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The global Vascular Patches Market is estimated to be valued at US$ 380.9 Mn 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 medical devices used to repair aneurysms, weak spots in blood vessel walls. They are placed over the defect in the vessel to enable healing and reconnection of the vessel wall. Vascular patches are commonly made of synthetic materials such as Teflon, Dacron, polyester, and biologic materials including bovine pericardium, porcine small intestinal submucosa (SIS), and human cadaveric tissue. Advantages of vascular patches include higher mechanical strength to hold sutures and withstand high blood pressure compared to conventional sutures alone. They enable minimal tension on the suture line and help in reconstructing vessel geometry.
Market key trends:
One of the key trends in the vascular patches market is the increasing preference for minimally invasive surgeries. Minimally invasive vascular surgeries offer advantages such as smaller incisions, lesser post-surgery complications, reduced hospital stay, and faster recovery periods compared to open surgeries. As a result, doctors are widely adopting minimally invasive techniques for vascular disease treatment which involves the use of vascular patches. Additionally, technological advancements are aiding the development of novel vascular patches made from various bio-absorbable and biocompatible materials. Such enhanced materials exhibit stronger mechanical properties similar to native vessels while their degradation characteristics help in tissue remodeling. This is expected to push the demand for advanced vascular patches during the forecast period.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants is medium in the vascular patches market. Developing a new vascular patch requires significant capital investments and time for regulatory approvals. However, changing reimbursement policies are reducing the entry barriers.
Bargaining power of buyers: The bargaining power of buyers is high. Buyers have a moderate to high bargaining power due to the presence of many vendors providing vascular patches. Buyers can negotiate based on price, quality, and services.
Bargaining power of suppliers: The bargaining power of suppliers is medium. Suppliers of raw materials for vascular patches, such as biocompatible synthetic (polyethylene terephthalate (PET)) and biological materials (bovine pericardium and porcine small intestine submucosa), are moderate in number.
Threat of new substitutes: The threat of new substitutes is medium. The availability of synthetic vascular grafts and autografts limits the vascular patches market growth. However, vascular patches offer advantages over synthetic grafts and autografts, such as better biocompatibility and handling properties.
Competitive rivalry: The vascular patches market features strong competition. The key players adopt product differentiation, innovation, and expansion strategies to gain competitive edge.
Key Takeaways
The global vascular patches market size is expected to reach US$ 380.9 Mn in 2023, exhibiting a CAGR of 7.9% during the forecast period due to the increasing prevalence of vascular diseases, growing number of vascular surgeries and rising geriatric population.
On a regional basis, North America dominates the global vascular patches market and is expected to grow at a CAGR of 7.0% during the forecast period. This is attributed to the growing incidence of vascular diseases, FDA approvals to novel vascular patches, and supportive reimbursement policies in the region.
Key players operating in the vascular patches market include 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. The key players are focusing on new product launches, geographical expansion and acquisitions to gain a competitive edge in the market.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
