Artificial Blood Vessels Market size was valued at USD 2.19 billion in 2023 and is likely to reach USD 4.18 billion by 2036, expanding at around 5.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of artificial blood vessels is estimated at USD 2.28 billion. 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 artificial blood vessels 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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
5.1% |
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Base Year Market Size (2023) |
USD 2.19 billion |
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Forecast Year Market Size (2036) |
USD 4.18 billion |
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Regional Scope |
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The artificial blood vessels 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.
Our in-depth analysis of the global artificial blood vessels market includes the following segments:
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By Polymer |
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By Application |
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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 industry is anticipated to hold largest revenue share by 2036, driven by 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 artificial blood vessels 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.
Author Credits: Radhika Pawar
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