Biologic surgical patches are expected to have a larger market share in comparison to synthetic surgical patches as it offers more benefits such as reduced risk of infections. Cardiovascular surgery is expected to have the largest revenue share in the application segment and will continue to dominate the market during the forecast period as well. This is due to rising cardiovascular diseases often leading to surgeries. According to CDC’s 2020 estimates, one person dies in every 36 seconds in the U.S from cardiovascular disease. The hospitals will contribute maximum revenue in the surgical patches market followed by ambulatory care services. The rise in prevalence of cardiovascular diseases majorly, in both developed and developing countries which is leading to a rise in the number of cardiovascular surgeries is expected to drive the growth of the market. In addition, the increase in geriatric population is also expected to drive the growth of the surgical patches market.
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Geographically, the Surgical Patches Market is segmented into seven regions viz. Europe, South Asia, East Asia, Oceania, Latin America, North America and Middle East & Africa. The North America is expected to hold the largest market share in the global surgical patches market with U.S. being the major contributor of revenue. The developed healthcare infrastructure and the rising prevalence of cardiovascular diseases in North America is expected to boost the growth of the surgical patches market.
South Asia and East Asia is anticipated to experience maximum growth in the surgical patches market. This is attributed towards the rise in geriatric population in this region. Additionally, the increasing awareness regarding healthcare procedures and rising government initiatives is also expected to drive the growth of the market in this region.
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Some of the players identified in the surgical patches market includes Johnson & Johnson, Baxter International Inc., Terumo Corporation, Becton, Dickinson and Company, B. Braun Melsungen AG, CryoLife, Admedus, W. L. Gore & Associates, Inc. and LeMaitre Vascular, Inc.