Market Trends of Vascular Patches Industry
Aortic Aneurysms Segment Expects to Register a Significant Growth Over the Forecast Period
The aortic aneurysm segment is expected to witness significant growth in the vascular patches market over the forecast period. The factors contributing to segment growth are the rising burden of vascular diseases such as atherosclerosis, the rising geriatric population, and the growing demand for minimally invasive procedures.
Aortic aneurysms are bulges that resemble balloons in the aorta, the major artery that delivers blood from the heart through the chest and body. A pseudoaneurysm of the ascending aorta is a rare but potentially fatal complication after cardiovascular surgery, and it can result in a rupture. A small, localized saccular pseudoaneurysm of the aorta is often treated with patch repair rather than tube graft replacement.
The increasing burden of atherosclerosis and aortic aneurysm among the population is the key factor driving segment growth. For instance, according to the data published by the NHS United Kingdom in April 2022, about 1,542 aneurysms were reported in the United Kingdom in 2021.
Additionally, the increasing aging population is more likely to develop vascular diseases, which are also contributing to segment growth. For instance, the data published in October 2021 by the WHO reported that population aging is much faster than in the past. By 2030, one in six people worldwide is expected to be 60 years of age or older. Thus, the share of the population aged 60 and over is projected to increase from 1 billion in 2020 to 1.4 billion by 2030 and 2.1 billion by 2050. Therefore, it is anticipated that the market will grow over the forecast period due to the rising geriatric population.
Therefore, owing to the aforementioned factors, such as the increasing burden of aortic aneurysms and the rising aging population globally, the studied segment is expected to grow over the forecast period.
North America is Expected to Witness Significant Growth in the Forecast Period
North America is expected to hold a significant share of the overall vascular patch market throughout the forecast period owing to factors such as the growing prevalence of vascular diseases. In addition, healthcare expenditure is on the rise in the United States, which creates new opportunities for the innovation of advanced vascular patches and increases their availability on the market, thereby propelling market growth. According to OECD data, healthcare spending in the United States in June 2022 was 17.8% of the country's total gross domestic product (GDP) in 2021.
The increasing funding for atherosclerosis in the region is expected to accelerate the development of vascular patches and increase the company's focus on developing advanced products, hence boosting market growth. For instance, as per the data published by the NIH, in May 2022, about USD 413 million was funded for atherosclerosis 2021, and an estimated USD 430 million is allocated in 2022 for research and disease-related studies, with an expectation that this funding will reach USD 432 million by 2023.
Furthermore, the growing prevalence of cardiovascular diseases and their associated factors such as diabetes also increases the risk of developing stroke, PAD, cerebrovascular disease, and others that require surgical procedures, hence bolstering the market's growth. For instance, as per 2022 statistics published by the IDF, about 14.1 million people in Mexico were living with diabetes in 2021, and this number is projected to reach 17 million by 2030 and 21.1 million by 2045. As per the same source, about 32 million people in the United States and 2.9 million people in Canada were living with diabetes in 2021, and this number is projected to reach 36.2 million and 3.4 million by 2045, respectively. Thus, the increasing burden of diabetes may lead to a rise in cardiovascular complications, thus increasing the demand for cardiac surgeries. This is anticipated to increase the demand for effective cardiac patches, hence bolstering market growth.
Therefore, due to factors such as the rising burden of CVD and diabetes and growing funding, the studied market is expected to grow over the forecast period.
