The vascular prostheses are the permanently implanted devices used in the treatment of patients suffering from vascular pathologies such as arterial occlusive disease. This is used to replace the diseased blood vessel to restore vital blood supply to the affected organ.
There are many types of vascular prostheses in the market such as synthetic, biosynthetic and biological prostheses. The global vascular prostheses market is likely to expand during the forecast period due to the increasing prevalence of cardiac diseases and sedentary lifestyle and unhealthy eating habits that lead to cardiac problems.
Pandemic coronavirus has caused a disturbance in almost all the industries. The novel coronavirus has also affected the vascular prostheses market. Due to the coronavirus, the flow of patients into the hospitals has been reduced which has led to the decline in the implants surgeries.
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There has been a disruption in the supply of various raw materials used in making the prostheses which is hampering the production of vascular prostheses.The rising incidence of vascular disorders, hypertension, high blood sugar and other factors that cause blockage of blood vessels is expected to drive the growth of the vascular prostheses market.
The increasing awareness regarding the vascular prostheses is also likely to boost the market. Furthermore, increasing geriatric population, advancement in technologies and products development, and changing lifestyle (increasing consumption of alcohol, tobacco, and junk food) across the globe are likely to boost the vascular prostheses market.
Apart from drivers, there are some restraints of vascular prostheses market such as high cost of treatment, risk associated with prostheses, low reimbursement. In addition, the high out-of-pocket cost in emerging economies may restrict the growth of the vascular prostheses market.
Based on the product type, the synthetic prostheses segment is expected to hold a major share in the vascular prostheses market due to its longer lifespan and technically advanced architecture as compared to other vascular prostheses.
The biological prostheses segment is expected to grow over the forecast period due to the ongoing research in the development of biopolymers. Based on the application, the artery segment is expected to dominate the vascular prostheses market. Based on the end-user, the hospitals are expected to be the most profitable segment in the global vascular prostheses market due to the advanced medical facilities and larger number of patients flow in the hospitals.
North America is expected to dominate the global vascular prostheses market, due to the technological advancement, and higher adoption of vascular prostheses in the region. North America is expected to be followed by Europe, due to the increasing prevalence of vascular disorders, hypertension, high blood sugar in the region.
Asia-Pacific is expected to have a significant growth in the global vascular prostheses market over the forecast period due to the increasing awareness of vascular prostheses, changing lifestyle that leads to various vascular disorders and rising healthcare expenditure.
Also, increasing geriatric population is expected to boost the market in countries like India and China. Latin America market is expected to experience the constant growth rate in the vascular prostheses market whereas the Middle East & Africa expected to be the least profitable market due to less advanced medical facilities.
The key participants operating in the global vascular prostheses market are:
- Cardiva Medical Inc.
- CryoLife Inc.
- B. Braun Holding GmbH
- LeMaitre Vaascular Inc.
- Sorin Group
- Terumo Corporation
- Getinge Group
- Vygon SA
- Aesculap AG
- MAQUET Cardiovascular LLC
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