vascular patches, which will boost market expansion.
Additionally, the prevalence of vascular illnesses is predicted to rise, which will raise demand for procedures and efficient treatments and support market expansion. In August 2021, the WHO projected that 1.28 billion persons aged 30-79 had hypertension globally. The majority (two-thirds) of these individuals lived in low- and middle-income countries, and 46% were uninformed that they had the ailment. Due to functional changes in blood arteries and the myocardium (left ventricular hypertrophy), a significant number of patients with hypertension are at an increased risk of suffering myocardial infarction, stroke, and peripheral vascular disease. This will probably accelerate market expansion.
Additionally, growing product launches and business efforts to create effective vascular patches are anticipated to support market expansion. For instance, in September 2021 Terumo Corporation began the PANTHER surgical graft trial. This study examined a variety of knitted and woven surgical grafts and cardiovascular patches both prospectively and retrospectively. Thus, driving the Vascular Patches Market revenue.
Vascular Patches Market Segment Insights
Vascular Patches Material Insights
The Vascular Patches Market segmentation, based on material includes biologic vascular patches, and synthetic vascular patches. During the projected period, it is anticipated that the biologic vascular patches segment will contribute the most to overall revenue. Given their characteristics, they are used in a range of cardiovascular treatments, from surgical procedures to hemodialysis, vascular reconstructions following trauma, & repairs of congenital heart. This is causing this segment's revenue to increase.
Vascular Patches Application Insights
The Vascular Patches Market segmentation, based on application, includes carotid endarterectomy, open repair of abdominal aortic, and aneurysms vascular bypass surgery. The greatest market was the carotid endarterectomy market. Due to the rising number of CEA procedures performed globally, the Carotid Endarterectomy (CEA) sector is anticiapted to account for the largest revenue share during the projection period.
Vascular Patches End-User Insights
The Vascular Patches Market segmentation, based on end-user, includes hospitals and clinics, and ambulatory surgery centers. Due to the high volume of cardiovascular surgical procedures carried out in these facilities, the hospitals and clinics category is anticipated to have the biggest revenue share over the projection period. The best outcomes for heart operations are found in hospitals with high patient volumes.
Figure 1: Vascular Patches Market, by End-User, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Vascular Patches Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Throughout the projected period, North America is expected to lead the market for vascular patches owing to factors including the rising incidence of vascular diseases. Additionally, the cost of healthcare in the US is rising, which opens up new avenues for the development of enhanced vascular patches, boosts their marketability, and spurs market expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: VASCULAR PATCHES MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe Vascular Patches Market accounts for the second-largest position in the market. The increasing number of CEA surgeries as well as the rising spread of CVDs across the region are driving the regional market growth. Further, the UK Vascular Patches Market held the largest market area, and the Germany Vascular Patches Market was the quickest-growing market in the North American region
The Asia-Pacific Vascular Patches Market is anticipated to expand at the quickest CAGR. This is due to the quick development of healthcare infrastructure, expanding popularity of minimally invasive surgery, increasing rates of heart illness, rising medical tourism, and quick economic growth in many nations. Moreover, China Vascular Patches Market held the fastest CAGR, and the India Vascular Patches Market was the quickest-growing market in the Asia-Pacific region.
Vascular Patches Key Market Players & Competitive Insights
Leading market players are investing largely in research & development-related activities to extend their product/service lines, which will aid the Vascular Patches Market, to grow faster. Market leaders are also adopting a range of strategies to expand their worldwide position, with important market developments including new product launches & developments, contractual agreements among companies with complementary service lines, mergers & acquisitions, increased investments, & collaboration with other organizations having complementary products and services. To grow in a competitive and rising market climate, the Vascular Patches industry needs to offer cost-efficient products.
Producing locally to cut operational expenses is one of the prime business strategies used by manufacturers in the Vascular Patches industry to benefit clients and increase the market sector. In recent years, the Vascular Patches industry has served with some of the key perks of medicine. Major players in the Vascular Patches Market, including Terumo Corporation (Japan), C. R. Bard Inc. (US), B. Braun Melsungen AG (Germany), LeMaitre Vascular Inc. (US), Maquet (Germany), W. L. Gore & Associates Inc. (US), Admedus (Australia), CryoLife Inc. (US), Labcor Laboratórios Ltda (Brazil), Baxter International Inc. (US) and others are attempting to increase market growth via investing in research and development operations.
For the treatment of disorders of the peripheral arteries, LeMaitre Vascular Inc. (LeMaitre Vascular) offers medical equipment and services. The business creates, produces, and sells disposable and implanted medical equipment for use in open and minimally invasive vascular surgeries on arteries and veins located outside the heart. Polycarbonate grafts, balloon catheters, carotid shunts, radiopaque tapes, powered phlebectomy devices, valvulotomes, remote endarterectomy devices, vascular grafts, patches, contrast injector, ePTFE grafts, and closure systems are among the company's product offerings. Additionally, it provides services for cryopreserving human tissue and angioscopes.
In North America, Europe, Asia-Pacific, and other regions, LeMaitre Vascular offers its products directly through its sales staff, through subsidiaries, and through distributors. Burlington, Massachusetts, in the US, serves as the headquarters of LeMaitre Vascular. In April 2023, LeMaitre Vascular, Inc. said that it has reached a deal with Aziyo Biologics, Inc. to serve as the country's sole distributor of the company's cardiovascular patches. LeMaitre will distribute the goods for three years as per the contract, with an option to purchase the cardiovascular patch business of Aziyo in the second and third years of the term.
Hospital and medical items and equipment are among the things that Terumo Corp (Terumo) makes and sells. The main product categories for the company are pharmaceuticals, blood bags, disposable medical devices, nutritional food supplements, cardiovascular systems, vascular grafts, blood glucose monitoring systems, medical electronic, peritoneal dialysis, and digital thermometers. Applications for its systems can be found in cardiac and vascular surgery as well as therapies carried out inside blood vessels. Terumo also runs blood donation facilities where blood is gathered, processed, and given to patients who need transfusions.
In Japan, China, Europe, North America, South America, Asia Pacific, the Middle East & Africa, it conducts business through subsidiaries and affiliate firms. Shibuya-ku Tokyo, Japan, serves as the home office for Terumo. In September 2021, Terumo Aortic declared the beginning of the PANTHER surgical transplant trial. The company's extensive line of knitted and woven surgical grafts and cardiovascular patches is the subject of this prospective and retrospective, multi-center, multi-arm study that was conducted after the products were put on the market.
Key Companies in the Vascular Patches Market include
- Terumo Corporation (Japan)
- C. R. Bard Inc. (US)
- B. Braun Melsungen AG (Germany)
- LeMaitre Vascular Inc. (US)
- Maquet (Germany)
- W. L. Gore & Associates Inc. (US)
- Admedus (Australia)
- CryoLife Inc. (US)
- Labcor Laboratórios Ltd. (Brazil)
- Baxter International Inc. (US)
Vascular Patches Industry Developments
May 2022:As part of its Series D fundraising round, which was headed by a strategic business, Vivasure Medical closed the first tranche of USD 22 million (USD 23 million). The funding helps the company's portfolio of completely absorbable, patch-based, large-bore percutaneous vessel closure devices for transcatheter endovascular and cardiovascular operations receive regulatory approval in the United States and Europe.
May 2023:The first patients have been enrolled in the PerQseal PATCH clinical investigation by Vivasure Medical, a multicenter, single-arm pivotal study assessing the safety & effectiveness of the Vivasure PerQseal closure device system.
Vascular Patches Market Segmentation
Vascular Patches, Product Outlook (USD Billion, 2018-2032)
- Irrigation systems
- Colostomy bags
- Nerve modulation devices (NMD)
- Other products and Accessories
Vascular Patches, Patient type Outlook (USD Billion, 2018-2032)
- Adult patients
- Pediatric patients
Vascular Patches, End-users Outlook (USD Billion, 2018-2032)
- Home care
- Hospitals
- Ambulatory surgery centers
Vascular Patches Regional Outlook
North America
- US
- Canada
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
Rest of the World
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Middle East
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Africa
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Latin America
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