Pericardial Patches Market Trends

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

• High Cost of Procedures Such as Cardiovascular Surgery, Orthopedic Surgery, and Other Surgeries – Although chronic and other diseases are increasing in every reason of the world, the cost of the diagnostic and treatment procedures of these diseases are proposing a threat to the middle-income population. As a result, the usage of pericardial patches in these treatments is also anticipated to lower during the assessment period.
• Insufficient Supply of Grafts
• Increased Risk of Infections