Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSThe global artificial blood vessels market is estimated to grow at a CAGR of ~5.5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing applications of artificial blood vessels in medical procedures, as artificial blood vessels are able to perform various biological functions observed in the natural blood vessels. Moreover, the development of technology in healthcare sector, backed by increasing R&D expenditure, is further estimated to boost the market growth. According to the World Health Organization statistics published in 2021, gross domestic R&D expenditure on health (health GERD) as a percentage of total GERD was highest in East Mediterranean with 14.8%, followed by Americas at 12.8% and South-East Asia at 12.4%.
Besides, the growing incidences of cardiovascular diseases globally is estimated to boost the demand for artificial blood vessels. The poor lifestyle prevalent amongst the masses, such as, poor dietary patterns, lack of exercise, obesity, smoking, and others, have a massive negative effect on blood vessels. This results in lifestyle diseases and disorders, such as, coronary artery diseases, stroke, hypertension, and heart attack. According to the data collected from the World Health Organization, cardiovascular diseases resulted in about 17.9 million deaths in 2019 accounting for 32% of the total number of deaths globally.
The market is segmented by polymers into polydioxanone, elastomer, polyethylene terephthalate, and others. Out of these the elastomer segment is anticipated to hold the largest share in the market over the forecast period as it is the most used polymer in the development of artificial blood vessels owing to the extraordinary mechanical properties of elastomers. Moreover, elastomers provide the capacity to design implants that match the compliance of native tissue, which is projected to boost the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global artificial blood vessels market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of rapid increase in healthcare awareness, growing healthcare expenditure, and increasing income levels amongst all social classes. According to the World Bank data, the GDP per capita of population in the South Asia region surged from USD 453.238 in 2000 to USD 1,959.342 in 2019. Moreover, emergence of small market players in the region is projected to fuel the market growth.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the presence of advanced healthcare infrastructure, and high focus on medical R&D activities. Additionally, increasing incidence of aortic diseases in the region is further anticipated to boost the market growth. According to the data by the US Centers for Disease Control & Prevention (CDC), aortic dissections resulted in 9,904 deaths in 2019 in the country.
The global artificial blood vessels market is further classified on the basis of region as follows:
Our in-depth analysis of the global artificial blood vessels market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing adoption of advanced technology in healthcare sector is anticipated to boost the market growth.
The market is anticipated to attain a CAGR of ~5.5% over the forecast period, i.e., 2022 – 2030.
Stringent regulations for FDA approval of artificial blood vessels is estimated to hamper the market growth.
The market in the North America region is estimated to provide more business opportunities over the forecast period owing to the advance healthcare infrastructure in the region.
The major players in the market are Medtronic Plc, Cook Medical Incorporated, Becton, Dickinson and Company (BD), Terumo Corporation, Humacyte, Inc., JOTEC GmbH., LeMaitre Vascular, Inc., Techshot, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by polymer, application, and by region.
The elastomer segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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