The global hybrid grafts market is expected to reach a valuation of USD 517.3 Million by the end of 2022, and further expand at a CAGR of 5.20% in 2022 to 2032. As per the report, the market is likely to reach a valuation of USD 858.7 Million by the end of 2032.
Attribute | Key Statistics |
---|---|
Global Hybrid Grafts Market Estimated Size (2022E) | USD 517.3 Million |
Projected Market Valuation (2032F) | USD 858.7 Million |
Value-based CAGR (2022 to 2032) | 5.20% |
Collective Value Share: Top 5 Countries (2022E) | 51.50% |
Hybrid grafts are extensively manufactured for their unique capabilities in the field of surgery worldwide. These products are designed in such a way that they can easily challenge traditional surgical procedures.
Hybrid grafts are set to be used for those patients having a small hamstring auto graft diameter. They enable surgeons to accelerate the overall size of grafts and develop a graft diameter of around 8mm or more.
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The global hybrid grafts market exhibited a CAGR of approximately 16.6% and reached a valuation of USD 2.96 Million in the global vascular grafts market in 2021.
Demand for hybrid grafts will continue to grow with increasing number of cardiac and vascular surgeries across the globe. With the emergence of technologically advanced methods and instruments, need for minimally invasive procedures is likely to surge at a rapid pace.
Minimally invasive procedures can reduce the physical and economic burden placed on patients by enabling a shorter stay in intensive care units or hospitals. The recovery rate is also faster than that of traditional surgical procedures. Patients who are unable to undergo open surgeries due to complications can easily opt for hybrid graft as it is minimally invasive and less painful.
Prevalence of aortic aneurysms (AAs) has increased in the last two decades owing to growing aging population, increasing number of smokers, implementation of screening programs, and availability of improved diagnostic methods. According to the CDC, in 2019, about 9,904 deaths in the USA occurred due to aortic aneurysms or aortic dissections.
Moreover, peripheral arterial disease (PAD) affects nearly 12%–14% of the general population. Its incidence rises with age, with up to 20% of individuals above the age of 75 suffering from the disease. Some of the major risk factors for PAD include smoking, hyperlipidemia, hypertension, diabetes, and metabolic syndrome.
Males and the elderly are more likely to develop PAD. High level of cholesterol is another crucial factor that may lead to PAD among the geriatric population.
Thus, increasing prevalence of PAD and AAs across the globe is projected to help the global hybrid grafts market to grow at a CAGR of 5.20% during the forecast period from 2022 to 2032.
The global hybrid grafts market is set to create new growth opportunities owing to ongoing development of novel thoracic aortic grafts. Increasing burden of chronic diseases is also expected to drive the market in the upcoming decade.
Rising number of health issues such as high cholesterol and blood pressure among the aging population is set to result in aortic aneurysms. Development of aortic aneurysms is projected to make them more vulnerable to contracting diseases, thereby pushing demand for hybrid grafts.
Cases of sudden injuries are also very common among the aging population. Surging prevalence of cancer and cardiovascular diseases is another vital factor that would contribute to the growth.
As per the WHO, about 17.9 million people die every year because of cardiovascular diseases worldwide and nearly 85% of all deaths associated with cardiovascular diseases are due to strokes and heart attacks. Increasing adoption of minimally invasive procedures on the back of enhanced recovery rates and low hospital stays is thus estimated to propel the global hybrid grafts market.
Graft rejection is considered to be one of the major drawbacks in the global hybrid grafts market. Prevalence of graft rejection is projected to grow at a fast pace as medication management is unable to prevent the same.
High cost of endovascular aneurysm repair treatments is another concern in the global market. Cost of treatment is likely to be unaffordable for a huge percentage of the middle- and lower-middle-class community. Spurred by the aforementioned limitations, demand for hybrid grafts may decline in the forthcoming years.
Key Players Are Developing Thoracic Aortic Grafts in the USA
The USA held approximately 38.2% of the global hybrid grafts market share in 2021. Presence of favourable reimbursement policies and increasing incidence of aortic aneurysm are projected to drive the market in the country.
Further, higher adoption of smoking habits and surging dependence on minimally invasive procedures are contributing to the growth in the United States. Companies in the USA are also focusing on the development of thoracic aortic grafts to meet the ever-increasing demand from patients, which would aid growth.
Rising Prevalence of Cardiac and Vascular Diseases to Drive Germany
Germany held a share of about 3.5% in 2021 and is projected to dominate the global hybrid grafts market in the assessment period. Expansion of the healthcare sector, increasing male geriatric population, advancements in minimally invasive procedures, and rising patient pool suffering from cardiac and vascular diseases are anticipated to drive growth.
As per a 2018 study conducted by the German Federal Statistical Office, incidence of thoracic aortic aneurysm repair has grown in Germany. Aneurysms were found in around 48,098 individuals and the age accounted was above 69, with 65.2 percent of the population being male.
Hypertension (74.9%), coronary heart disease (26.2%),peripheral artery disease (particularly abdominal aortic aneurysm, 42.6%), and other heart illnesses (41.6%) were the most common comorbidities that were found in the country.
Increasing number of endovascular repairing procedures that are conducted to combat the prevalence of aneurysm is another significant factor that would create high demand for hybrid grafts in Germany.
Hybrid Grafts to Be Used for Endovascular Aneurysm Repair Procedures
China hybrid grafts market is estimated to generate nearly 3.8% of share during the forecast period (2022 to 2032). Ongoing development of the country’s healthcare industry with the addition of innovative products and high patient holding capacity is expected to bode well for the market.
Easy availability of premium quality, yet cost-effective medical instruments in China is also likely to push the market. Increasing number of endovascular aneurysm repair (EVAR) procedures in the country is another vital factor that would aid sales of hybrid grafts.
Moreover, leading Chinese medical device companies are aiming to enter untapped areas for increasing their sales, which would further accelerate growth in the hybrid grafts market in China during the forecast period.
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Thoracic Aortic Grafts to Gain Impetus with Prevalence of Chronic Diseases
Based on product, the thoracic aortic grafts segment is expected to exhibit high growth at a CAGR of 5.6% in the forecast period and hold a share of about 78.2% in the global hybrid grafts market in 2032. Thoracic aortic grafts are gaining traction due to rising prevalence of various chronic diseases with the adoption of unhealthy lifestyles.
Recent developments and modifications in the field of thoracic aortic grafts on the back of changing raw materials and processing techniques are further expected to boost growth of the segment in the global hybrid grafts market.
Hospitals to Conduct More Surgical Procedures in Future
Based on end user, hospitals held the highest hybrid grafts market share of 59.2% in 2021. Growing prevalence of cardiac and vascular diseases, as well as increasing number of surgical procedures would drive the segment, thereby propelling sales of hybrid grafts in the evaluation period.
The global hybrid grafts market is moderately fragmented with the presence of various key players. To meet the high consumer demand and expand their customer base, these companies are developing new materials and manufacturing techniques.
Some of the recent industry developments by key players in the hybrid grafts market are given below:
Attribute | Details |
---|---|
Estimated Market Size (2022) | USD 517.3 Million |
Projected Market Valuation (2032) | USD 858.7 Million |
Value to based CAGR (2022 to 2032) | 5.20% |
Forecast Period | 2022 to 2032 |
Historical Data Available for | 2017 to 2021 |
Market Analysis | USD Million for Value |
Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; and Middle East & Africa |
Key Countries Covered | USA, Canada, Brazil, Mexico, Argentina, UK, Germany, Italy, Russia, Spain, France, BENELUX, Nordic Countries, India, Thailand, Indonesia, Malaysia, Japan, China, South Korea, Australia, New Zealand, Turkey, Egypt, GCC, and South Africa |
Key Market Segments Covered | Product, End User, and Region |
Key Companies Profiled | Terumo Corporation; BD Interventional; Getinge AB; Merit Medical Systems, Inc.; JOTEC GmbH |
Report Coverage | Market forecast, company share analysis, competition intelligence, DROT analysis, market dynamics and challenges, and strategic growth initiatives |
The global hybrid grafts market was worth USD 491.7 Million in 2021 and is set to expand 1.7x over the next ten years.
The hybrid grafts market is expected to reach USD 858.7 Million by the end of 2032 and register 5.20% CAGR.
Growing awareness about minimally invasive procedures, rising geriatric population, risks associated with open surgery, and high prevalence of cardiac & vascular diseases are some of the key trends in the market.
The USA, China, Germany, the UK, and India are expected to drive demand for hybrid grafts.
The USA accounted for about 38.2% of the North America hybrid grafts market share in 2021.
Europe hybrid grafts market is projected to exhibit growth at a CAGR of 8.1% over the next ten years.
The USA, Germany, and China are the key producers of hybrid grafts.
Terumo Corporation, BD Interventional, Getinge AB, Merit Medical Systems, Inc., and JOTEC GmbH are some of the key players in the hybrid grafts market.
1. Executive Summary 2. Market Overview 3. Key Market Trends 4. Key Success Factors 5. Market Background 6. Global Hybrid Grafts Demand (in Value or Size in USD Million) Analysis 2017 to 2021 and Forecast, 2022 to 2032 7. Global Hybrid Grafts Market - Pricing Analysis 8. Global Hybrid Grafts Demand (in Value or Size in USD Million) Analysis 2017 to 2021 and Forecast, 2022 to 2032 9. Global Hybrid Grafts Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Product 9.1. Thoracic Aortic Graft 9.2. Peripheral Vascular Graft 10. Global Hybrid Grafts Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End User 10.1. Hospitals 10.2. Ambulatory Surgical Centers 11. Global Hybrid Grafts Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Region 11.1. North America 11.2. Latin America 11.3. Europe 11.4. South Asia 11.5. East Asia 11.6. Oceania 11.7. Middle East & Africa (MEA) 12. North America Hybrid Grafts Market Analysis 2017 to 2021 and Forecast 2022 to 2032 13. Latin America Hybrid Grafts Market Analysis 2017 to 2021 and Forecast 2022 to 2032 14. Europe Hybrid Grafts Market Analysis 2017 to 2021 and Forecast 2022 to 2032 15. South Asia Hybrid Grafts Market Analysis 2017 to 2021 and Forecast 2022 to 2032 16. East Asia Hybrid Grafts Market Analysis 2017 to 2021 and Forecast 2022 to 2032 17. Oceania Hybrid Grafts Market Analysis 2017 to 2021 and Forecast 2022 to 2032 18. Middle East and Africa (MEA) Hybrid Grafts Market Analysis 2017 to 2021 and Forecast 2022 to 2032 19. Market Structure Analysis 20. Competition Analysis 20.1. Terumo Corporation 20.2. BD Interventional 20.3. Getinge AB 20.4. Merit Medical Systems, Inc. 20.5. JOTEC GmbH 21. Assumptions and Acronyms Used 22. Research Methodology
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