Cardiovascular and Peripheral Vascular Diseases are the Major Contributor to the Market Size
Vascular graft has been witnessing high demand with each passing year due to rapidly growing prevalence of cardiovascular and peripheral vascular diseases. According to American Heart Association, more than 1.3 million surgical procedures involving vascular graft were done in 2019. As per World Health Organization (WHO), the number of such procedures has been on the rise of over 8% annually between 2015-2018 due to increase in preference for minimally invasive procedures. Moreover, rising prevalence of regarding cardiac conditions such as coronary artery disease (CAD), myocardial infarction (MI), high blood pressure (BP) etc., is expected to propel growth of small diameter vascular graft market during the forecast period. For Instance, nearly 18 million people are diagnosed with some kind of cardiovascular diseases each year (WHO).
Preference for Minimally Invasive Direct Coronary Artery Bypass Surgery Drives Growth of Small Diameter Vascular Graft Market
Minimally invasive direct coronary artery bypass (MIDCAB) surgical techniques are gaining ground over both open and traditional CABG surgeries. For this reason, MIDCAB has become a preferred procedure for performing coronary artery bypass grafts in the small diameter vascular graft market. Having undergone the MIDCAB surgical procedure is expected to increase demand for small diameter vascular grafts in the coming years.
Increasing adoption of one-time use devices such as guide catheters facilitates increased performance in minimally invasive cardiac surgeries by enabling faster and less complex procedures. This, in turn, reduces the overall cost of surgical implants and catheters, while reducing the risk of infections.
Growth of Healthcare Expenditure and Better Private Insurance Coverage Facilitates Small Diameter Vascular Graft Market Growth
As per Center for Disease Control and Prevention, healthcare spending in North America was projected to rise by an average of 5.9% per year between 2013 and 2023. The U.S. healthcare expenditure amounted to US$4.3 trillion in 2020 - representing a cumulative annual growth rate of 6.1% over the period. Similarly, the global healthcare expenditure in 2020 is valued at around $8.3 trillion, which is further likely to increase to $8.8 trillion in 2021.
Rising medical expenditure poses a major challenge to individuals, healthcare providers, and insurance companies alike; however, it does open up significant business opportunities for medical device manufacturers in the small diameter vascular graft market such as Medtronic plc (Ireland), Abbott Laboratories (U.S.), Terumo Corporation (Japan), Boston Scientific Corporation (U.S.), Abbott Vascular Inc., Becton Dickinson & Company (U.S.) and others.
These players are trying to overcome the challenge by focusing on enhancing the design, development, and production of best-in-class products. For instance, in September 2017, Abbott announced its plan to launch an innovative bioresorbable vascular scaffold for patients at a high risk of recurrent cardiovascular disease. This product is targeted for commercialization by 2023.
Recently, various deals have been made in the industry to strengthen the position of key players, which include Medtronic's acquisition of Covidien plc. (Ireland) in 2015, Boston Scientific's partnership with Kinetic Concepts, Inc. (U.S.) in November 2017, and Abbott Laboratories' agreement to transfer its vascular closure devices business to Cardinal Health 414, Inc. (U.S.) in December 2017.
High Availability of Electrospun Polyurethane Vascular Grafts to Drive Demand for Small Diameter Vascular Graft
Electrospun polyurethane vascular grafts are anticipated to witness promising growth owing to their high durability. They have high biocompatibility with human tissues, making them a preferred choice for surgeries. As per American Heart Association (AHA), more than 17 million Americans suffer from cardiovascular diseases of which 60% of mortality is caused due to coronary artery disease alone. Stroke is another major cause of mortality that accounts for 16% of deaths across the U.S. with an average of 795,000 strokes occurring annually. Thus, the demand for such products will be on a rise owing to their widespread use in surgeries and treatments related to cardiovascular diseases. All these factors are further expected to drive growth of the small diameter vascular graft market in the years to come.
Application of Small Diameter Vascular Grafts in Cardiac Aneurysm to Remain High
Arterial injuries in heart surgeries are common and can be devastating. In order to prevent exsanguination, a tube of non-vascular origin is often implanted in place of a damaged artery. The implantation of tubular grafts has resulted in many complications, including thrombosis, infection, aneurysm formation, and inadequate luminal diameter. These problems have prompted the search for new types of grafts with certain desired characteristics i.e., durability, resistance to blood flow turbulence and low antigenicity. Numerous types of biomaterials have been developed with these properties.
Natural tissues present several advantages over synthetic materials, such as their ability to allow cell ingrowth which would improve the strength of the graft, decrease the foreign body reaction and increase blood flow by decreasing turbulent flow. Although natural tissues are suitable for some applications, others are not applicable because they are either weak or suffer from unfavorable biological responses.
Polytetrafluoroethylene (PTFE) is a high molecular weight polymer of tetrafluoroethylene. PTFE is available commercially under the trade name expanded polytetrafluoroethylene (ePTFE), such as GORE-TEXÂ®, or TeflonÂ®.
Rising Prevalence of Coronary Heart Diseases Make North America Small Diameter Vascular Graft Market Lucrative
Projections from the American Heart Association (AHA) indicate that approximately one in three U.S. adults suffers from some form of cardiovascular disease or other disorder involving blocked arteries and reduced blood flow to vital organs such as brain and heart muscle. With growing incidence rates associated with life-threatening conditions such as atherosclerosis and hypertension, demand for vascular grafts is anticipated to rise substantially over the upcoming years. At present, cardiac surgeries account for nearly 40% of all minimally invasive procedures performed in hospitals across North America. The proportion has been on a rising trend since 2000, and is projected to continue growing at 4% per year over the next decade.
As per the U.S. Department of Commerce, 16% of Americans are expected to be aged 65 years or older by 2030, as compared to 12% in 2010. This reflects a major demographic shift; one that is accompanied by several health challenges for this segment of society that often leads to increased cardiovascular conditions. An increasing percentage of seniors suffering from coronary artery diseases will only serve to augment demand for vascular grafts during the forecast period.
Global Small Diameter Vascular Graft Market: Key Players
Some of the key players in the global small diameter vascular graft market are 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.
Key Elements Included In The Study: Global Small Diameter Vascular Graft Market
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