Wilmington, Delaware, United States, March 23, 2023 (GLOBE NEWSWIRE) -- According to Transparency Market Research, “The endovascular abdominal aortic aneurysm repair devices market was valued at USD 2.3 Bn in 2022 and it is expected to reach a USD 3.7 Bn by 2031 with CAGR of 5.0%.”
Utilization of endovascular repair procedures to treat abdominal aortic aneurysms is poised to drive demand for endovascular abdominal aortic aneurysm repair devices.
Adoption of polymer-based technology in abdominal aortic aneurysm repair devices has positively influenced market growth. Novel polymer-based technology has shown promise in the endovascular repair of abdominal aortic aneurysm. Polymer and copolymer are widely used for the manufacturing of grafts. Based on material, the market report indicates that polymer was a major segment in 2022 and is anticipated to account for leading share from 2023 to 2031.
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Market Snapshot:
| Market Revenue | USD 2.3 Bn in 2022 | |
| Estimated Value | USD 3.7 Bn by 2031 | |
| Growth Rate - CAGR | 5.0% | |
| Forecast Period | 2023–2031 | |
| No. of Pages | 147 Pages | |
| Market Segmentation | By Product, Age Group, Material, Aortic Length and End-user | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Format | Electronic (PDF) + Excel | |
Patients prefer hospitals over ambulatory surgical centers to undergo endovascular AAA procedures. Surge in preference for hospitals among patients is ascribed to presence of newer generation devices and good postoperative care in a hospital setting. Furthermore, rise in number of elective endovascular aneurysm repairs is likely to favor the growth of the segment, based on end-user, in the next few years.
Key Findings of Study
- Significant Preference for Endovascular Aneurysm Repair: Recent market trends underscore high preference for endovascular aneurysm repair (EVAR) over open repair approaches, due to several advantages such as low mortality rate, reduced hospitalization, and improved surgical outcomes. Moreover, EVAR has lower morbidity than open surgery. A growing number of patients in the past few years have been found to be ineligible for open repairs, which has expanded the indications for endovascular aneurysmal repair.
- High Adoption of Stent-grafts to Boost Market Size: Considerable improvements in stent-graft designs have fueled the demand for endovascular abdominal aortic aneurysm repair procedures. Introduction of newer devices in the endovascular abdominal aortic aneurysm repair devices market has helped enhance the surgical outcomes of the procedures. For instance, usage of newer generation of endograft delivery devices has helped surgeons easily deliver and deploy stent-graft devices. Surge in commercialization of advanced stent-grafts has enabled clinicians to evaluate the anatomical suitability of patients for EVAR, and eventually reduced contraindications to the endovascular aneurysmal repair procedures.
Key Drivers
- Rise in incidence of abdominal aortic aneurysm (AAA) could be ascribed to rapidly aging populations in several countries and increasing awareness about promising surgical outcomes of endovascular aneurysm repair (EVAR).
- Advancements in catheters, balloons, and guidewires used in EVAR have enabled adoption of novel techniques to treat aortic aneurysm, consequently broadening the endovascular abdominal aortic aneurysm repair devices industry outlook. Surgeons are utilizing advanced endovascular techniques to treat cardiovascular disease.
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Regional Growth Dynamics
North America held major market share in 2022. The market in North America is anticipated to account for leading share from 2023 to 2031. Presence of a large patient population in the region is ascribed to people who have high risk factors for aneurysm. Smoking and old age are potent risk factors. Adoption of elaborate preprocedural anatomic evaluation, that is usage of advanced imaging technologies to evaluate the indications for EVAR, has propelled market development in North America over the past few years.
The endovascular abdominal aortic aneurysm repair devices market in Asia Pacific is anticipated to rise significantly during the forecast period. Surge in incidence of aortic diseases in the region and growing awareness about the benefits of minimally invasive endovascular procedures are likely to bolster the market in Asia Pacific, especially in developing countries of the region.
Competition Landscape
The landscape is significantly fragmented, due to the presence of several local as well as international players accounting for a large share of the market.
Leading players strive to expand their product portfolio and engage in mergers and acquisitions to compete in the market. Prominent companies operating in the global endovascular abdominal aortic aneurysm repair devices market are Medtronic, Abbott Laboratories, BD (Becton, Dickinson and Company), Cardinal Health, Endologix, Lombard Medical Inc., Koninklijke Philips NV, and Terumo Medical Corporation.
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Endovascular Abdominal Aortic Aneurysm Repair Devices Market Segmentation
Product
- Synthetic Fabric Graft
- Stent-graft
Age Group
- Adult
- Geriatric
- Pediatric
Material
- Polymer
- Metal
Aortic Length
- Above 50 mm
- Above 100 mm
End-user
- Hospitals
- Ambulatory Surgical Centers
- Research Institutes
Region
- North America
- Europe
- Middle East & Africa
- Asia Pacific
- Latin America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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