Wilmington, Delaware, United States, July 04, 2023 (GLOBE NEWSWIRE) -- The global pericardial patches market is anticipated to grow at a 6.8% CAGR from 2023 to 2031. A market valuation of US$ 604 million is expected by the end of the forecast period.
The growing incidence of heart defects, including ventricular septal and atrial septal defects, in medical situations and sports injuries is fueling the need for pericardial patches. Furthermore, the rising prevalence of hernias, such as inguinal hernias, congenital diaphragmatic hernias, and others, is anticipated to stimulate the worldwide demand for these patches.
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The demand for pericardial patches is further expected to rise due to the increasing prevalence of congenital heart disorders like atrial septal defect and ventricular septal defect, coupled with advancements in technology and increased investment in research and development (R&D).
The increasing demand for patches in the diagnosis and treatment of soft tissue disorders is fostering collaboration among research institutes, raw material suppliers, and key manufacturers to develop innovative solutions. Additionally, leading players are dedicated to developing novel technologies based on tissue engineering materials, which is expected to propel market growth during the forecast period.
Key Takeaways from the Market Report
- The global pericardial patches market is expected to be worth US$ 356.61 million as of 2023.
- From 2023 to 2031, the market is projected to grow with a CAGR of 6.8%.
- By product type, the xenograft segment is expected to dominate the market in 2023 while growing at a CAGR of 7.6% during the forecast period.
- By application, cardiovascular surgery is expected to generate significant demand for pericardial patches with a CAGR of 8.2% during the forecast period.
- As per TMR projections, the demand for pericardial patches in China is anticipated to increase at a CAGR of 7% during the forecast period.
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Pericardial Patches Market: Growth Drivers & Trends
- The rising occurrence of congenital cardiac issues like Atrial Septal Defect (A.S.D.) and ventricular septal defect is expected to drive the demand for pericardial patches.
- The growing utilization of pericardial patches in medical procedures and the rising incidence of sports injuries are anticipated to drive market expansion in the coming years.
- The rising occurrence of various hernias, including inguinal hernia, umbilical hernia, congenital diaphragmatic hernia, ventral hernia, and others, is a key factor driving market expansion.
- Prominent players are focusing on developing novel technologies using tissue engineering materials which is expected to drive market growth. A research team from Tel Aviv University in Israel developed a bionic cardiac patch by combining organic living tissue with a nanoelectronic system, as an illustration.
Pericardial Patches Market: Regional Analysis
- North America is expected to dominate the market by accumulating over 41.4% market share in 2023. The demand for pericardial patches in the region is expected to rise with a significant CAGR of 6.6% during the forecast period. Factors such as early adoption of advanced products, increased incidence of major surgeries, new product launches, and the presence of key players are driving the regional market.
- The growth is further attributed to changing lifestyles, a rise in cardiac diseases, increasing hernia disorders, higher alcohol consumption and smoking rates, growing obesity levels, and an increase in substance abuse.
- The Asia Pacific market is projected to grow at a promising CAGR of 6.9% during the forecast period. The growth is attributed to factors such as the presence of developing countries with commercial hubs, expanding biotech and pharma companies, a growing geriatric population in countries like China and Japan, improved healthcare infrastructure, a large number of soft tissue allograft manufacturers, and increased investments.
Pericardial Patches Market: Prominent Players
The global market for pericardial patches is characterized by several regional and global entities. Some key pericardial patches providers profiled by TMR include:
- Edwards Lifesciences Corporation
- Visionary Medtech Solutions
- Abbott
- CryoLife, Inc.
- LeMaitre Vascular.
- Neovasc Inc.
- FOC Medical
- W. L. Gore & Associates, Inc.
- Baxter
Prominent developments in the pericardial patches market domain by key players are as follows:
- Abbott Laboratories announced in March 2021 that it obtained Emergency Use Authorization (EUA) in the U.S. for its BinaxNOW COVID-19 Ag Self-Test, an over-the-counter non-prescription test suitable for individuals with or without symptoms.
- In April 2022, Baxter reported new data at the SCCM Critical Care Congress, showing that hemodynamic monitoring could assist in predicting patient outcomes.
- In July 2022, Abbott obtained the Food and Drug Administration’s Breakthrough Device Designation to investigate the utilization of deep brain stimulation for managing severe depression.
- In June 2022, Easterseals and the Abbott Fund partnered to promote education and health equity.
- In March 2022, LeMaitre became part of the NASDAQ Dividend Achievers Index, showcasing 10 years of consecutive dividend increases.
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Pericardial Patches Market- Key Segments
- Product Type
- Autologous
- Xenograft
- Synthetic
- Application
- Cardiovascular Surgery
- Dental Surgery
- Ophthalmology
- Others
- End-user
- Hospitals
- Ambulatory Surgical Centers
- Others
- Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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