Vascular Graft Market to Reap Excessive Revenues by 2024
TMR has prognosticated the global vascular graft market to rise at a 5.0% CAGR during the forecast timeframe 2016-2024 to earn a revenue of US$3.29 bn by 2024. In 2015, the market had earned a US$2.15 bn. In 2016, the hospitals segment by end user had secured a 41.8% share in the market. In the same year, North America had emerged as a leading region with a 45.0% share under its belt.
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Snowballing Need for Hospitalization Owing to Rising Chronic Ailments Surges Demand
According to a TMR report author, the demand for vascular graft has been anticipated to increase as a response to the rising incidence of lifestyle-related disorders observed on a global platform. The occurrence of blood pressure, obesity, diabetes, and other chronic ailments has spurred in the past few years due to the common lifestyle of inadequate exercise and unhealthy living practices. In this regard, the need for proper hospitalization has propelled further, thus changing the course of trends toward a mounting adoption of vascular graft.
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The world vascular graft market could be profoundly impacted by demographic changes. For instance, there has been an increase in the average life expectancy, which has encouraged a growth in the geriatric population worldwide. Since the aged have been more prone to chronic diseases, the demand for vascular grafts and vascular access could see a rise in the coming years. Moreover, promising reimbursement policies have been projected to support growth in the market. The market could witness an expansion in the foreseeable future while riding on the back of government initiatives directed toward the provision of better healthcare.
Risk-bearing Nature of Vascular Graft Intimidates Patients, Leading to Slow Demand
As analyzed by seasoned analysts, the international vascular graft market could be hindered by the lack of regulatory approval. The situation could become complex for market players on account of varied healthcare economics and regulatory environment in different regions. Apart from this, the surgical procedure could be risk-bearing since there could be a chance of incurring life-threatening disorders due to a heavy flow of blood during arteriovenous access. This could make patients and their families skeptical about vascular graft. The market could come across bottlenecks in its growth path because of slow growth rate and rising pricing pressure.
However, these challenges of the international vascular graft market have been envisaged to be toned down with the advent of technologically innovative and advanced products that reduce risks associated with the procedure.
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Vascular surgical procedure remains often invasive and needs prolonged hospital stays. Conventional vascular surgery comprises of opening the body, cutting vessels, and closing it by means of sutures, it consist of procedures such as carotid endarterectomy, open abdominal aneurysm repair and lower extremity bypass surgery. In contrast, majority of vascular graft procedures are usually are minimally invasive besides involve repairing vessels from inside. Catheter-based devices are introduced through a minor