The market is expected to reach USD 525.8 Million by 2023 from USD 349.6 Million in 2018, at a CAGR of 8.5%.
Northbrook, IL -- (SBWIRE) -- 06/19/2018 -- According to a new market research report "Vascular Patches Market by Material (Biologic, Synthetic), Application (Carotid Endarterectomy, Open Repair of Abdominal Aortic Aneurysms, Vascular Bypass Surgery), Patient Care Setting (Hospitals, Ambulatory Surgical Centers) - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to reach USD 525.8 Million by 2023 from USD 349.6 Million in 2018, at a CAGR of 8.5%.
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Growth in the Vascular Patches Market is mainly driven by the rapidly growing geriatric population and the subsequent increase in the prevalence of vascular diseases, the increasing number of vascular surgeries performed, and the increasing adoption of biological patches. The emerging markets are expected to offer a wide range of growth opportunities for players in the market.
On the other hand, product failures and recalls are expected to limit market growth in the coming years. The need for highly skilled professionals may also challenge market growth to a certain extent.
The biologic vascular patch segment accounted for the largest share of the market in 2017
Based on material, the Vascular Patches Market is segmented into biologic vascular patches and synthetic vascular patches. Of all these product segments, biologic vascular patches accounted for the largest share of the market in 2017. The large share of this market segment can primarily be attributed to the wide range of advantages associated with the use of biologic vascular patches such as superior biocompatibility, ease of use, minimal suture line bleeding, and reduced rates of infection in comparison with synthetic patches.
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The hospitals & clinics segment is estimated to grow at the highest CAGR during the forecast period.
Based on end user, the Vascular Patches Market has been segmented into hospitals & clinics and ambulatory surgical centers. The hospitals & clinics segment is estimated to grow at the highest CAGR during the forecast period. The growth of this end-user segment is majorly attributed to factors such as the growth in the number of vascular procedures in hospitals and improving healthcare infrastructure in several developing countries across the globe.
North America commanded the largest share of the market in 2017.
Based on region, the Vascular Patches Market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2017, North America accounted for the largest share of the Vascular Patches Market. The growing prevalence of vascular diseases and the rising geriatric population in this region as well as the presence of all the major players in this region are the major factors supporting the growth of the Vascular Patches Market in North America.
The major players in the Vascular Patches Market include Terumo Corporation (Japan), C. R. Bard, Inc. (US), B. Braun Melsungen AG (Germany), LeMaitre Vascular, Inc. (US), Maquet (Germany), W. L. Gore & Associates, Inc. (US), Admedus (Australia), CryoLife, Inc. (US), Labcor Laboratórios Ltda (Brazil), Baxter International Inc. (US), and Edwards Lifesciences Corporation (US).
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