The global vascular graft market – a dynamic sector of the worldwide healthcare space, has been depicting commendable growth prospects lately. Having held a valuation of approximately $2.4 billion in 2017, the overall vascular graft industry share is likely to advance further in the ensuing years, on account of the rapidly rising prevalence of cardiovascular diseases, chronic kidney disease and aortic aneurysms across the globe.
China Vascular Graft Market Size, By Raw Material, 2013 – 2024, (USD Million)
The rising average life expectancy has led to a massive spurt in the global geriatric population, that is extremely prone to suffer from the aforementioned diseases. According to a 2017 report by the United Nations (UN), the global population aged 60 years and older was over 960 million in 2017 – a meteoric rise from the 380 million recorded in 1980. The UN report projects that the geriatric population is anticipated to double by 2050 and reach the 2 billion mark, which would lead to a major upsurge in the global disease burden, adding a renewed growth dimension to the overall vascular graft market.
Another pivotal driving force for the global vascular graft market is the obese population across the globe. According to a report on obesity by the World Health Organization (WHO), in 2016, close to 1.9 billion adults across the globe were overweight and around 650 million of those individuals were obese. The sedentary lifestyle that causes energy imbalance between calories expended and calories consumed is the primary attributor to obesity and cardiovascular diseases. This demographic of the population is projected to increase further and fuel the growth of the vascular graft market in the years to come.
Unveiling vascular graft market trends from a geographical perspective:
The U.S. was the dominant region in North American vascular graft market in the year 2017, with an appreciable valuation of $742 million. One of the most significant factors responsible for the U.S. market growth is the fact that the country’s annual healthcare expenditure is perpetually more than that of other developed nations. According to a 2018 report by Peterson-Kaiser, healthcare spending per person in the U.S. in 2016 was well over $10,000, which was 31% higher than the next highest per capita spender – Switzerland.
A 2016 report by the Centers for Disease Control and Prevention (CDC), claims that approximately 50% of the U.S. adult population has at least one major risk factor for cardiovascular disease (CVD). Further, the John Hopkins Institute estimates that the U.S. spends an average $315 billion annually for the treatment of CVDs. In the U.S., an average adult in known to succumb to a heart related disease every 40 seconds, indeed, CVD deaths account for a staggering proportion of annual deaths in the U.S. This is evidence enough to state that the rising prevalence of CVDs and other heart disorders will prove to be a major driving force for the U.S. vascular graft industry. That said, another major propelling factor responsible for the growth of the regional vascular graft market is the availability of several reimbursement policies by Medicaid and Medicare.
While the United States will continue to retain a healthy share of the global vascular graft market, another pivotal regional contender of this business sphere is the Indian sub-continent. According to a 2017 report by the World Heart Federation, non-communicable diseases (NCDs), inclusive of CVDs – were estimated to account for over 60% of total adult deaths in India. The report also claimed that CVDs account for over 26% of these deaths.
Some of the major contributing factors that have led to the rising occurrence of CVDs in India are the growing number of people succumbing to smoking and alcohol consumption, leading to lifestyle diseases such as hypertension and the like. Apparently, close to 15% of the total Indian population smokes tobacco, 4.3 liters of pure alcohol is consumed per person and over 22% of the total population suffers from hypertension which increases the risk of heart failure, strokes, heart attacks and kidney diseases, as put forth by the World Heat Federation. The growing awareness across the Indian population and the ensuing improvement in healthcare policies will drive India vascular graft market in the forthcoming years. Indeed, as per estimates, India vascular graft industry will register a CAGR of 7.6% over 2018-2024.
Vascular graft market is expected to consolidate its footprints across major geographies across the globe, owing to the robust worldwide prevalence of CVDs and the increasing importance being attributed to ensuring excellent healthcare and treatment to all and sundry. According to Global Market Insights, Inc., the overall vascular graft market is expected to record a CAGR of 6.3% over 2018-2024, accruing returns close to $3.6 billion by 2024.