Pericardial Patches Market size is expected to surpass USD 604 Million by the end of 2033, witnessing around 7% CAGR during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of pericardial patches was USD 312 Million. The growth of the market can be attributed primarily to the rising number of cardiac arrest and heart transplant procedures around the world which require surgical procedures which generates the need for pericardial patches. It was observed that each year, there are approximately 4500 cardiac transplants conducted around the world, despite the fact that there are an estimated 48,000 potential recipients for transplantation in the world.
Pericardial patches are among the most common medical solutions for surgical procedures. For pediatric cardiac surgery reconstruction, autologous pericardial patches are commonly used. In addition to reducing infection rates, these patches reduce bleeding, increase tissue compatibility, seal defects, and provide durability. Moreover, the rise in the prevalence of chronic diseases, improvements in pericardial patch manufacturing and sterilization, increased use of soft tissue patches in surgeries, along with globally rising healthcare expenditure are other factors expected to drive global pericardial patches market growth during the forecast period. The Centers for Medicare & Medicaid Services published data showing that the US spent USD 4.1 trillion on healthcare services in 2020, representing 19.7% of the country's GDP.
Growth Drivers
Rising Number of Surgical Procedures Worldwide - A large number of surgical procedures are performed each day to replace, repair, or regenerate tissues that have been damaged by any severe disease. A bovine pericardial patch is commonly used in procedures such as cardiology, cataract surgery, gum surgery, and hernia surgery. The use of cardiac patches is one of the primary therapeutic solutions for surgical procedures. Thus, increasing rates of surgical procedures are expected to propel the demand for pericardial patches during the forecast period. For instance, approximately 300 million major surgeries are performed worldwide every year, of which approximately 45 million are performed in the United States and 22 million in Europe.
Rise in Number of Eye Surgeries Performed Annually – Burgeoning geriatric population has led to a high number of eye surgeries such as cataract operations, glaucoma surgeries, corneal transplants, and others. The high number of eye operations around the world has led to an increased demand for pericardial patches in the next few years. It was observed that more than 9 million cataract operations are performed annually, ranging between 98 and 5000 per million people across the world.
Technologically Advanced and Innovative Product Development - The XenoSure Biologic Patch, introduced by LeMaitre Vascular, Inc., contains bovine pericardium, which is used for endovascular and arterial reconstruction surgeries.
Surge in Exports of Artificial Components of the Body -According to the statistics by the International Trade Center (Trademap), the value of exports of artificial parts of the body in the United States in the year 2021 was recorded to be USD 3,040,652 thousand which was an increase from USD 2,565,065 thousand in the previous year.
Globally Rising Per Capita Income - With the rapidly expanding economies, the per capita income of the population is also increasing. As a result, individuals have more spending capacity to invest in their treatment procedures by using modern medical products such as pericardial patches. Hence, pericardial patches become easily accessible with high-income levels which in turn is projected to expand the market size in the forecast period. According to data provided by the World Bank, the annual income of each individual in the world rose by 4.8% in 2021 from 1.5% in 2019.
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~7% |
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Base Year Market Size (2022) |
~ USD 312 Million |
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Forecast Year Market Size (2033) |
~ USD 604 Million |
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Regional Scope |
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Application (Cardiovascular Surgery, Dental Surgery, Ophthalmology, Abdominal Surgery)
The global pericardial patches market is segmented and analyzed for demand and supply by application into cardiovascular surgery, dental surgery, ophthalmology, abdominal surgery, and others. Among these segments, the cardiovascular surgery segment is anticipated to capture the largest market size in the global pericardial patches market owing to the increasing number of cardiovascular surgeries performed in hospitals as a result of growing cardiovascular disease cases in the world. For instance, there are more than 890,000 cardiac surgery procedures performed each year in the United States. In cardiac surgery, pericardial patches are used to reconstruct the aorta and pulmonary vessels, close interatrial defects and reconstruct atrioventricular valves.
End-user (Hospitals, Ambulatory Care Centers, Diagnostic Centers)
The global pericardial patches market is also segmented and analyzed for demand and supply by end-user into hospitals, ambulatory care centers, diagnostic centers, and others. Out of these, the hospital segment is attributed to garner the highest segment share by the end of the analysis period. The high number of surgical procedures occurring in hospital settings is considered to be the major factor contributing to the growth of segment growth. Other factors providing an impetus for segment growth are the growing proportion of hospitals around the world and the large number of anterior cruciate ligament repair procedures performed in hospitals across the globe. Furthermore, the massive investment made towards improving hospital infrastructure and favorable reimbursement policies of hospitals is also anticipated to bring profitable opportunities for the expansion of segment size by the end of the forecast period
Our in-depth analysis of the global market includes the following segments:
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By Product Type |
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By Source |
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By Application |
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By End User |
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North American Market Forecast
The North America pericardial patches market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the rising incidence of anterior cruciate ligament (ACL) injuries and the availability of soft tissue allografts manufacturers in the region is expected to drive the pericardial patches market in the region. For instance, in the United States, ACL injuries and tears are among the most common knee injuries, with an estimated 150,000 to 200,000 of these injuries occurring each year. Further, the strong healthcare network in the region, along with the increased healthcare expenditure by the population is anticipated to promote the usage of pericardial patches in the upcoming years. Moreover, the rising focus on developing advanced pericardial patches by the market players is also anticipated to increase the awareness level of pericardial patches among medical professionals and the general population. In addition, the region's expanding healthcare industry and rising commercialization of pericardial patches are also anticipated to boost market growth during the forecast period.
Abbott Laboratories' HEARTMATE 3 heart pump can prolong life beyond five years in patients with limited therapeutic options.
Edwards Lifesciences Corporation has announced that its PASCAL Precision transcatheter valve repair system received CE Mark for the treatment of mitral and tricuspid regurgitation and can improve clinicians' ability to provide positive outcomes for patients with both MR and TR through a single delivery system.
Author Credits: Radhika Gupta, Shivam Bhutani
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