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Vascular Graft Market to Gain US$3.29 Billion by 2024, Says TMR
ALBANY, New York, April 11, 2019 /PRNewswire/ -- According to a new TMR report, the global vascular graft market is expected to register 5.0% CAGR during 2016-2024. The market was evaluated at US$2.15 bn in 2015 and is expected to reach US$3.29 bn by the end of 2024. Peripheral vascular stents in the market are gaining significantly more traction than other segments. No requirement of anesthesia during surgery and brief hospital stays make this segment the preferred option among patients. The demand for this mode of operation is expected to drive growth in North America. Low reimbursement mechanisms, low-savings, and high-disposal incomes among many are expected to drive growth for the vascular graft market in North America region.
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Rise in Cardiovascular Disease Incidences to Propel the Vascular Graft Market
Vascular graft aims to connect different blood vessels to regulate blood flow. Diseases such as high blood pressure and coronary artery disease are some leading disorders related to blood flow. These diseases are expected to increase in occurrences in the near future as factors such as sedentary lifestyle and stressful environments are on the rise. According to Centers for Disease Control and Prevention (CDC), heart disease is the leading cause of death in the United States. According to CDC, it kills over 600,000 people annually. The growing number of deaths have led to increasing awareness in the medical field as well as among patients. Today, doctors regularly recommend monthly or yearly checkup for blood pressure. The growing awareness about the disease, sedentary lifestyle, and growing number of cases are expected to drive significant growth for the global vascular graft market.
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Rising Infrastructure Investments in Healthcare to Uplift Vascular Graft Market Growth
The global vascular graft market faces many challenges such as high costs of surgery, lack of awareness in emerging markets, and procedural complexities as well. However, the market is also witnessing a rise in investments by both private and public players to improve healthcare infrastructure in developing markets. Checking blood pressure has become a routine medical procedure in many places. This practice is also driving doctors to identify more patients at risk. Furthermore, conditions such as aneurysm, vascular occlusion, and renal failure are also driving growth for the vascular graft market.
The global vascular graft market depicts a competitive and fragmented market, reports Transparency Market Research. Increase in awareness and sedentary lifestyle promise more opportunities for market players, adds TMR. Key players in the global vascular graft market are Cook Medical, Inc., C.R. Bard, Inc., and MAQUET Holding B.V. & Co. KG (Getinge Group).
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The global vascular graft market is witnessing an optimistic future ahead as advancements in the field of cardiology are creating more opportunities for growth. This trend is supported by dedicated efforts of players, due to growing need for expansion and growth opportunities in emerging countries. In the near future, the vascular graft market players are expected to undertake innovative new strategies and business plans. Additionally, the larger players in the vascular graft market continue to raise the bar for smaller players with improved quality, large capital investments, and product enhancements. The vascular graft market is expected to move towards more consolidation in the near future.
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The review is based on TMR's report titled, "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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