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Vascular Grafts Market to Rear Excessive Growth During 2017– 2023
Vascular grafts are medical devices that are used in surgical procedures to redirect blood flow from one area to another by reconnecting blood vessels.
The global vascular grafts market is driven by increase in the prevalence of vascular disorders, high blood glucose level, hypertension, and other risk factors that cause blockage of blood vessels. In addition, sedentary lifestyle, growth in geriatric population, and technological advancements are expected to supplement the market growth during the forecast period. However, increased cost of treatment and complications associated with prosthetic grafts impede the market growth. Conversely, rise in awareness for vascular grafts and huge market opportunities in the emerging economies of Asia-Pacific and LAMEA regions are expected to provide several opportunities to the key market players during the forecast period.
The endovascular aneurysm repair stent grafts segment is expected to maintain its dominant position during the forecast period, owing to the associated benefits of being a minimally invasive procedure as compared to open-chest or open-abdominal aneurysm surgery. This has boosted endovascular aneurysm repair stent grafts market, as the total time required for the surgery is reduced by several days.
The biosynthetic raw material segment is expected to grow at a CAGR of 6.5% during the forecast period, owing to the combination of properties of both synthetic as well as biological materials, which give optimal results.
Key Findings of the Vascular Grafts Market:
• The polytetrafluoroethylene (PTFE) segment accounted for more than half of the raw materials market share in 2016.
• The endovascular aneurysm repair stent grafts segment accounted for nearly three-fifths share of the global market in 2016, and is expected to grow at a CAGR of 6.2% from 2017 to 2023.
• The hospitals segment accounted for more than half of the end users share in 2016.
• Asia-Pacific is expected to grow at the highest CAGR of 7.5% from 2017 to 2023.
North America accounted for a major share (more than half) in the global market in 2016, and is expected to maintain its dominance throughout the forecast period, owing to the increase in incidence of vascular disorders & renal diseases and rise in patient awareness about the benefits of vascular graft surgery. In addition, high adoption rate of technologically advanced devices and presence of highly sophisticated healthcare infrastructures are expected to offer new growth opportunities to the players in the market.
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Allied Market Research