At a CAGR of 6.1% | Aortic Aneurysm Repair Market to Generate USD 5.8 Billion by 2032
According to the report, the global Aortic aneurysm repair market generated $3.2 billion in 2022, and is anticipated to generate $5.8 billion by 2032, witnessing a CAGR of 6.1% from 2023 to 2032.
Important Revelations:
- The hybrid stent-grafts segment is projected to manifest the highest CAGR of 6.9% from 2023 to 2032.
- The frozen elephant trunk (FET) segment is projected to manifest the highest CAGR of 6.9% from 2023 to 2032.
- Asia-Pacific is expected to register the highest CAGR of 7.7% during the forecast period.
- North America to maintain its dominance by 2032
Covid-19 Scenario
- Due to the COVID-19 pandemic and the subsequent global lockdowns, the aortic aneurysm repair market faced a downturn.
- However, there are various growth opportunities for companies operating in the aortic aneurysm repair market as the global situation started ameliorating, and the rise in number of surgeries has resumed.
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Market Dynamics
Growth of aortic aneurysm repair market size is mainly due to the rise in incidences of aortic aneurysm such as abdominal aortic aneurysm and thoracic aortic aneurysm. In addition, surge in demand for advanced treatment procedures and devices, and rise in awareness among people regarding aortic aneurysm and its treatment option is anticipated to drive the market growth.
Factors affecting the growth of the Aortic Aneurysm Repair Market:The growth of the Aortic Aneurysm Repair Market can be influenced by various factors:
- Prevalence of Aortic Aneurysms: The incidence and prevalence of aortic aneurysms play a significant role in driving the demand for repair procedures. As the population ages and risk factors such as smoking, hypertension, and atherosclerosis remain prevalent, the number of individuals diagnosed with aortic aneurysms increases, consequently driving market growth.
- Technological Advancements: Advances in surgical techniques, minimally invasive procedures, and the development of innovative devices and materials contribute to the growth of the market. New technologies often lead to improved patient outcomes, reduced recovery times, and increased acceptance of treatment options.
- Awareness and Screening Programs: Public awareness campaigns and screening programs aimed at early detection of aortic aneurysms can increase the number of diagnosed cases. Improved awareness among both patients and healthcare providers may lead to earlier intervention and contribute to market growth.
- Healthcare Infrastructure: Availability and accessibility of healthcare facilities, particularly in emerging markets, influence the adoption of aortic aneurysm repair procedures. Investments in healthcare infrastructure, including the availability of specialized medical equipment and trained healthcare professionals, can drive market expansion.
- Reimbursement Policies: Reimbursement policies and coverage by public and private insurance systems affect the affordability of aortic aneurysm repair procedures for patients. Favorable reimbursement policies can encourage higher adoption rates of these procedures, while inadequate coverage may hinder market growth.
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Key Market Segments:
The Aortic Aneurysm Repair Market can be segmented based on various factors, including:
Type of Repair Procedure:
- Endovascular Aneurysm Repair (EVAR): This procedure involves inserting a stent graft into the aorta through small incisions in the groin, avoiding open surgery.
- Open Surgical Repair: Traditional surgical repair involves open surgery to replace or reinforce the weakened section of the aorta with a synthetic graft.
Product Type:
- Aortic Stent Grafts: These are devices used in endovascular repair procedures to reinforce the weakened aortic wall.
- Catheters and Guidewires: Essential components used in endovascular procedures for navigation and deployment of stent grafts.
- Sutures and Surgical Instruments: Used in open surgical repair procedures.
Aneurysm Location:
- Abdominal Aortic Aneurysms (AAA): Affecting the lower part of the aorta, repair procedures for AAA constitute a significant portion of the market.
- Thoracic Aortic Aneurysms (TAA): Aneurysms occurring in the chest area, often requiring specialized treatment approaches.
End User:
- Hospitals and Surgical Centers: Where most aortic aneurysm repair procedures are performed.
- Ambulatory Surgical Centers (ASCs): Facilities that offer outpatient surgical procedures, including some minimally invasive repair procedures.
Geography:
- North America (U.S., Canada, Mexico)
- Europe (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
- LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
Leading Market Players:
- Medtronic Plc
- Artivion, Inc.
- Terumo Corporation
- W. L. Gore and Associates, Inc.
- Microport Scientific Corporation
- Cook Group Inc
- Endologix Inc.
- Cordis Corporation
- Braile Biomédica S.A.
- Bentley Innomed GmBH
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Regional Analysis:
North America dominated the aortic aneurysm repair market in 2022 accounting to nearly three-fifths of the global aortic aneurysm repair market revenue and is expected to continue the trend throughout the forecast period. This is attributed to alarming increase in the incidence of coronary artery diseases (CADs), including aortic aneurysm, in the region. This is attributed to factors such as sedentary lifestyle, unhealthy eating habits, and rise in geriatric population. In addition, the surge in demand for aortic aneurysm repair devices and minimally invasive procedures drives the market growth. However, Asia-Pacific is expected to register the highest CAGR of 7.7% during the forecast period.
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