Key Vascular Tissue Matrix Market Trend 2024-2033: Innovative Advances
Vascular Tissue Matrix Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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How Has The Vascular Tissue Matrix Market Grown Recently?
The vascular tissue matrix market size has grown strongly in recent years. It is projected to grow from $1.11 billion in 2023 to $1.20 billion in 2024 at a compound annual growth rate CAGR of 7.9%. The growth in the historic period can be attributed to advancements in tissue engineering, the aging population, the rise in the number of surgical procedures, and the development of biocompatible materials.
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How High Will The Vascular Tissue Matrix Market Soar?
The vascular tissue matrix market size is expected to see strong growth in the coming years. It will mushroom to $1.63 billion in 2028 at a compound annual growth rate CAGR of 8.0%. The growth in the forecast period can be attributed to increasing incidence of cardiovascular diseases CVDs, advancements in regenerative medicine, rising awareness of organ and tissue donation, and government initiatives and funding.
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What Is Driving The Growth Of Vascular Tissue Matrix Market?
The rising adoption of minimally invasive procedures is expected to propel the growth of the vascular tissue matrix market going forward. Minimally invasive procedures, medical or surgical interventions that require only small incisions or no incisions at all, are on the rise due to their reduced recovery times, lower risk of complications, and lower post-operative pain compared to traditional surgeries. A vascular tissue matrix is used in minimally invasive procedures to support and regenerate blood vessels without the need for extensive surgery. For instance, in January 2024, Intuitive Surgical Inc., a US-based manufacturer of robotic products, reported that they had placed 415 da Vinci surgical systems robotic surgical systems that use a minimally invasive surgical approach in the fourth quarter of 2023, representing a 12% increase compared to 2022. Therefore, the growth of minimally invasive procedures will continue driving the growth of the vascular tissue matrix market.
Who Are The Market Leaders In The Vascular Tissue Matrix Market?
Major companies operating in the vascular tissue matrix market are Abbott Laboratories, Medtronic PLC, Stryker Corporation, Baxter International Inc., Boston Scientific Corporation, Terumo Corporation, Edwards Lifesciences Corporation, W. L. Gore & Associates Inc., Coloplast Group, Getinge Group, Integra LifeSciences Corporation, LivaNova PLC, C. R. Bard Inc., Artivion Inc., CryoLife Inc., LeMaitre Vascular Inc., Kensey Nash Corporation, Cardiva Medical Inc., Lombard Medical Technologies, Genzyme Corporation, Cook Medical Inc., Humacyte Inc., and BioCardia Inc.
What Are The Latest Innovations In The Vascular Tissue Matrix Market?
Major companies operating in the vascular tissue matrix market are increasing their focus on developing innovative products, such as tissue matrix derived from human umbilical cord extracellular matrix ECM, to gain a competitive edge in the market. A tissue matrix derived from the human umbilical cord extracellular matrix is a scaffold composed of the structural proteins and molecules found in the extracellular matrix of the umbilical cord. For instance, in February 2024, StimLabs LLC, a US-based biotechnology company, announced that the U.S. Food and Drug Administration FDA granted 510k clearance for its novel wound care device, Corplex P. This device, which is the first graft derived from the human umbilical cord ECM, is designed for treating acute and chronic wounds. It contains connective tissue matrix components, including collagens and glycosaminoglycans like hyaluronic acid, providing a porous scaffold to support cellular infiltration and tissue regeneration. Corplex P is intended to manage various types of wounds, including partial and full-thickness wounds, pressure ulcers, diabetic ulcers, surgical wounds, and trauma wounds.
How Is The Vascular Tissue Matrix Market Segmented?
The vascular tissue matrix market covered in this report is segmented:
1 By Type: Biologic Matrix, Synthetic Matrix
2 By Therapeutic Area: Orthopedics, Dermatology, Cardiology, Neurology, Oncology, Others Therapeutic
3 By Application: Hospital, Clinic, Other Applications
Which Regions Are Dominating The Vascular Tissue Matrix Market?
North America was the largest region in the vascular tissue matrix market in 2023. Other regions covered in the vascular tissue matrix market report are Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa.
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