New York, United States, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The Global Vascular Patches Market Size is to Grow from USD 353 Million in 2022 to USD 626 Million by 2032, at a Compound Annual Growth Rate (CAGR) of 5.9% during the forecast period.
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Vascular patches are used after the carotid endarterectomy treatment. The patches guarantee precise closures of the endarterectomy and vascular reconstruction procedures. Surface line buttressing, peripheral vascular reconstruction, and other techniques use vascular patches. Additionally, the patches are used during iliac, renal, and femoral endarterectomy surgeries. Vein patches are made of polyester urethane. Stretchy patch material helps stop suture hole leakage. Vascular patches are remarkably simple to use. The patches' microporous structure promotes ideal tissue fusion. Patches constructed of biological or synthetic materials provide high biocompatibility and long-term mechanical stability.
The rising frequency of vascular issues among the aging population, a favorable reimbursement environment for related treatments, the expansion of healthcare facilities, and an increase in the use of biological patches are all driving factors in the market. Because building a healthcare infrastructure is more expensive, vascular patches are also becoming more popular. The high prevalence of ischemic heart disease and stroke, both of which lead to a considerable number of hospital admissions, has led to a strong demand for vascular patches. Furthermore, the decrease in carotid endarterectomy procedures is anticipated to result in slower growth for the vascular patch market during the targeted period. However, given the increasing need for highly skilled people, the market for vascular patches may soon confront new difficulties.
Covid 19 Impacts
The financial health of companies across all industries has been damaged by the coronavirus (COVID-19) pandemic and lockdowns that followed in numerous nations around the world. One such industry that has been severely damaged by the COVID-19 outbreak is private healthcare. The pandemic-related lockdowns in several nations have cost the healthcare industry money. The pandemic has also hindered the development, manufacture, and supply of medicines and other healthcare items, as well as the expansion of the healthcare industry globally. As a result, throughout the forecast period, the COVID-19 pandemic's effects are anticipated to restrain the growth of the worldwide vascular patches market.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Vascular Patches Market, By Material (Biologic and Synthetic), By Application (Carotid Endarterectomy, Open Repair of Abdominal Aortic Aneurysm, Vascular Bypass Surgery, Congenital Heart Disease, & Other), By End User (Hospitals and Ambulatory Surgical Centers), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032."
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The biologic segment is influencing the largest market share during the forecast period.
The global market for vascular patches is divided into several categories depending on the type of material used, such as biological and synthetic. Among them, the biologic segment is anticipated to have the most potential for growth over the projection period. This is a result of the extensive use of biological changes during cardiovascular surgeries for arterial closure. These patches differ from their synthetic counterparts in several ways, including improved compatibility with living tissue, a lack of toxicity or injury, a lower risk of immunological rejections, and ease of use. Infection and bleeding at the suture lines are also less likely as a result.
The carotid endarterectomy segment is dominating the market with the largest market share during the forecast period.
The global vascular patches market is segmented based on the application into several categories, including carotid endarterectomy, open repair of abdominal aortic aneurysm, vascular bypass surgery, congenital heart disease, & others. According to a systematic review of randomized clinical trials, patch angioplasty in classic carotid endarterectomy could reduce the incidence of a recurrent ipsilateral stroke and restenosis, compared to a primary closure. As a result, this segment is leading the market with the largest revenue share during the forecast period.
The hospital segment is influencing the market with the largest market share during the forecast period.
The market for vascular patches is divided into many types, including hospitals and outpatient surgery facilities, based on the end users. With the highest revenue share among these segments, the hospital segment is expected to dominate the market during the forecast period. A sizable portion of this market can be attributed to growing government initiatives to lower the cost of vascular surgery and the expansion of hospitals in developing nations.
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North America led the market with the largest market share over the forecast period
North America is expected to lead substantial market expansion during the forecast period due to factors like the increasing prevalence of vascular illnesses, for instance. Additionally, the rising expense of healthcare in the US is creating new opportunities for the development of improved vascular patches and increasing their marketability, both of which are fueling the market growth. OECD statistics from June 2022 show that in 2021, the United States spent 17.8% of its whole gross domestic product (GDP) on healthcare.
Aisa Pacific is predicted to experience strong revenue market growth throughout the forecast period owing to the region's immense and constantly expanding population as well as a growth in the prevalence of cardiovascular diseases, there is a high need for vascular treatments and therapies. Better healthcare infrastructure, higher disposable incomes, and increased public awareness of cutting-edge medical procedures are further factors that are anticipated to boost the market growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Vascular Patches Market include LeMaitre Vascular, Inc., Baxter International, Inc., W. L. Gore & Associates, Inc., Getinge AB, B Braun, Artivion, Inc, Edwards Lifesciences Corporation, Aziyo Biologics, Inc., Terumo Corporation, BD, Labcor Laboratórios Ltd, VUP Medical, Aegis Lifesciences, SynkroMax Biotech Pvt. Ltd., and Others.
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Recent Development
- In May 2022, as part of its Series D fundraising round, which was headed by a multinational strategic business, Vivasure Medical closed the first tranche of USD 22 million (USD 23 million). The money aids in the clinical development and regulatory approval of the company's portfolio of completely absorbable, patch-based, large-bore percutaneous vessel closure devices for transcatheter endovascular and cardiovascular operations in the United States and Europe.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Vascular Patches Market based on the below-mentioned segments:
Global Vascular Patches Market, By Material
- Biologic
- Synthetic
Global Vascular Patches Market, By Application
- Carotid Endarterectomy
- Open Repair of Abdominal Aortic Aneurysm
- Vascular Bypass Surgery
- Congenital Heart Disease
- Other
Global Vascular Patches Market, By End User
- Hospitals
- Ambulatory Surgical Centers
Vascular Patches Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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