China Vascular Grafts Market Share, End use Estimates and Analysis Report by 2028
China Vascular Grafts Industry Overview
The China vascular grafts market size was valued at USD 91.0 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.6% from 2021 to 2028.
Increasing incidence of various health conditions or diseases, which can damage the aorta and pose a life-threatening risk, is a major factor aiding the adoption of cost-effective vascular grafts in China. Health conditions that were considered are hypertension, injury atherosclerosis, Marfan syndrome, and connective tissue disorders, like polychondritis, osteogenesis imperfecta, scleroderma, Ehlers -Danlos disorder, Turner syndrome, and polycystic kidney disease.
In addition, the rising need for early detection and prevention of coronary heart disease has led to an increase in the number of treatment options such as bypass grafting operations and treatment interventions. The presence of a large population is expected to increase the demand for stent-grafts in the country over the forecast period. Ongoing research activities about modification of ePTFE vascular grafts with O-carboxymethyl chitosan, which enhances hydrophilicity of ePTFE grafts, are expected to drive the demand for prosthetic grafts over the forecast period. Supportive reimbursement policies for vascular surgeries increase patient spending power, and a rise in the need for advanced products are some of the factors anticipated to create lucrative growth opportunities over the forecast period.
Gather more insights about the market drivers, restrains and growth of the China Vascular Grafts Market
The rising prevalence of Peripheral Artery Diseases (PADs) is further attributing to the market growth. According to data published by the National Library of Medicine in June 2019, the prevalence of PAD until the mid-60s increased gradually. Post which, it accelerated. The prevalence of PAD in males ranged from 2.8% among the population aged between 25 and 29 to 21.9% among the population aged between 95 and 99. In females, the prevalence of PAD increased from 3.8% among the population aged between 25 and 29 years to 27.95% in those between 95 and 99 years. It also stated that around 24.2 million people with PAD reside in rural areas, accounting for about 70% of all PAD cases in China.
The COVID-19 pandemic has negatively impacted the market for vascular assist devices owing to government-imposed stay-at-home or quarantine orders and a decline in the number of elective procedures. For instance, the cardiac and vascular group of Medtronic plc registered a revenue decline of 9.0% in FY2020 compared to FY2019. The continuous strain of the COVID-19 outbreak coupled with recommended deferrals of elective medical procedures is further declining the overall growth by reducing the product demand owing to the prioritization of treatment for COVID-19.
The companies are increasingly focusing on introducing newer innovative solutions and expanding their geographic reach through various strategies, including the launch of new products, partnerships, product approvals, and collaborations, to support end-users in delivering value-based care and maintain a competitive edge. For instance, in November 2019, Terumo Corporation announced the acquisition of Aortica Corporation. The acquisition is aimed at supporting the growth of the company’s vascular grafts business and contributing toward personalized aortic therapy. However, low per capita healthcare expenditure is expected to hinder the growth of the overall market. For instance, per capita, healthcare expenditure in China is less than the global healthcare expenditure. According to World Bank in 2018, per capita, healthcare expenditure in China was USD 501.06 in comparison with the global average of USD 1,111.08.
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Market Share Insights
- November 2019: Terumo Corporation announced the acquisition of Aortica Corporation. The acquisition is aimed at supporting the growth of the company’s vascular grafts business and contributing toward personalized aortic therapy.
- April 2017: Lombard Medical announced a strategic partnership with MicroPort Scientific Corporation. The partnership allowed Lombard Medical to accelerate the commercialization of its product portfolio for abdominal aortic aneurysms in China and other global markets.
Key Companies profiled:
Some of the prominent players in the China vascular grafts market include:
- Medtronic plc
- Terumo Corporation
- LeMaitre Vascular, Inc.
- R. Bard; W.L. Gore and Associates, Inc.
- Cook
- Shanghai Suokang Medical Implants Co. Ltd.
- Getinge AB
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