Artificial blood vessels - Market Insights, Competitive Landscape, and Market Forecast - 2030

Artificial blood vessels - Market Insights, Competitive Landscape, and Market Forecast - 2030

Artificial Blood Vessels Market By Polymer Type (Polydioxanone, Elastomer, Polyethylene Terephthalate, And Others), Application (Aortic Disease, Peripheral Artery Disease, And Hemodialysis), and geography is expected to grow at a steady CAGR forecast till 2030 owing to the prevalence of cardiovascular diseases (CVDS) and increasing research and development activities

The global artificial blood vessels market was valued at USD 2.19 billion in 2023, growing at a CAGR of 5.02% during the forecast period from 2024 to 2030 to reach USD 3.07 billion by 2030. The demand for artificial blood vessels is primarily being boosted by the rising prevalence of various cardiovascular diseases coupled with a rapidly growing geriatric population. Furthermore, the artificial blood vessels market is anticipated to grow on account of the growing technological advancement, a large number of ongoing research activities in this field, collaborations between healthcare providers, researchers, and industry players, and strategic partnerships among others are going to contribute in the overall growth of the artificial blood vessels market during the forecast period from 2024-2030.

Artificial Blood Vessels Market Dynamics:

Cardiovascular diseases are highly prevalent across the globe, of which the largest proportion is taken by coronary and peripheral vascular diseases. For instance, according to the American Heart Association 2022, globally, about 244.1 million people were living with coronary (ischemic) heart disease in 2020. As per the same source, North Africa, the Middle East, Central and South Asia, and Eastern Europe had the highest prevalence rates of coronary (ischemic) heart disease in the world in 2020.

As per the data provided by British Heart Foundation 2022, worldwide around 550 million which stands for 1 in 14 people were living with heart and circulatory diseases in 2019 and this includes about 290 million women and around 260 million men. As per the same source, in 2019, in North America, cardiovascular diseases affected 4,103,135 people, 1,089,947 people were diagnosed with coronary artery disease, and 498,551 suffered from stroke; In Asia, there were 32,376,834 people diagnosed with cardiovascular diseases, from which 12,543,833 individuals were affected by coronary artery disease, and 8,111,044 population was suffered from a stroke.

The source mentioned above further stated that coronary (ischemic) heart disease (200 million cases), peripheral arterial (vascular) disease (110 million cases), stroke (100 million cases), and atrial fibrillation (60 million cases) remained the commonest and prevalent cardiovascular conditions worldwide in 2019.

Stenosis, occlusion, or severe dysfunction of blood vessels are among various pathophysiological mechanisms of cardiovascular diseases. The aorta tends to be affected by a range of disease conditions including abdominal aortic aneurysm, coarctation of the aorta, and chronic hemodialysis access among others.

For the treatment of obstructed vascular structures, vascular replacement involving the usage of artificial blood vessels is the preferred surgical option. The demand for artificial blood vessels is also on the rise due to the limited availability of healthy autologous vessels as well as the incidence of postoperative complications.

Similarly, ongoing research activities about the development of novel artificial blood vessels will accelerate market growth in the foreseeable future. For example, in September 2022, University of Southern Denmark (SDU) and Odense University Hospital (OUH) researchers are working on the development of a revolutionary artificial blood vessel that is prevented from closing or becoming infected.

However, regulatory compliance and other safety concerns associated with artificial blood vessels along with challenges encountered during manufacturing and development of artificial blood vessels may restrict the growth of the overall artificial blood vessels market.

Artificial Blood Vessels Market Segment Analysis:

Artificial Blood Vessels Market by Polymer Type (Polydioxanone, Elastomer, Polyethylene Terephthalate, and Others), Application (Aortic Disease, Peripheral Artery Disease, and Hemodialysis), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the application segment of the artificial blood vessels market, the peripheral artery disease category is expected to amass a significant revenue share in the year 2023. This can be ascribed to the rising prevalence of peripheral artery disease.

For instance, as per the latest study provided by Statistic Canada, PAD is widely prevalent in the country, affecting approximately 800,000 Canadians, every year.

Also, the rise in the number of risk factors such as old age, smoking, hypertension, and others associated with peripheral artery disease is further boosting the market growth for artificial blood vessels.

As per the Canadian Census 2021, over 861,000 people aged 85 and older were counted in 2021. The aforesaid source also stated that, between 2016 and 2021, the number of people aged 85 and older grew by 12%, which is more than twice as high as the growth seen for the overall Canadian population.

According to the facts and figures provided by WHO in 2022, it was estimated that in Spain, almost every fifth of adults and adolescents smoke.

The same source stated that almost 18% of adults smoked tobacco in the year 2020 and 21% of adolescents aged 15–16 smoked cigarettes in 2019. The increasing consumption of tobacco and smoking among adults and youngsters will make them more prone to cardiovascular disorders such as PAD, and others.

By replacing the damaged native blood vessels, artificial blood vessels help to treat severe cases of peripheral artery disease.

Therefore, owing to the above-mentioned factors, the peripheral artery disease category is expected to register significant growth, thereby driving the growth of the overall artificial blood vessels market during the forecast period.

North America Is Expected To Dominate The Overall Artificial Blood Vessels Market:

Among all the regions, North America is estimated to account for the largest share of the Artificial Blood Vessels market in the year 2023. Owing to the significance of key growth factors such as the increased mortality rate due to aortic aneurysm, rise in cases of peripheral artery disease and coronary artery diseases among other cardiovascular disease conditions, growing awareness programs and initiatives related to heart health, high disposable income, sophisticated healthcare infrastructure, presence of key players, increasing product development activities, and others, the market for artificial blood vessels is expected to witness prosperity in the region during the forecast period 2024-2030.

The Centers for Disease Control and Prevention (CDC) 2021 highlighted that aortic aneurysms or aortic dissections were responsible for causing about 9,904 deaths in 2019 in the United States. As per the same source, 59% of those deaths occurred among men. The number of deaths due to aortic aneurysms could have been avoided with proper surgical treatment via the utilization of artificial blood vessels.

As per the Centers for Disease Control and Prevention 2022, approximately 6.5 million people aged 40 and older were there with peripheral artery disease (PAD) condition in 2021 in the United States.

Another factor contributing to the growth of the artificial blood vessels market is the continued rise in the number of individuals involved in smoking. For instance, as per the Centers for Disease Control and Prevention 2022, approximately 40 million people smoke cigarettes in the US. As per the same source, every day nearly 1,600 US youth aged 18 years or younger smoke their first cigarette. Smoking increases the risk for a range of cardiovascular disease conditions.

Thus, the above-mentioned factors are likely to propel the growth of the artificial blood vessels market in the region during the forecast period from 2024-2030.

Artificial Blood Vessels Market Key Players:

Some of the key market players operating in the Artificial Blood Vessels market include LeMaitre Vascular Inc., Terumo Medical Corporation, W. L. Gore and Associates, B. Braun SE, Roumai Med, Jiangsu Bioda Life Science Co. Ltd., Artivion, Inc., Getinge, Vygon, and others.

Recent Developmental Activities In The Artificial Blood Vessels Market:

In November 2022, Jiangsu Bioda Life Science Co. Ltd.’s artificial blood vessel gained class III medical device approval from China’s NMPA, marking the first domestic artificial blood vessel to get such approval. Nantong, China-based Bioda’s vessel is used for aortic coarctation and aneurysms.

Key Takeaways From The Artificial Blood Vessels Market Report Study

Market size analysis for current artificial blood vessels market size (2023), and market forecast for 6 years (2024-2030)

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global artificial blood vessels market.

Various opportunities available for the other competitors in the artificial blood vessels market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current artificial blood vessels market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for artificial blood vessel market growth in the coming future?

Target Audience Who Can Be Benefited From This Artificial Blood Vessels Market Report Study

Artificial Blood Vessels product providers

Research organizations and consulting companies

Artificial Blood Vessels -related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in artificial blood vessels

Various End-users who want to know more about the artificial blood vessels market and the latest technological developments in the artificial blood vessels market.

Frequently Asked Questions For The Artificial Blood Vessels Market:

1. What are artificial blood vessels?

Artificial blood vessels are represented as ideal vascular grafts that are composed of viable tissues. They offer advantages including compliance, lack of thrombogenicity, and resistance to infections among others.

2. What is the market for global artificial blood vessels?

The artificial blood vessels market was valued at USD 2.19 billion in 2023, growing at a CAGR of 5.02% during the forecast period from 2024 to 2030 to reach USD 3.07 billion by 2030.

3. What are the drivers for the global artificial blood vessels market?

The demand for artificial blood vessels is primarily being boosted by the increasing patient population suffering from various heart conditions benefits of artificial blood vessels for vascular obstruction, and continuous innovation in product development among others, thereby contributing to the overall growth of the Artificial Blood Vessels market during the forecast period from 2024-2030.

4. Who are the key players operating in the global artificial blood vessels market?

Some of the key market players operating in the artificial blood vessels market include LeMaitre Vascular Inc., Terumo Medical Corporation, W. L. Gore and Associates, B. Braun SE, Roumai Med, Jiangsu Bioda Life Science Co. Ltd., Artivion, Inc., Getinge, Vygon, and others.

5. Which region has the highest share in the artificial blood vessels market?

North America is expected to dominate the overall artificial blood vessels market during the forecast period from 2024-2030. Owing to factors such as the rise in the number of people with cardiovascular diseases, the surge in the number of awareness programs and initiatives for heart health, high disposable income, sophisticated healthcare infrastructure, and high awareness among others, North American artificial blood vessels market is expected to growth in coming years.