Exploring the Global Small Diameter Vascular Graft Market: Trends, Growth Opportunities, and Future Prospects
The global small diameter vascular graft market is experiencing robust growth, driven by the escalating prevalence of cardiovascular and peripheral vascular diseases. According to the American Heart Association, more than 1.3 million surgical procedures involving vascular grafts were performed in 2019, with an annual increase of over 8% between 2015-2018. This surge in demand is attributed to a preference for minimally invasive procedures and a growing number of cardiac conditions, including coronary artery disease, myocardial infarction, and high blood pressure, affecting nearly 18 million people each year, as reported by the World Health Organization.
Minimally Invasive Direct Coronary Artery Bypass Surgery Spurs Market Growth
The adoption of minimally invasive direct coronary artery bypass (MIDCAB) surgical techniques is on the rise, surpassing open and traditional CABG surgeries. MIDCAB procedures are becoming the preferred choice for coronary artery bypass grafts in the small diameter vascular graft market, further stimulating market growth.
The utilization of one-time use devices such as guide catheters is enhancing the performance of minimally invasive cardiac surgeries, resulting in quicker and less complex procedures. This, in turn, reduces surgical implant costs and the risk of infections.
Healthcare Expenditure and Private Insurance Drive Market Expansion
Healthcare expenditure in North America has been steadily increasing, with a projected average annual growth rate of 5.9% between 2013 and 2023. In 2020, the U.S. healthcare expenditure reached US$4.3 trillion, with a cumulative annual growth rate of 6.1%. Globally, healthcare expenditure in 2020 stood at approximately $8.3 trillion and is expected to rise to $8.8 trillion in 2021, as per the Center for Disease Control and Prevention. This surge in medical spending, while presenting challenges, also presents significant business opportunities for medical device manufacturers in the small diameter vascular graft market.
High Availability of Electrospun Polyurethane Vascular Grafts
Electrospun polyurethane vascular grafts are gaining traction due to their exceptional durability and biocompatibility with human tissues. Given the high prevalence of cardiovascular diseases, such as coronary artery disease and stroke, which account for a substantial portion of mortality rates, the demand for these products is projected to increase, further fueling market growth.
Application of Small Diameter Vascular Grafts in Cardiac Aneurysm Remains Prominent
The use of small diameter vascular grafts in cardiac aneurysm cases continues to be significant in addressing arterial injuries during heart surgeries. These grafts offer desirable characteristics such as durability, resistance to blood flow turbulence, and low antigenicity, contributing to their widespread application.
Rising Prevalence of Coronary Heart Diseases Makes North America Lucrative
North America’s small diameter vascular graft market is poised for growth, with projections indicating that one in three U.S. adults faces cardiovascular diseases or disorders involving blocked arteries. The aging population and increasing incidence rates of life-threatening conditions like atherosclerosis and hypertension are expected to drive substantial demand for vascular grafts.
Key Players in the Global Small Diameter Vascular Graft Market
Prominent players in the global small diameter vascular graft market include Medtronic plc, Terumo Corporation, LeMaitre Vascular, Inc., C.R. Bard, W.L. Gore and Associates, Inc., Cook Medical, Shanghai Suokang Medical Implants Co. Ltd., and Getinge AB.
Global Industry Analysis (2018 – 2021) – Growth Trends and Market Forecast (2022 – 2029)
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This press release first seen on Brilad