Global Vascular Graft Market was valued at USD 1,955.8 million in 2014 and is expected to witness lucrative growth over the forecast period. Key factors attributing to its rapid growth include rising prevalence of cardiovascular diseases such as hypertension, coronary artery disease, and cardiac aneurysms.
Furthermore, apart from the above mentioned diseases, increasing prevalence of end stage renal diseases, diabetes, owing to hereditary or genetic factors, life style factors such as junk food, tobacco consumption, substance abuse, alcohol addiction are also expected to boost usage rates of vascular grafts over the forecast period.
Coronary artery disease (CAD) is one of the most common heart diseases across the globe. CAD is caused due to plaque buildup in the artery walls leading to narrowing of arteries, partially or fully blocking the blood flow. As per data published by the CDC in 2013, it has been estimated that each year approximately 935,000 Americans suffer a heart attack, every 1 person in 13 aged 18 and above has CAD and the geriatric population aged 65 and above account for nearly 85% of deaths due to CAD.
Furthermore, as per data published by the British heart foundation in 2015, it has been estimated that in the UK approximately 2.3 million people are living with coronary heart disease and it accounts for nearly 70,000 deaths each year.
Other contributing factors include growing worldwide prevalence of diabetes (both type I and type II), and ESRD According to the estimates of the International Diabetes Federation, the global prevalence of diabetes is expected to increase from 366 million in 2011 to 552 million by 2030 such a rapid growth in prevalence is expected to have a high impact on the growth over the forecast period.
Additional factors such as the development of novel products using tissue engineered, and biological materials, are expected to further propel usage rates of vascular grafts over the next seven years.
Global Vascular Graft Market by product, 2012-2022, (USD Billion)
Vascular grafts are segmented by product as hemodialysis access, endovascular stent, peripheral vascular, and coronary artery by-pass graft. In 2014, endovascular stent grafts segment accounted for the largest share of over 85%. Key factors attributing to it large share include life style & occupational factors leading to low levels of physical activity, consumption of high calorie junk food, alcohol, tobacco & substance abuse.
Additionally, increasing prevalence of high blood sugar, hypertension, and other age related risk factors leading to blockage of arteries leading to the high prevalence rates of renal failure and cardiac diseases globally which are amongst key rendering drivers for the growth of Vascular Graft Market.
The vascular grafts industry is segmented by application as coronary artery diseases, aneurysm, kidney failure, vascular occlusion, and diabetes. In 2014, cardiovascular diseases segment accounted for the largest share of nearly 25% owing to increasing prevalence of hypertension, high blood sugar and other age-related risk factors. Cardiovascular diseases are mainly led by growth of coronary artery diseases in geriatric population and increase in risk factors such as hypertension, diabetes, and obesity in the adult population.
Raw Material Insights
The Vascular Graft Market is segmented by raw material as polyester, polytetrafluoroethylene, polyurethane and biological materials. Polyester based grafts were the segment with the share of over 38%. Easy availability of raw material, high tensile strength and durability are key factors attributed to its large share. However, biological materials are expected to be the fastest growing segment during the forecast period. Key drivers for the biological materials segment are increasing awareness levels about enhanced biocompatibility, patient acceptance, and use of advanced technology leading to improvement in healthcare outcomes.
Key regional segments of Vascular Graft Market include North America, Europe, Asia Pacific, MEA and Latin America. North America accounted for the largest share of nearly 50% in 2014. Increasing prevalence of geriatric population suffering with cardiovascular diseases, diabetes, and end-stage renal diseases. The presence of advanced healthcare facilities and better reimbursement policies for such procedures are additional factors positively impacting the market growth in the region.
However, Asia Pacific is expected to be the fastest growing market with a double digit CAGR over the next seven years period. Key factors contributing to the growth in Asia Pacific are increase in public and private healthcare expenditure, penetration of healthcare insurance across urban and rural centers. Furthermore, increase in chronic diseases, increasing medical tourism activities are also expected to significantly boost the Vascular Graft Market over the forecast period.
Market Share Insights
Insights obtained from extensive primary, secondary research and internal estimates, indicate that the almost 50.5% market share is consolidated by a few players such as Medtronic, Bard Peripheral Vascular Inc., and Terumo Cardiovascular. The other players account for nearly 50% of the market. Medtronic held the largest share and is closely followed by Bard Peripheral Vascular Inc. Terumo Cardiovascular which is another key competitor accounted for a share of 3.98%. Key reasons attributing to the Medtronic's market position are wide acceptance and extensive geographical distribution of products such as Endurant II (AAA stent graft system), Talent thoracic stent graft and Valent thoracic stent graft. The other prominent players include W.L. Gore & Associates, Shanghai Suokang Medical Implants Co., Ltd, Getinge Group, and Junken Medical Co., Ltd.
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