Vascular Graft Market Outlook 2031
- The global vascular graft market was valued at US$ 2.6 Bn in 2021
- The global market is projected to expand at a CAGR of 5.3% from 2022 to 2031
- The global vascular graft marketis anticipated to reach US$ 4.7 Bn by the end of 2031
Overview of Vascular Graft Market
According to the latest report published by Transparency Market Research (TMR), the global vascular graft market is projected to expand at a considerable growth rate during the forecast period, owing to advancements in new technologies for novel product development and increase in demand for vascular surgeries.
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Vascular surgery is performed primarily around a blocked or narrowed artery to restore blood flow to an organ (such as the heart or brain) or an extremity (most commonly a leg). A surgeon connects a healthy artery to the narrowed artery beyond the blocked point with a natural or synthetic graft to create an alternative path for blood flow. Different types of vascular bypass graft surgeries are available depending on the location of the blockage; however, they are major procedures that require a lengthy recovery period. Thus, doctors and clinicians are signing consent forms from patients & educating them about the benefits & possible risks associated with vascular grafts devices to improve patient outcomes.
Coronary artery bypass grafting (CABG) is a major surgical procedure wherein atheromatous blockages in a patient’s coronary arteries are bypassed with venous or arterial conduits harvested from the patient. The bypass restores blood flow to the ischemic myocardium, restoring function and viability, while also alleviating anginal symptoms.
Every year, nearly 400,000 CABG surgeries are performed, making it the most common major surgical procedure. However, an increase in the usage of alternative options such as medical treatment and percutaneous coronary intervention (PCI) has decreased the requirement for surgical treatments. Hence, companies are diversifying the usage of coronary artery bypass graft with variations in CABG surgeries such as minimally invasive CABG, robot-assisted CABG, and other hybrid procedures to prevent potential complications after the surgery.
Rise in Prevalence Rate of Cardiovascular Diseases to Drive Global Vascular Graft Market
The rise in the number of patients suffering from cardiovascular diseases such as coronary artery disease and cardiac arrest is expected to drive the global vascular graft market. In the Americas, cardiovascular diseases (CVD), particularly ischemic heart disease and cerebrovascular disease (stroke), are the leading causes of death & a major contributor to disability in individuals. CVD is a significant contributor to the cost of medical care, as it is one of the leading causes of morbidity and mortality in patients. CVD accounted for nearly a third of all deaths globally in 2016.
On the other hand, CVD caused over 17 million deaths, which amounts to 330 million years of life lost, and 35.6 million years of disability worldwide in 2017. Meanwhile, CVD is likely to be the cause of more than 23 million deaths globally by 2030.
The demand for non-invasive/minimally invasive surgeries is increasing due to advantages such as faster recovery, less discomfort, shorter hospital stay, decrease in post-surgery complications, and less blood loss. This is expected to increase the number of vascular surgeries performed during the forecast period, whilst boosting the demand for vascular stents.
Use of Endovascular Stent Grafts in Minimally Invasive Treatment to Improve Patient Outcome
In terms of product type, the endovascular stent graft segment held a significant market share in 2021. Endovascular grafting is a minimally invasive treatment option for aortic aneurysms. Instead of an open aneurysm repair, the surgeon may consider an endovascular aneurysm repair (EVAR). Such findings are propelling the demand for innovative stent grafts.
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An endovascular stent graft is a tube made of fabric that is supported by a metal mesh known as a stent. It can be used to treat various blood vessel conditions, but it is most commonly used to reinforce a weak spot in an artery known as an aneurysm.
Design Improvements in Synthetic Vascular Grafts Contributing to Market Growth
Based on source, the global vascular graft market has been categorized into synthetic, biological, and biosynthetic materials. The synthetic segment held a major share of 64% of the global market in 2021. This segment is anticipated to expand at a CAGR of more than 5.7% during the forecast period. This can be attributed to applications where synthetic vascular grafts are being used to patch injured or diseased areas of arteries or for the replacement of whole segments of large arteries such as the aorta.
In a reconstructive surgery, synthetic vascular grafts derived from expanded polytetrafluoroethylene (ePTFE) and Dacron have shown promising results for medium- or large-diameter vessel transplants. Vascular grafts made of synthetic materials can be created using cutting-edge tissue engineering techniques such as tissue engineering by self-assembly (TESA), electrospinning, and bioprinting. These innovations are paving way for design improvements in tissue‐engineered vascular grafts.
Synthetic materials have been used in vascular graft designs for various reasons. One of the most important reasons is the ease and flexibility with which their mechanical properties can be tailored. Most medical-grade polyurethanes are composed of soft domains made from polyester, polyether, or polycarbonate. In order to improve synthetic graft function and yield biohybrid conduits, various components are being added to the synthetic vascular graft designs.
CABG Surgery Forms Gold Standard for Increasing Patient Life Expectancy
In terms of application, the coronary artery disease segment held a considerably large revenue share of the global vascular graft market in 2021. Cardiovascular disease is the leading cause of death globally. Disorders are frequently associated with blood vessel narrowing or blockages, resulting in reduced blood flow and tissue damage due to insufficient nutrient supply. The annual incidence of cardiovascular disease-related mortalities is expected to rise to 23.3 million by 2030. These factors are fueling innovations in artificial vascular grafts.
Recent advances in endovascular surgery and increase in the surgery’s popularity have made the procedure of vascular bypass grafting increasingly commonplace in hospitals. This surgery is thought to be the best option for patients requiring long-term revascularization solutions, with a life expectancy of >2 years. It has been found that every year, around 400,000 coronary artery bypass grafting (CABG) procedures are performed in the U.S. alone.
Coronary artery bypass graft (CABG) surgery is the gold standard for the treatment of advanced coronary artery disease. The long-term clinical outcome of myocardial revascularization is known to be dependent on the patency of the bypass graft. Hence, rise in prevalence of coronary artery disease is expected to drive the demand for vascular grafts.
Hospitals to Remain Key Consumer of Vascular Grafts
In terms of end-user, hospitals are likely to account for a large value share throughout the assessment period. Hospitals are primary settings for the usage of vascular grafts, as these are entitled to government funds that accommodate the high cost of devices and services offered during an operation. Healthcare and med-tech companies are considering hospitals as their first priority in terms of distributing vascular grafts, since these are common settings for any income class to undergo a heart check-up.
Hospitals are the most preferred choice and highly favorable settings for procedures requiring vascular access, ranging from cardiovascular to dialysis. Therefore, the segment is expected to witness strong growth during the forecast period.
According to the University of Zurich (2017), the number of vascular graft implantations is increasing due to the rise in the prevalence of atherosclerosis and diabetes. However, it has been found that 1% to 6% of vascular procedures are complicated due to hospital infections. Hence, surgeons are establishing best practices for revascularization, which can be achieved by in situ replacement of the infected graft or placement of a new graft through non-infected tissue planes.
North America and Asia Pacific Hold Lucrative Opportunities for Med-tech Companies
North America held the largest share of 45% of the global vascular graft market in 2021. Rise in the prevalence rate of cardiac diseases, presence of leading vascular graft manufacturers, and well-established healthcare infrastructure are anticipated to boost the growth of the market in the region. Each year, nearly 500,000 coronary artery bypass grafting (CABG) procedures are performed in the U.S., making it one of the most common surgical operations in the country.
An increase in minimally invasive valvular heart surgeries is projected to be one of the major drivers of the vascular graft market in North America during the forecast period. Significant progress has been made in the development and adoption of minimally invasive techniques in cardiac surgery over the past few years.
Besides, the vascular graft market in the Asia Pacific is predicted to clock the fastest CAGR during the forecast period. This region is burdened with a significant increase in the number of patients with cardiovascular diseases. Moreover, rise in the population suffering from chronic kidney disorders, end-stage heart disease, diabetes, etc. is expected to fuel the growth of the market in the region. Furthermore, cardiac disorders leading to premature deaths are likely to propel growth in the vascular graft market in the Asia Pacific in the near future.
Competitive Market Strategies Transforming Vascular Graft Market
The global vascular graft market is consolidated, with a small number of large-scale players accounting for a majority of the market share. Most of the companies are making significant investments in research & development (R&D), primarily to develop environment-friendly products such as the innovations with biological vascular grafts by using bovine vein and saphenous vein.
The surge in the demand for vascular grafts due to rise in prevalence of cardiac aneurysms and cardiovascular diseases across the globe has led to the entry of several new players in the vascular graft market. These market players are unlocking value-grab opportunities by developing vascular grafts for critical limb ischemia treatment. Several of these market participants have taken various strategic actions, such as partnerships and the development of novel solutions, with the primary goal of providing patient comfort. This is expected to keep the market competitive and constantly evolving.
Analysis of Market Players
Expansion of product portfolio and mergers & acquisitions are important strategies adopted by the key players. W. L. Gore & Associates, Inc., Maquet Holding B.V. & Co. KG (Getinge Group), BD, LeMaitre Vascular, Inc., B. Braun Melsungen AG, Cook Medical, Medtronic plc, Artegraft, Inc., Vascutek Ltd., Vascular Graft Solution Ltd., Heat Medical Europe BV, and CryoLife, Inc., and other prominent players are operating in the vascular graft market.
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