The vascular patches market is projected to generate USD 724.2 million revenue in 2030, advancing at a CAGR of 8.1 during 2022–2030. The increasing government support and availability of reimbursement for vascular operations, rising use of biological patches, elevating geriatric population, improving healthcare infrastructure, and increasing prevalence of chronic health conditions are the major growth drivers for the market.
Furthermore, the demand for vascular patches has increased as people become more aware regarding early stroke management. Hence, the primary factor driving the market's expansion has been cardiovascular illnesses, with the number of affected individuals around the world continuously rising. Additionally, research activities on cardiovascular prosthetics are gaining traction, which will produce amazing investment opportunities for vascular patches market players.
Additionally, the high-volume consumption of vascular patches is attributed to the presence of advanced healthcare infrastructure, usage of high-tech surgical devices, and changes in the lifestyles, reflected in the large population who consumes alcohol and tobacco, both of which are major risk factors for cardiac diseases.
Following a significant setback due to the pandemic, the market revived during the second half of 2020 due to the full provision of healthcare services and increase in surgery volume, which boosted the use of these patches during cardiovascular surgeries.
The vascular patches market is categorized into hospitals and ambulatory surgical centers, based on end user. Of these, the hospitals category accounted for the larger revenue share during the historical period, attributed to the increasing number of hospitals offering vascular surgeries. Additionally, governments are taking initiatives for augmenting the number of hospitals. Moreover, the availability of experts and advanced equipment in the hospital makes them the first choice among patients.
The Asia-Pacific (APAC) market is expected to emerge as the fastest-growing, driven by the rapid advancement of the healthcare infrastructure, expansion of the trend of minimally invasive surgeries, positive research results, rapid increase in the awareness of cardiac disease treatments, growth of the geriatric population, and increase in the burden of chronic diseases.
Further, the APAC region is witnessing the expansion of its medical tourism industry and swift economic growth, especially in China and India, which are also home to a huge patient pool. Moreover, the increase in healthcare expenditure, adoption of advanced treatments, such as cardiac patch implantation; and rise in the focus on the early identification of congenital heart problems are contributing to this growth.
Moreover, Japan will show significant growth in the APAC region. This is owing to the advanced healthcare infrastructure, rising number of hospitals, and surging incidence of cardiovascular diseases.
In addition, with the advancements in vascular and endovascular surgery research ecosystem and technology, the market for vascular patches in LATAM is expected to expand. In the same vein, the market in the MEA region would grow gradually as its healthcare infrastructure improves.
Some of the major vascular patches market players are Baxter International Inc., LeMaitre Vascular Inc., W. L. Gore & Associates Inc., Medtronic plc, B. Braun Melsungen AG, Johnson & Johnson Services Inc., and Edwards Lifesciences Corporation.