A vascular graft is a medical device that acts as an artificial blood vessel. They are implanted in the patients with blocked blood vessels to redirect the flow of blood from one area to another. This restores normal flow of blood within the body.
Portland, OR -- (SBWIRE) -- 10/02/2017 -- Rise in incidence of vascular disorders, high blood sugar, hypertension, and other risk factors that lead to blockage of blood vessels drive the growth of the Vascular Grafts Market. The global vascular grafts market was valued at $4,192 million in 2016, and is expected to reach at $6,218 million by 2023, growing at a CAGR of 5.7% from 2017 to 2023.
The global vascular grafts market is driven by increase in the prevalence of vascular disorders, high blood glucose level, hypertension, and other risk factors that cause blockage of blood vessels. In addition, sedentary lifestyle, growth in geriatric population, and technological advancements are expected to supplement the market growth during the forecast period. However, increased cost of treatment and complications associated with prosthetic grafts impede the market growth. Conversely, rise in awareness for vascular grafts and huge market opportunities in the emerging economies of Asia-Pacific and LAMEA regions are expected to provide several opportunities to the key market players during the forecast period.
Endovascular aneurysm repair stent grafts was the major segment in 2016 and is expected to remain so throughout the forecast period. With the evolution of endovascular aneurysm repair, aneurysm treatment has become much more convenient for the patients as they form a minimally invasive alternative to open surgeries. In this regard, Medtronic developed Endurant II AAA Stent Graft System to treat AAA. This system is placed into the abdominal aneurysm to provide an alternative channel for the flow of blood. Medtronic also developed Valiant Thoracic Stent Graft to treat TAA. This device has shown exceptional performance in the treatment of thoracic aneurysms and has healed more than 65,000 patients across the globe.
The biosynthetic raw material segment is expected to grow at a CAGR of 6.5% during the forecast period, owing to the combination of properties of both synthetic as well as biological materials, which give optimal results.
Key Findings of the Vascular Grafts Market:
- The polytetrafluoroethylene (PTFE) segment accounted for more than half of the raw materials market share in 2016.
- The endovascular aneurysm repair stent grafts segment accounted for nearly three-fifths share of the global market in 2016, and is expected to grow at a CAGR of 6.2% from 2017 to 2023.
- The hospitals segment accounted for more than half of the end users share in 2016.
- Asia-Pacific is expected to grow at the highest CAGR of 7.5% from 2017 to 2023.
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