The vascular patches market is expected to reach 525.8 million by 2023 from USD 349.6 million in 2018, at a CAGR of 8.5%. Rapidly growing geriatric population and the subsequent increase in the prevalence of vascular diseases; increasing number of vascular surgeries performed; and increasing adoption of biological patches are the major factors driving the growth of this market. On the other hand, the decreasing number of carotid endarterectomy surgeries and product failures and recalls are expected to limit market growth in the coming years.
On the basis of material, the vascular patches market is segmented into biologic vascular patch and synthetic vascular patch. The biologic vascular patches segment is expected to grow at the highest CAGR during the forecast period due to advantages such as superior biocompatibility, ease of use, minimal suture line bleeding, and reduced rates of infection in comparison with synthetic patches.
Based on application, the vascular patches market has been segmented into carotid endarterectomy, open repair of abdominal aortic aneurysms, vascular bypass surgery, and other applications. The carotid endarterectomy segment is expected to register the highest CAGR during the forecast period, primarily due to the high number of procedures conducted globally.
Based on end user, the vascular patches market has been segmented into hospitals & clinics and ambulatory surgical centers. In 2018, the hospitals & clinics segment is estimated to account for the largest market share. The growth of this end-user segment is majorly attributed to factors such as the growth in the number of vascular procedures in hospitals and improving healthcare infrastructure in several developing countries across the globe.
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Geographically, the vascular patches market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific is estimated to register the highest growth rate during the forecast period. Growth in this market is driven by the presence of a large patient population and increasing awareness regarding advanced vascular products.
Given the immense opportunities in the major applications of vascular patches products, market leaders, and emerging players are increasingly focusing on the market segments mentioned above to increase their revenues and are also looking to expand their reach to emerging economies.