According to the latest report published by Credence Research, Inc. “Vascular Grafts Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global vascular grafts market was valued at US$ 2,352.0 Mn in 2016, and is expected to reach US$ 3,636.9 Mn by 2025, expanding at a CAGR of 4.9% from 2017 to 2025.
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Vascular grafts are touted as one of the most common prosthetics used in vascular and cardiovascular surgeries worldwide due to their proven and established ability to improve vascular access. Rising prevalence of CVDs such as cardiac aneurysms, hypertension, and coronary diseases and other vascular conditions such as end stage renal diseases, diabetes and other factors significantly attribute to the growth of vascular grafts market. Among these, coronary artery disease is one of the most commonly prevalent conditions worldwide and its treatment largely contributes to the demand for vascular grafts.
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Based on types, the global vascular grafts market is studied for endovascular stent grafts, peripheral vascular grafts, hemodialysis access grafts and coronary artery by-pass grafts. Among these, endovascular grafts form the largest segment, capturing over 80% revenue share in 2016. Major factors contributing to the dominance of this segment are rise in prevalence of vascular disorders on the ground of inappropriate diet, sedentary lifestyle, and possible hereditary influence. Growing prevalence of hypertension, high blood sugar levels, and other risk factors lead to arterial blockage, contributing to increased prevalence of renal and cardiac diseases, thus touting increased demand for endovascular stent grafts.
Among the various materials used for vascular grafts, synthetic based grafts hold the largest market share in the global market. Higher tensile strength, curability, cheaper cost and easy availability are the key factors that contribute to high demand for synthetic vascular grafts. However, it is estimated that the demand for biological vascular stents will be the fastest during the forecast period. Enhanced biocompatibility, and technological advancement are the key factors attributed to growing demand for biological vascular grafts.
Vascular stents are majorly used for treating cardiovascular diseases, aneurysm, kidney failure, vascular occlusion and diabetes. Among the considered diseases, the demand for vascular stents for treating cardiovascular conditions is observed to be the highest and it is anticipated that the trends will continue through the forecast period. The overall cardiovascular implants market (stents and grafts) is rapidly growing due to escalation in the number of patients with cardiovascular diseases and restrained availability of biological options. Therefore, the demand for synthetic implants for cardiovascular treatments as these are often off-the-shelf products and offer a wide range of design specifications.
Geographically, North America is the current leader in the global vascular stents market with a revenue share of over 40% (2016). Existence of developed healthcare system, and rising prevalence of CVDs in the region are the major attributes of the dominant status of North America on the global front. Domicile of market incumbents in the region that are increasing their research efforts towards introducing novel products has additionally led to swift adoption of latest products in North America. On the other hand, Asia Pacific is observed to be the fastest growing market for vascular grafts. Increase in high risk geriatric population, rapid penetration of major market players in the region and growing chronic disease prevalence majorly contribute to the rapid growth of Asia Pacific market.
The global vascular grafts is highly fragmented and is characterized by the presence of both large established players and smaller regional or local companies. However, only a limited group of companies together hold a considerable revenue share in the market. players such as MAQUET Holding B.V. & Co. KG, B. Braun Melsungen AG, C.R. Bard, Cook Medical, Inc. and a few more are considered as incumbents in the global market.
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