Global Vascular Patches Market Growth to Reach USD 517 million by 2027

The global Vascular Patches Market is valued at an estimated USD 353 million in 2022 and is projected to reach USD 517 million by 2027, at a CAGR of 7.9% during the forecast period. Market growth is driven by the growing geriatric population and subsequent prevalence of vascular diseases and availability of reimbursement for vascular procedures, coupled with the growing adoption of biological patches.

Key Market Players:
LeMaitre Vascular, Inc. (US), Baxter International, Inc. (US), W. L. Gore & Associates, Inc. (US), Getinge AB (Sweden), B Braun (Germany), Artivion, Inc (US), Edwards Lifesciences Corporation (US), Aziyo Biologics, Inc. (US), Terumo Corporation (Japan), BD (US), Labcor Laboratórios Ltda. (Brazil), VUP Medical (Czech Republic), Aegis Lifesciences (India), and SynkroMax Biotech Pvt. Ltd. (India).

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This report has segmented the global vascular patches market based on product type, end user type, and region.
By Material
• Biologic Vascular Patches
• Synthetic Vascular Patches

By Application
• Carotid Endarterectomy
• Open Repair of Abdominal Aortic Aneurysm
• Vascular Bypass Surgery
• Congenital Heart Disease
• Other Applications

By End User
• Hospitals
• Ambulatory Surgical Centers

Vascular Patches Market Growth Dynamics
Growing geriatric population and subsequent prevalence of vascular diseases
Rapid growth in the global geriatric population is one of the major factors responsible for the increasing incidence of several diseases/conditions, such as CVDs, high cholesterol, hypertension, strokes, cancer, and aneurysms. Since age is considered a major cause of the deterioration of cardiac health, growth in the aging population is an important indicator of market growth.

According to the WHO, globally, by 2030, 1 in every six individuals will be aged 60 years or over worldwide. By 2050, the world's population of people aged 60 years and older will be two times (2.1 billion). The number of individuals aged 80 years or older is expected to grow three times between 2020 and 2050 to reach 426 million.

Over 46 million older adults aged 65 and older will live in the US in 2021; by 2050, the senior population is expected to grow to over 90 million. It is expected that in 2030, 1 in every 5 US citizens is projected to be 65 years old and over. (Source: Health Resources and Services Administration (HRSA) of the U.S. Department of Health and Human Services (HHS) 2021-2022) Multi-morbidity is the main characteristic feature of patients. It means that two or more chronic diseases are present at the same time. Nearly 80% of 65 years and above-aged people have at least one chronic condition, and 68% have two or more chronic illnesses.

The American Heart Association (AHA) reports that the incidence of CVD in US men and women aged between 40-59 years is ~40% and ~75% from 60-79 years, and ~86% in those above the age of 80. Thus, the older population presents a major burden for the current US healthcare infrastructure due to the high prevalence of CVD.

Availability of reimbursement for vascular procedures
Multi-morbidity is the main characteristic feature of patients. It means that two or more chronic diseases are present at the same time. Nearly 80% of 65 years and above-aged people have at least one chronic condition, and 68% have two or more chronic illnesses.

The American Heart Association (AHA) reports that the incidence of CVD in US men and women aged between 40-59 years is ~40% and ~75% from 60-79 years, and ~86% in those above the age of 80. Thus, the older population presents a major burden for the current US healthcare infrastructure due to the high prevalence of CVD.

Besides, developing economies like India also provide government assistance in vascular procedures. For instance, Rashtriya Arogya Nidhi, a scheme by the Indian government, provides financial assistance to below-poverty-line patients suffering from major life-threatening diseases to receive medical treatment at any of the super specialty Government hospitals/institutes. Some of the procedures under this scheme include Heart surgery for Congenital and Acquired conditions (C.A.B.G), among others. The availability of reimbursement has led to an increase in the number of vascular surgeries, which is expected to help in the growth of the vascular patches market.

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The rising need for skilled professionals is a prominent challenge in the vascular patches market
Skilled professionals must handle vascular patches, as improper closure of arteries after surgical procedures may lead to continuous bleeding or may cause ischemia. Some devices even require several steps in sequence while using them.

Currently, the lack of surgeons in developed and developing economies is one of the major factors limiting the adoption of these products. For instance, the Association of American Medical Colleges (AAMC) projects a shortage of about 122,000 physicians by 2032 in the US. A shortage of 12,000 medical specialists, 23,400 surgeons, and 39,100 other specialists, such as neurologists and radiologists, is expected to occur by 2032.

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road Suite 430 Northbrook, IL 60062
USA : 1-888-600-6441 sales@marketsandmarkets.com

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This release was published on openPR.