Albany, New York, Dec. 21, 2018 (GLOBE NEWSWIRE) -- According to the report, the vascular graft market was valued at US$2.15 bn and is expected to account for the revenue of US$3.29 bn by the end of the forecast period from 2016 to 2024. The market is expected to swell with a CAGR of 5.0% over the forecast period.
Based on the product, the endovascular stent segment dominated the market by accounting share of 41.0% in 2015. Based on the end-user, the hospital segment dominated the global vascular graft market. Based on the region, North America dominated the market in 2015 by accounting 45% of share in the overall market. However, Asia Pacific is expected to expand with fast pace over the forecast period.
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Growing Geriatric Population and Number of Surgeries to Propel Growth
The vascular graft is gaining attraction from numerous surgeons globally for their strong and biocompatible designs which can be varied for enhancing its efficiency. The key factor influencing positively on the growth of the market is the growing the geriatric population. The geriatric population is susceptible to acquiring numerous chronic and other diseases and this population needs the improved healthcare facilities. In order to provide these facilities, the hospitals and other healthcare providers are increasingly adopting the vascular grafts and which is leading to drive the growth of the global vascular grafts market.
In addition, a growing number of population suffering from numerous chronic conditions and numerous diseases are fuelling demand for advanced vascular grafts. This is another important factor in boosting the growth of the global vascular graft market.
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Advancements in the Vascular Graft to Propel Growth
Additionally, the effectiveness of vascular grafts is leading to boost its adoption for the treatment of diseases such as high weight, renal impedances, diabetes, ceaseless diseases, and numerous infections. Growing incidences of these health conditions are boosting the growth of the global vascular grafts market.
However, the market is expected to face some challenges such as lack of administrative endorsements. The changing administrative conditions from each place are limiting adoption of the vascular grafts. The aforementioned factors are restraining growth of the global vascular grafts market. Additionally, the surgical procedures which include vascular grafts may have its side effects and which is limiting its adoption and acting as a challenge for the growth of the global vascular grafts market. Nonetheless, the growing awareness about health coupled with the growing adoption of the advanced healthcare facilities mainly in the developing countries is boosting a number of opportunities for growth in the global vascular grafts market over the forecast period.
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The Transparency Market Research (TMR) witnesses, the vascular graft market has a consolidative vendor landscape. Some of the key players operating in the global vascular graft market are B. Braun Melsungen AG, CryoLife, Inc., W. L. Gut and Associates, Inc., C.R. Poet, Cook Medical, Inc., Vascutek Ltd. (Terumo Company), LeMaitre Vascular, Inc., Medtronic plc, and MAQUET Holding B.V. and Co. KG (Getinge AB). In 2016, the market was dominated by few companies with a share of 93.5%.
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The information presented in this review is based on a Transparency Market Research report, Vascular Graft Market (Product - Endovascular Stent Graft, Peripheral Vascular Graft, Hemodialysis Access Graft, and Bypass Graft; End User - Hospitals, Ambulatory Surgical Centers, Specialty Clinics, and Cardiac Catheterization Laboratories; Source - Synthetic, Biosynthetic and Biological; Application - Coronary Artery Disease, Aneurysm, Vascular Occlusion, and Renal Failure) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”
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