Vascular Graft Market To Report Impressive Growth, Revenue To Surge To US$ 3.48 Billion By 2023
With the presence of a large pool of participants, the global vascular graft market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Artegraft, B. Braun Melsungen, C.R. Bard, Cook Medical, CryoLife, Heart Medical Europe BV, LeMaitre Vascular, and MAQUET Holding are some of the key vendors of vascular graft across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the vascular graft market study.
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Citing an instance, in September 2018, LeMaitre Vascular Incorporation declared that it acquired vascular clot management business from Applied Medical Resources Corporation at US$ 14.2 million. Both the firms also signed a transition services agreement as per which the latter will continue to produce the product for LeMaitre for nearly one year.
As estimated in this report, the global vascular graft market stood at US$ 2.31 billion in 2017. Witnessing a tremendous rise during the period from 2017 to 2023, the revenue in this vascular graft market is expected to reach US$ 3.48 billion by the end of the forecast period. The main products available in this vascular graft market are hemodialysis access graft, endovascular stent graft, peripheral vascular, and coronary artery bypass graft. Among the four, the demand for endovascular stent graft is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
Prominent Use Of Minimally Invasive Implants To Drive Market Growth
“Escalating demand for minimally invasive implants along with rising incidences of deaths occurring as a result of cardiac arrests is likely to drive the growth of vascular graft market in the years ahead,” says the author of this study. Apart from this, growing occurrence of diabetes along with stimulated demand for technologically advanced products for treating vascular ailments will spur the vascular graft market size in the years ahead. In addition, extensive product applications in hospitals and ambulatory surgical centers will further enhance the scope of vascular graft market in the near future.
Unhealthy habits such as excessive alcohol intake, smoking, and tobacco consumption along with inherited diseases or genetic defects are likely to promote the growth trends of vascular graft market over the forecast period. Low compensation and high costs associated with the product across the emerging countries, however, is forecast to diminish the progression rate for vascular graft market in the coming decade.
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Improved Healthcare & Medical Facilities To Augment Regional Growth
Regionally, North America has been leading the worldwide vascular graft market and is anticipated to continue on the dominant position in the years to come, states the vascular graft market study. The presence of a well-established medical and healthcare infrastructure and skilled healthcare professionals is the main factor behind the dominance of the North America vascular graft market. The high number of key market players being headquartered in North America is another significant factor that is supporting the expansion of this regional vascular graft market. In addition, massive funding of R& D and healthcare activities is likely to further proliferate the rate of development for vascular graft market.
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