Albany, NY -- (SBWIRE) -- 09/22/2017 -- The global vascular grafts market is forecast to exhibit a CAGR of 5.0% between 2016 and 2024. Given the pace, the market's valuation will be US$3.29 bn by the end of 2024, from US$2.15 bn in 2015. Among the key end users, the dominance is forecast to remain with hospitals, which also constituted the leading share of 41.8% in the market in 2016. Regionally, holding over 45% of the global vascular grafts market, North America emerged dominant in the same year.
Increasing Incidence of Lifestyle Disorders Fuels Demand for Vascular Grafts
"The demand for vascular grafts is rising in response to the increasing incidence of lifestyle related disorders worldwide," observed the TMR report's author. Unhealthy living practices, coupled with inadequate exercise, has spurred the incidence of chronic ailments such as diabetes, obesity, and blood pressure. Considering the scenario, the need for hospitalization is propelled, thus veering trends toward increased adoption of vascular grafts.
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Also demographic changes over the last few years will profoundly impact the market. For instance, the average life expectancy of people has increased, which has led to a rise in the geriatric population worldwide. As aged people are more vulnerable to chronic ailments, the demand for vascular access and grafts devices is expected to rise. In addition, favorable reimbursement policies have supported the market's growth. Besides this, the increasing incidence of target diseases, rising per capita healthcare expenditure, and government initiatives aimed at providing better healthcare will aid the expansion of the global vascular grafts market.
Apart from these, the market is expected to gain from the rising medical tourism in countries such as India, Thailand, and Malaysia. Also with the advent of advanced technologies, the market is likely to witness lucrative opportunities in the forthcoming years.
Stringent Regulatory Approval Norms to Create Hindrances
On the downside, lack of regulatory approval is creating hindrances for the global vascular grafts market. The varied regulatory environment and healthcare economics of different regions, make situation more complex for market players. Also the surgical process has its own risk. A high blood flow during arteriovenous access can lead to life threatening disorders. Knowledge regarding the same, often makes patients and their families skeptical about the whole process. In addition, the increasing pricing pressure and slow growth rate are creating bottlenecks for the global vascular grafts market.
Nevertheless, manufacturers are experimenting with innovative and technological advanced products. With their advent, most of the aforementioned challenges can be mitigated with. These innovations are also aimed towards reducing common risks associated with the use of vascular grafts. Coupled with this, the rising incidence of obesity, diabetes, renal impairments, and other chronic ailments worldwide will keep the demand for vascular grafts high in the forthcoming years.
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Besides the presence of several established players, the global vascular grafts market is home to many smaller companies and a few local manufacturers of implantable devices. Despite the presence of a large number of enterprises, only a handful of them hold dominance in the global vascular grafts market. As per a new study by Transparency Market Research, companies such as C.R. Bard, B. Braun Melsungen AG, Vascutek Ltd. (Terumo Company), MAQUET Holding B.V. & Co. KG (Getinge AB), Cook Medical, Inc., CRYOLIFE, INC., Medtronic plc, W. L. Gore & Associates, Inc., and LeMaitre Vascular, Inc. constituted nearly 93.5% of the overall market in 2016. Given the scenario, the global vascular grafts market exhibits intense competitive rivalry among the key enterprises.
The market showcases extensive efforts on the part of manufacturers to innovate novel grades of vascular grafts. Their research and development efforts are mostly targeted at overcoming concerns, complications, and infections associated with the use of vascular grafts. "These technological advancements differentiate manufacturers from their competitors, and are thus chief strategies adopted by most market players," said a lead TMR analyst.
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