The global vascular grafts market size was valued at USD 2.01 billion in 2018 and is expected to witness a CAGR of 6.4% over the forecast period. Increasing incidence of cardiac diseases, diabetes, End Stage Renal Disease (ESRD), and vascular occlusions is the major factor responsible for market growth. Sedentary lifestyle and unhealthy eating habits are also expected to boost the product demand over the forecast period.
However, low reimbursement and high out-of-pocket expenditure in emerging economies may restrict the market growth to some extent. Diabetes is the causative factor for various heart diseases. According to the International Diabetes Federation, the number of people suffering from diabetes is expected to increase from 425 million in 2017 to 629 million by 2045.
Thus, such exponential growth in prevalence of diabetes is expected to augment the demand for vascular grafts over the forecast period.Cardiovascular Diseases (CVDs) are one of the most common causes of heart attack. For instance, according to the American Heart Association, in 2018, the overall prevalence of myocardial infarction was around 7.9 million, while about 720,000 people suffered a heart attack.
Moreover, according to the British Heart Foundation, in 2015, around 2.3 million people in U.K. suffered from a coronary heart disease leading to 70,000 deaths. Vascular grafts are used for the treatment of such cardiovascular conditions. Therefore high prevalence of CVDs is also anticipated to drive the market from 2019 to 2026.
On the basis of product, the market is segmented into hemodialysis access, peripheral vascular, and endovascular stent grafts.Endovascular stent grafts led the overall market in 2018. It is further anticipated to witness a lucrative CAGR over the forecast period owing to increasing number of abdominal aortic aneurysm procedures with less potential of access site complications. Moreover, reduced mortality rate and product and technological advancements, such as Nellix and Fortevo, are expected to have a positive impact on the demand for these products. Peripheral vascular grafts are anticipated to emerge as the fastest-growing product segment with CAGR of 7.0% from 2019 to 2026.
The segment is mainly driven by a wide number of medical applications and improvements, pertaining to the development of intra-operative techniques. Other factors that boost the demand for these products include high prevalence of renal failure and hardening of arteries. Technological and product advancements for the treatment of peripheral arterial disease are also expected to spur demand for peripheral vascular devices. The spiral flow peripheral vascular graft possesses better patency as compared to Polytetrafluoroethylene (PTFE) grafts, which are applicable for reconstruction of damaged blood vessels.
Based on application, the market is segmented into kidney failure, aneurysm, and vascular occlusion. Cardiac aneurysms segment led the market in 2018 due to factors, such as high prevalence of high blood pressure and advent of advanced tissue engineered grafts for pediatric congenital heart surgeries.
Moreover, development of novel prosthetic grafts with improved porosity and efficiency coupled with growing acceptance for these grafts are projected to drive the product demand. Increasing geriatric population and unhealthy lifestyle habits, such as alcohol consumption and smoking, are anticipated to drive the demand for minimally invasive grafting procedures.
Increasing number of treatment failures for CVDs, such as failure of organ transplantation, surgical reconstruction, and unfavorable outcomes due to mechanical devices, are expected to trigger demand for minimally invasive vascular implants. Thus, increasing demand for minimally invasive implants is expected to drive the demand for vascular graft for cardiac aneurysms over the forecast period.
On the basis of raw materials, the market is classified into polyester, PTFE, Polyurethane (PU), and biological vascular grafts. The PTFE segment led the market in 2018 with a revenue of USD 710.3 million. It is further expected to witness the fastest CAGR over the forecast period. These products are mainly used for ischemic heart disease for patients required to undergo aorta-coronary bypass graft operations. PTFE are fabricated with technically-advanced architecture that results in minimal blood loss and provides maximum protection against delamination. It is also applicable for peripheral bypasses and extra anatomical procedures.
Technological advancements, such as modification of argon plasma-treated PTFE, are expected to boost the demand for PTFE over the coming years. Biological materials are also anticipated to have a lucrative growth at a CAGR of 6.5% from 2019 to 2026 on account of increasing prevalence of CVDs and depletion in the demand for polymer grafts. Moreover, continuous research in the development of biopolymers and recombinant protein biopolymers, such as elastin-mimetic protein polymers, has been observed in the last few years. This is also expected to help boost the demand of biological materials over the next few years.
North America led the market in 2018 with a revenue of USD 620.9 million. It is expected to maintain its position in the global market over the forecast period due to high prevalence of diabetes, CVDs, and chronic kidney disease in the region. Presence of reimbursement coverage and availability of advanced healthcare infrastructure are also driving the region’s growth.
Asia Pacific is anticipated to be the fastest-growing and second largest regional market with a CAGR of 7.5% from 2019 to 2026. This growth can be attributed to the improving healthcare infrastructure and increasing incidences of CVDs and diabetes in the region. Moreover, rapid epidemiological transition that has resulted in high number of premature deaths is expected to boost the demand for minimally invasive grafting procedures during the forecast period. Extensive R&D for new product development due to rising cases of heart failure and resultant need for new biomaterial grafts will also help spur market growth.
Europe is also anticipated have a considerable growth in the years to come due to increasing number of biomaterials research projects funded by the European Union in partnership with medical organizations. In addition, increasing incidence of CVDs and growing acceptance of prosthetic graft implantation in the region are expected to propel the product demand.
Some of the key companies in the global market are Medtronic, plc; LeMaitre Vascular Inc.; Terumo Corp.; Getinge AB; W.L. Gore and Associates, Inc.; and Cook Medical, Inc. These companies focus on technological innovations, new product launches, and regional expansion to gain a competitive edge.
Base year for estimation
Actual estimates/Historical data
2014 - 2018
2019 - 2026
Revenue in USD Million and CAGR from 2019 to 2026
North America, Europe, Asia Pacific, Latin America, MEA
U.S., Canada, U.K., Germany, Spain, Italy, France, Russia, China, Japan, India South Korea, Singapore, Australia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, and UAE
Revenue forecast, company share, competitive landscape, growth factors and trends
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This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2026. For the purpose of this study, Grand View Research has segmented the global vascular grafts market report on the basis of product, application, raw material, and region:
Product Outlook (Revenue, USD Million, 2014 - 2026)
Application Outlook (Revenue, USD Million, 2014 - 2026)
Raw Material Outlook (Revenue, USD Million, 2014 - 2026)
Human Saphenous and Umbilical Veins
Tissue Engineered Materials
Regional Outlook (Revenue, USD Million, 2014 - 2026)
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.