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The global Vascular Patches Market is estimated to be valued at US$ 380.9 Mn or Million in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vascular patches are used to repair vascular defects including vascular abnormalities, vascular injury and cardiac surgery procedures. They are small pieces of biological or synthetic material used to repair or reconstruct blood vessels. The key advantages of vascular patches include biocompatibility, reduced risk of bleeding, promotion of tissue ingrowth and low risk of infection.
Market key trends:
One of the key trends in the vascular patches market is the increasing adoption of biosynthetic vascular patches. Biosynthetic vascular patches are specially designed patches that combine the structural characteristics of synthetic polymers along with the biocompatibility of biologic tissues. They aim to offer the best of synthetic and biologic patch characteristics by combining the tissue regenerative and biodegradability properties of biologics along with the strength and suture retention of synthetics. This makes them an ideal solution for aortic, peripheral vascular and cardiac surgical applications.
Market key trends:
The global vascular patches market is being driven by the rising number of cardiac surgeries across the globe. Vascular patches are increasingly being used by surgeons during cardiac procedures such as coronary artery bypass grafting (CABG) and endovascular repair of abdominal aortic aneurysms (EVAR) to repair damaged or diseased blood vessels. Moreover, innovations in patch material such as biologic and biosynthetic patches that offer better healing and low risk of infection are gaining popularity. New absorption rate and fiber orientation engineered patches catering to specific repair requirements are further fueling the market growth.
SWOT Analysis
Strength: Growing demand for minimally invasive cardiac surgeries and the favorable properties of vascular patches like suturability and healing capacity is driving their adoption.
Weakness: Expensive nature of newer biologic and biosynthetic patches limit their widespread use.
Opportunity: Emerging economies with large patient pools and growing medical expenditures present major opportunities for market expansion.
Threats: Long approval cycles for new products and preference for alternative treatment methods in certain cases can hamper market growth.
Key Takeaways
The global vascular patches market is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing prevalence of cardiac diseases.
Regionally, North America is expected to dominate the global market owing to developed healthcare infrastructure and investment in new medical technology in the US and Canada. Asia Pacific is anticipated to exhibit the fastest growth over the forecast period with rising medical tourism industry and growing healthcare expenditures in China and India.
Key players operating in the vascular patches market are B. Braun Melsungen AG, C. R. Bard, Inc., LeMaitre Vascular, Inc., Getinge AB, W. L. Gore & Associates, Inc., Edwards Lifesciences Corporation, Baxter International Inc., CryoLife, Inc., Medtronic, and Admedus
