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Vascular Graft Market Overview
The global vascular graft market is expected to witness significant growth due to increasing prevalence of vascular disorders, growing aging population and technological advancement in medical devices. Hemodialysis access graft, endovascular stent graft and peripheral graft are the three-different type of vascular grafts used for the treatment of various vascular disorders such as high blood sugar and hypertension. Endovascular stent graft held the largest share of the vascular graft market in 2017, due to their increasing demand in minimally invasive surgeries.
On the basis of raw material, the vascular graft market is categorized into polyester, polyurethane, polytetrafluorethylene and biosynthetic materials. Polyester based grafts hold the largest share of the market, due to high tensile strength, durability and easy availability of this type of raw material. During the forecast period biosynthetic materials are expected to witness significant growth owing to their bio compatibility and increasing acceptance among patients.
Vascular grafts find application in cardiovascular diseases, cardiac aneurysm, kidney failure, vascular occlusion and others. There has been a significant use of vascular graft in treating cardiovascular diseases, owing to increasing prevalence of coronary artery diseases in aging population and other health risk factors such as hypertension, obesity, and diabetes in adult population. Vascular grafts are mainly used in hospitals and ambulatory surgical centers.
Vascular Graft Market Dynamics
Growth Drivers and Restraints
Increasing prevalence of chronic diseases, rising incidences of vascular disorders, and growing aging population are some of the key factors driving the growth of the vascular grafts market. According to the American Heart Association (AHA) 2017 revised statistics, around 92.1 million American adults are somehow affected by the cardiovascular disease and stroke. Total cost expenditure is estimated to be more than $316 billion for an affected person, and it includes health expenditure and productivity loss of the young adults. However, high cost of treatment and complexities associated with grafts are key factors hampering the growth of the vascular grafts industry.
Developing economies provide ample opportunities to the key players present in the vascular graft market, due to increasing public and private healthcare expenditure, insurance coverage across the urban and rural areas and growing prevalence of chronic disorders in these economies. According to a report published in the Journal of Vascular Medicine & Surgery in 2015, vascular graft infection is minimum during surgery compared to traditional surgeries, which may cause high risk of sepsis and major bleeding. This will further create new opportunities for the market players in emerging economies.
Vascular Graft Market Insights by Geography
North America held the largest share of vascular graft market in 2017, due to the increasing prevalence of chronic and lifestyle associated diseases, developed government reimbursement policies and advanced healthcare infrastructure. During the forecast period, the market is expected to witness fastest growth in Asia-Pacific, led by the increasing penetration of advanced medical devices due to the growing prevalence of chronic diseases, spur in government support and initiatives for increasing awareness about these diseases and advanced treatments, and continuously improving healthcare infrastructure.
Vascular Graft Market Competitive Landscape
Key players in the vascular graft market are introducing new advanced products and investing in research and development. In January 2017, Terumo Corporation acquired Bolton Medical, a manufacturer of thoracic and abdominal stent graft systems. The acquisition was aimed to strengthen the Terumo Corporation’s vascular graft business in the U.S.
Some of the other players in the vascular graft industry include Bard Peripheral Inc, LeMaitre Vascular Inc, Cook Medical Inc, Cardinal Health Inc, W.L. Gore & Associates Inc, Japan Lifeline Co., Ltd, Medtronic Plc, B. Braun Melsungen AG.
VASCULAR GRAFT MARKET SEGMENTATION
By Raw material
By End User