Dublin, Feb. 20, 2024 (GLOBE NEWSWIRE) -- The "Aortic Aneurysm Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The aortic aneurysm market has grown strongly in recent years. It will grow from $3.41 billion in 2023 to $3.72 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth observed during the historical period can be attributed to several factors. These include the aging population, an increased prevalence of cardiovascular diseases, advancements in diagnostic technologies leading to improved detection of aortic aneurysms, surgical innovations enhancing treatment options, and the effectiveness of awareness programs aimed at educating the population about the condition. Collectively, these factors played a significant role in the expansion of initiatives and interventions related to aortic aneurysms during the historical timeframe.
The aortic aneurysm market is expected to see strong growth in the next few years. It will grow to $5.35 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The anticipated growth in the upcoming period can be attributed to several key factors. These include the rising global aging population, an increased incidence of cardiovascular diseases, advancements in treatment modalities related to aortic aneurysms, increased awareness of genetic predisposition factors, and ongoing development in healthcare infrastructure. Major trends expected in the forecast period encompass the development of next-generation stent grafts for more effective interventions, the integration of technology for remote monitoring of aortic aneurysms, a focus on the prevalence of abdominal aortic aneurysms (AAA), and collaborative efforts in research and development to drive innovation in the field. These trends are poised to shape and drive growth in the management and treatment of aortic aneurysms.
The anticipated rise in alcohol and tobacco usage is projected to drive the aortic aneurysm market in the future. As per a May 2022 report by the World Health Organization (WHO), an international public health agency headquartered in Switzerland, an estimated 3 million deaths annually are attributed to alcohol consumption, while 7 million deaths occur globally due to tobacco use. Moreover, approximately 13.5% of deaths among individuals aged 20-39 are linked to alcohol consumption. In 2021, the Centers for Disease Control and Prevention (CDC), a US-based national public health agency, reported that 11.5% of US adults aged 18 or older were current cigarette smokers, amounting to 28.3 million adults. Hence, the increasing prevalence of alcohol and tobacco consumption is a key driver for the growth of the aortic aneurysm market.
The escalating occurrence of cardiovascular diseases is expected to fuel growth in the aortic aneurysm market. For instance, data from May 2023 by the World Heart Federation, a non-governmental organization headquartered in Switzerland, indicated that in 2020, cardiovascular diseases led to 18.9 million fatalities, with forecasts indicating a rise to 22.2 million by 2030 and a further increase to 32.3 million by 2050. Consequently, the increasing incidence of cardiovascular diseases serves as a driving force behind the expansion of the aortic aneurysm market.
Technological advancements have become a prominent trend gaining traction within the aortic aneurysm market. Leading companies operating in this sector are actively engaged in the development and utilization of innovative technologies to bolster their market standing. For instance, in January 2021, Royal Philips, a health technology company headquartered in the Netherlands, unveiled the Philips Abdominal Aortic Aneurysm Model. This model, designed with 3D ultrasound capabilities, offers precise diagnostic information without subjecting patients to high levels of radiation or other harmful substances. Integrating innovative software with cutting-edge 3D ultrasound technologies, the Philips AAA Model significantly enhances diagnostic accuracy and improves the overall patient experience.
Major companies in the aortic aneurysm market are channeling their efforts towards crafting and introducing inventive solutions such as the abdominal stent graft. This medical device plays a pivotal role in endovascular surgery specifically aimed at treating abdominal aortic aneurysms (AAA). For instance, in May 2021, Endologix LLC, a US-based medical device manufacturer, disclosed the launch of the 'ALTO Abdominal Stent Graft System.' This system integrates the latest Endovascular Aneurysm Repair (EVAR) Technology to offer a highly distinctive endovascular treatment option for AAA patients. ALTO incorporates a streamlined delivery system and features a distinct conformable sealing ring designed to adapt precisely to the unique anatomy of the patient's aortic neck.
In May 2023, Striker Corporation, a leading US-based medical technologies firm, completed the acquisition of Cerus Endovascular Ltd. for an undisclosed sum. This strategic acquisition is part of Striker Corporation's efforts to enhance its global portfolio of aneurysm treatment solutions. Cerus Endovascular Ltd., based in the UK, is a medical device company specializing in providing advanced solutions for the treatment of aneurysms.
North America was the largest region in the aortic aneurysm market in 2023. The regions covered in the aortic aneurysm market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the aortic aneurysm market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Report Scope
Markets Covered:
1) By Type: Thoracic Aortic Aneurysm (TAA); Abdominal Aortic Aneurysm (AAA)
2) By Treatment: Open Surgical Repair (OSR); Endovascular Aneurysm Repair (EVAR)
3) By End User: Hospitals And Clinics; Ambulatory Surgery Centers (ASCs); Other End Users
Key Companies Mentioned: Cardiatis SA; Cook Medical Inc.; Endologix LLC; W L Gore & Associates Inc.; JOTEC GmbH
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Cardiatis SA
- Cook Medical Inc.
- Endologix LLC
- W L Gore & Associates Inc.
- JOTEC GmbH
- Lombard Medical Limited.
- Medtronic plc
- Terumo Corporation
- MicroPort Scientific Corporation
- Boston Scientific Corporation
- Endospan Ltd.
- LifeTech Scientific Corporation
- B. Braun Melsungen AG
- EndoEvolution LLC
- CryoLife Inc.
- Intuitive Surgical Inc.
- Synovis Micro Companies Alliance Inc.
- Meril Life Sciences Pvt. Ltd.
- Vitalitec International GmbH
- Getinge AB
- CONMED Corporation
- Becton, Dickinson and Company
- Baxter International Inc.
- Johnson & Johnson Services Inc.
- Cardinal Health Inc.
- TriVascular Technologies Inc.
- Vascutek Ltd.
- Aptus Endosystems Inc.
- Bolton Medical Inc.
- EndoVascular Technologies Inc.
- Endurant Energy LLC
- LeMaitre Vascular Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ln3ubh
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