Global Vascular Grafts Market Forecast To 2023
The global vascular graft market is expected to decline from $2.79 billion in 2019 to $2.6 billion in 2020 at a compound annual growth rate (CAGR) of -6.98%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $3.27 billion in 2023 at a CAGR of 8.02%. The rising prevalence of vascular diseases is driving the growth of the global vascular grafts market. However, the high cost of medical treatment and complications related to prosthetic grafts are expected to restrain market growth.
The vascular graft global market consists of sales of vascular grafts and related services by entities that manufacture vascular grafts that are used to repair the diseased or blocked blood vessel during the surgical procedure called vascular grafting or vascular bypass. Vascular grafting is performed to bypass a partial or complete blockage in an artery by reconnecting the blood vessels. This process will improve the blood flow by redirecting blood from one area of the body to another. Vascular grafts are mainly used in the heart during coronary artery bypass and in legs to treat vascular disease.
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The global vascular grafts market is further segmented based on type and geography.
By Product: Hemodialysis Access Graft, Endovascular Stent Graft, Peripheral Vascular Graft, Coronary Artery By-pass Graft
By Raw Material: Polyester Grafts, ePTFE, Polyurethane Grafts, Biosynthetic Grafts
By Application: Coronary Artery Disease, Aneurysm, Vascular Occlusion, Renal Failure
By End-User: Hospitals, Ambulatory Surgical Centers.
By Geography: The global vascular grafts market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American vascular grafts market accounts for the largest share in the global vascular grafts market.
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Trends In The Vascular Grafts Market
Companies in the vascular graft market are increasingly investing in technological advances for the development of innovative vascular grafts, including customization of vascular grafts.
Vascular Grafts Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides vascular grafts market overviews, analyzes and forecasts vascular grafts market size and growth for the global vascular grafts market, vascular grafts market share, vascular grafts market players, vascular grafts market size, vascular grafts market segments and geographies, vascular grafts market trends, vascular grafts market drivers and vascular grafts market restraints, vascular grafts market’s leading competitors’ revenues, profiles and market shares. The vascular grafts market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.