New York, Jan. 25, 2024 (GLOBE NEWSWIRE) -- Market Size & Overview:
The aortic aneurysm market demonstrated significant growth, reaching a market value of US$ 3.34 Billion in 2023, and is projected to achieve a substantial market value of US$ 9.93 Billion by 2032, with a Compound Annual Growth Rate (CAGR) of 11% during the forecast period from 2022 to 2032. This substantial growth is primarily fueled by factors such as the escalating prevalence of atherosclerosis and the increasing elderly population.
The prevalence of atherosclerosis, a condition characterized by the accumulation of plaque in the arteries, is considered a major contributor to the expansion of the aortic aneurysm market. As atherosclerosis is a significant risk factor for aortic aneurysms, the rising incidence of this condition is driving the demand for treatments and interventions related to aortic aneurysms.
Moreover, the growing geriatric population is another key factor influencing the market's growth. With an aging population, the incidence of aortic aneurysms tends to rise, as age is a known risk factor for the development of this condition. The aging demographic, therefore, contributes to the overall expansion of the aortic aneurysm market.
The market is also benefiting from the increasing preference for minimally invasive procedures. Minimally invasive techniques offer advantages such as reduced recovery time, lower risk of complications, and shorter hospital stays, making them increasingly popular among both patients and healthcare providers.
Additionally, favorable health reimbursement policies are playing a crucial role in boosting market growth. The availability of reimbursement for aortic aneurysm-related procedures and treatments encourages patients to seek timely medical intervention and contributes to the overall market expansion.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2023 | US$ 3.34 Billion | |
| Estimated Revenue 2030 | US$ 9.93 Billion | |
| Growth Rate - CAGR | 11% | |
| Forecast Period | 2023-2030 | |
| No. of Pages | 296 Pages | |
| Market Segmentation |
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| Regions Covered |
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| Key Companies Profiled |
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In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at: https://www.persistencemarketresearch.com/market-research/aortic-aneurysm-market.asp
Market Growth Drivers:
Increasing Prevalence of Atherosclerosis: The rising incidence of atherosclerosis, a condition characterized by the buildup of plaque in the arteries, is a significant driver for the aortic aneurysm market. Atherosclerosis is a major risk factor for the development of aortic aneurysms, and as its prevalence grows, so does the demand for treatments related to aortic aneurysms.
Aging Global Population: The demographic shift towards an aging population is a major driver for the market. Aortic aneurysms are more common in older individuals, and as the global population ages, the incidence of aortic aneurysms is expected to rise, contributing to the overall growth of the market.
Rising Geriatric Population: The aging demographic is specifically highlighted as a growth driver. Older individuals are more susceptible to aortic aneurysms, and the increasing number of elderly people globally is fueling the demand for interventions and treatments related to this condition.
Increasing Demand for Minimally Invasive Procedures: The market is benefiting from the growing preference for minimally invasive procedures. Minimally invasive techniques offer advantages such as quicker recovery, reduced risk of complications, and shorter hospital stays, making them increasingly popular among both patients and healthcare providers.
Favorable Health Reimbursement Policies: The presence of favorable health reimbursement policies is playing a crucial role in market growth. Access to reimbursement for aortic aneurysm-related procedures and treatments encourages patients to seek timely medical intervention, thereby contributing to the overall expansion of the market.
Market Restraints:
High Treatment Costs: The cost associated with the treatment of aortic aneurysms, especially advanced and surgical interventions, can be high. This may pose a challenge for patients, healthcare providers, and healthcare systems, potentially limiting the accessibility of certain treatments and affecting overall market growth.
Limited Awareness and Diagnosis: Lack of awareness about aortic aneurysms and their symptoms may result in delayed diagnosis and treatment. Limited awareness among both patients and healthcare professionals could hinder early intervention, impacting the overall market growth.
Stringent Regulatory Approval Processes: The medical devices and procedures used in the treatment of aortic aneurysms are subject to regulatory approval processes. Stringent regulatory requirements can extend the time and resources needed for product development and market entry, potentially slowing down the introduction of new technologies and treatments.
Complications and Risks Associated with Procedures: Despite advancements in medical technology, interventions for aortic aneurysms, whether surgical or minimally invasive, can carry risks and potential complications. Concerns about these risks may influence patient and physician decision-making, impacting the adoption rate of certain procedures and treatments.
Limited Healthcare Infrastructure in Developing Regions: In some developing regions, there may be limitations in healthcare infrastructure, including access to specialized medical facilities and trained healthcare professionals. This could affect the timely diagnosis and management of aortic aneurysms, acting as a restraint to market growth in these areas.
Opportunities:
Technological Advancements: Ongoing advancements in medical technologies, including imaging, surgical techniques, and device innovations, present opportunities for the development of more effective and less invasive treatments for aortic aneurysms. Novel technologies can enhance diagnostic accuracy and improve patient outcomes.
Patient Education and Awareness Programs: Opportunities exist to invest in educational initiatives aimed at raising awareness about aortic aneurysms, their risk factors, and symptoms. Increased awareness can lead to earlier diagnosis and intervention, potentially reducing the severity of cases and improving overall patient outcomes.
Global Expansion in Emerging Markets: There is potential for market expansion in emerging economies where healthcare infrastructure is improving. Increased access to healthcare services and growing awareness about cardiovascular health in these regions create opportunities for the aortic aneurysm market to expand its reach.
Collaboration and Partnerships: Collaborative efforts between healthcare providers, research institutions, and industry players can accelerate research and development initiatives. Partnerships can lead to the creation of innovative solutions, new treatment modalities, and improved patient care pathways.
Remote Patient Monitoring and Telemedicine: The integration of remote patient monitoring and telemedicine in the management of aortic aneurysms can enhance healthcare delivery. Remote monitoring solutions can enable timely intervention, reduce hospital visits, and improve patient adherence to treatment plans.
Regional Insights
Technological Advancements Making Surgeries Minimally Invasive for Aortic Aneurysm in North America?
Rapid technological advancements, a shift to minimally invasive procedures, and increased incidence of Abdominal Aortic Aneurysms (AAAs) drive market growth. The U.S. SAVE Act, offering free AAA screenings, and high reimbursements, especially through Medicare, contribute to the market's expansion. North America is poised to hold a significant 47% market share in 2022, highlighting a favorable environment for aortic aneurysm market development.
High Prevalence of atherosclerosis Driving Growth of Aortic Aneurysm Market in Europe?
Europe is expected to be a significant player in the aortic aneurysm market, holding a 30% market share in 2022. This is attributed to technological advancements and the proactive efforts of organizations like the National Health Service (NHS) in implementing screening programs to identify individuals at risk, allowing for early treatment and informed decision-making.
Category-Wise Insights
Increasing Occurrence of Diseases in the Geriatric Population Making AAA the Dominant Category?
Abdominal Aortic Aneurysm (AAA) is more prevalent in the lower abdomen, comprising over 70% of the market in 2022. With higher repair rates than Thoracic Aortic Aneurysms (TAA), AAA is a focus of robust research and development, supported by government approvals. Circulation reports a 2.5% prevalence in adults over 65 for AAA, whereas TAA is less common at 4.5% to 5.9% per 100,000 person-years.
Technological Advancements to Reduce Hospital Stays Increasing Dependency on EVAR Treatments?
The aortic aneurysm market is divided into open surgical repair (OSR) and endovascular aneurysm repair (EVAR). The increasing global acceptance of endovascular treatment, coupled with technological advancements reducing hospital stays, is driving growth in the EVAR segment. In the U.S., 75% of procedures in 2017 were EAVR, and with anticipated new product launches, the EVAR segment is expected to capture a 70% market share in 2022.
Some of the market players:
- Medtronic: Medtronic is a global medical technology company that specializes in the development and manufacturing of medical devices and therapies. It is known for its contributions to various healthcare fields, including cardiovascular solutions.
- Endologix LLC: Endologix is a medical technology company focused on the treatment of aortic disorders, particularly abdominal aortic aneurysms. The company develops innovative endovascular technologies to provide minimally invasive treatment options.
- Gore Medical: Gore Medical, a division of W. L. Gore & Associates, is recognized for its expertise in materials science and its applications in medical devices. The company is involved in the development of vascular grafts and other medical products.
- MicroPort Scientific Corporation: MicroPort Scientific Corporation is a multinational medical device company with a focus on the development and manufacturing of high-quality medical solutions. The company operates in various therapeutic areas, including cardiovascular devices.
- Cook: Cook Medical is a family-owned medical device company known for its contributions to the healthcare industry. Cook develops a wide range of medical devices, including those used in cardiovascular interventions and aortic aneurysm treatment.
- JOTEC: JOTEC is a company specializing in the development of medical devices for cardiovascular and peripheral vascular applications. Their product portfolio includes solutions for aortic and vascular surgery.
- Cardinal Health: Cardinal Health is a global healthcare services and products company that operates in various segments of the healthcare industry. It is involved in the manufacturing and distribution of medical products, including those related to cardiovascular health.
- Terumo Corporation: Terumo Corporation is a Japanese medical device company with a global presence. It is engaged in the development and manufacturing of a wide range of medical products, including devices for cardiovascular interventions.
- Lombard Medical: Lombard Medical, now part of MicroPort Scientific Corporation, was known for its focus on the development of endovascular solutions for the treatment of abdominal aortic aneurysms.
- AbbVie Inc.: AbbVie is a multinational pharmaceutical company with a diverse portfolio of healthcare products. While not exclusively focused on aortic aneurysm solutions, AbbVie may be involved in related pharmaceuticals or supportive therapies.
Key Segments Profiled in the Aortic Aneurysm Industry Survey
Aortic Aneurysm by Type
Aortic Aneurysm by Thoracic Aortic Aneurysm (TAA)
Aortic Aneurysm by Abdominal Aortic Aneurysm (AAA)
Aortic Aneurysm Treatment
Aortic Aneurysm by Open Surgical Repair (OSR)
Aortic Aneurysm by Endovascular Aneurysm Repair (EVAR)
Aortic Aneurysm Product
Aortic Aneurysm by Stent Grafts
Aortic Aneurysm by Catheters
Aortic Aneurysm End User
Aortic Aneurysm by Hospitals
Aortic Aneurysm by Ambulatory Surgery Centers
Aortic Aneurysm by Clinics
Aortic Aneurysm Region
North America Aortic Aneurysm Market
Latin America Aortic Aneurysm Market
Europe Aortic Aneurysm Market
Asia Pacific Aortic Aneurysm Market
Middle East & Africa Aortic Aneurysm Market
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