Number of pages: 100 | Report Format: PDF | Published date: April 28, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
Report Attribute |
Details |
Market Size Value in 2022 |
US$ 2.1 billion |
Revenue Forecast in 2031 |
US$ 3.22 billion |
CAGR |
4.87% |
Base Year for Estimation |
2022 |
Forecast Period |
2023 to 2031 |
Historical Year |
2021 |
Segments Covered |
Product, Age group, Material, End User, and Region |
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global endovascular abdominal aortic aneurysm repair devices market was valued at US$ 2.1 billion in 2022 and is expected to register a revenue CAGR of 4.87% to reach US$ 3.22 billion by 2031.
Endovascular Abdominal Aortic Aneurysm Repair Devices Market Fundamentals
Endovascular Abdominal Aortic Aneurysm (AAA) repair devices are minimally invasive surgical devices used to repair abdominal aortic aneurysms. This medical condition is distinguished by the bulging and weakening of the abdominal aorta, which can result in a potentially fatal rupture. Endovascular AAA repair devices are directed to the aneurysm site via tiny incisions and utilized to bolster the weakening aortic wall and avoid rupture. Due to the rising frequency of AAA and the benefits of less invasive surgical treatments, the Endovascular AAA repair devices market has developed in recent years. Endovascular AAA repair devices offer reduced hospital stays, quicker recovery times, and fewer complications than open surgery. The increasing adoption of minimally invasive procedures and the growing prevalence of AAA are expected to drive market growth in the coming years.
Endovascular AAA (abdominal aortic aneurysm) repair devices have grown tremendously in recent years, with various trends and opportunities impacting market potential. Endovascular AAA repair devices are in high demand in emerging nations where the accessibility of modern medical technologies is low. Manufacturers will have several chances to extend their market existence. Furthermore, corporations cooperate with healthcare providers and academic institutions to create innovative technology and enhance patient outcomes. These collaborations can create more effective technologies and methods, allowing businesses to remain competitive in the market.
Market players can use several techniques to increase their share of the endovascular AAA repair devices market. Market players might invest in marketing and advertising to raise product awareness among healthcare professionals and patients. Companies provide healthcare professionals with training and education programs to encourage the use of their products. Moreover, they might concentrate on strategic partnerships with other firms to improve their market presence and product offered. They may emphasize regulatory compliance to guarantee their products fulfill safety and effectiveness criteria, boosting client confidence and driving sales.
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Endovascular Abdominal Aortic Aneurysm Repair Devices Market Dynamics
The increasing prevalence of abdominal aortic aneurysms is the key factor influencing the global endovascular abdominal aortic aneurysm repair devices market. According to Gov.UK, from April 2021 to March 2022, about 274,800 males were offered screening, with 79.0% getting abdominal aortic aneurysms. This trend is expected to increase in the forecast period as many people are affected by aortic diseases. This trend is expected to increase in the forecast period as many people are affected by these diseases. The government continues to prioritize early detection and treatment of abdominal aortic aneurysms, which can be life-threatening if left untreated. However, efforts must also be made to ensure that screening is accessible and equitable for all individuals, regardless of gender or socioeconomic status.
Recent breakthroughs in abdominal aortic aneurysms, such as advances in genetic testing and imaging, have allowed for a more personalized approach to the treatment of AAA. By analyzing a patient's genetic profile and using high-resolution imaging techniques, doctors can identify patients at higher risk for aneurysm rupture and develop targeted treatment plans. Moreover, several drug therapies are currently being developed for the treatment of abdominal aortic aneurysms. One promising approach involves using drugs that target the inflammation associated with aneurysm formation and growth. These therapies have shown promise in animal studies and are now being tested in human clinical trials.
Minimally invasive surgeries have become popular recently, and various factors fuel this trend. In contrast to typical open operations, which need bigger incisions and more intrusive techniques, these treatments entail the use of specialized devices and tiny incisions to accomplish surgical interventions. Minimally invasive techniques have a reduced risk of problems than open surgery. This is due to the fact that they are less stressful to the body and result in less blood loss. Patients with minimally invasive operations are less likely to have infections, blood clots, or other surgical site problems.
One of the major restraining factors in the endovascular abdominal aortic aneurysm repair market is the high cost of the procedure, which limits its adoption in developing countries and among patients with limited financial resources. Additionally, the need for more skilled healthcare professionals trained in endovascular procedures also hinders the market’s growth.
Endovascular Abdominal Aortic Aneurysm Repair Devices Market Ecosystem
The global endovascular abdominal aortic aneurysm repair devices market is analyzed from the following perspectives: product, age group, material, end user, and region.
Endovascular Abdominal Aortic Aneurysm Repair Devices Market by Product
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Based on the product, the global endovascular abdominal aortic aneurysm repair devices market is segmented into synthetic fabric graft and stent-graft.
The stent-graft segment dominated the global endovascular abdominal aortic aneurysm repair devices market with a high revenue share in 2022. A stent graft is a minimally invasive treatment option for abdominal aortic aneurysms, which involves placing a fabric tube supported by a metal mesh (stent) within the weakened area of the aorta to prevent rupture. This procedure has been shown to have lower morbidity and mortality rates compared to traditional open surgery. Additionally, stent-grafts can be customized to fit the patient's anatomy, leading to improved outcomes and long-term durability.
The synthetic fabric graft segment is expected to show high growth in the forecast years. Technological advancements in synthetic fabric grafts are expected to contribute to the growth of this segment. Moreover, the increasing prevalence of chronic diseases such as diabetes and cardiovascular diseases also drives the demand for synthetic fabric grafts, as they are often used in surgical procedures to treat these conditions.
Endovascular Abdominal Aortic Aneurysm Repair Devices Market by Age Group
Based on age group, the global endovascular abdominal aortic aneurysm repair devices market is adult, geriatric, and pediatric.
In 2022, the geriatric age group segment accounted majority of the global endovascular abdominal aortic aneurysm repair devices market revenue share. This is because the risk of developing an abdominal aortic aneurysm increases with age. Additionally, geriatric patients often have other comorbidities, such as hypertension and atherosclerosis, that can contribute to the development and progression of the aneurysm.
Adults are susceptible to endovascular abdominal aortic aneurysms, especially those with a smoking history, high blood pressure, or atherosclerosis. Individuals must receive regular screenings and maintain a healthy lifestyle to reduce their risk of developing this condition.
However, abdominal aortic aneurysms are rare in pediatric patients, and endovascular repair is a minimally invasive alternative to open surgery that has shown promising results in this population.
Endovascular Abdominal Aortic Aneurysm Repair Devices Market by Material
Based on material, the global endovascular abdominal aortic aneurysm repair devices market is segmented into metal and polymer.
The polymer segment accounted for the majority of revenue share in 2022. Polymer-based abdominal aortic aneurysm repair devices offer several advantages over traditional metal-based devices, including improved flexibility and durability, reduced risk of complications, and the ability to be customized to fit the patient's anatomy. Additionally, these devices are less likely to cause inflammation or an immune response in the body, leading to better long-term outcomes for patients.
Endovascular Abdominal Aortic Aneurysm Repair Devices Market by End User
Based on end user, the global endovascular abdominal aortic aneurysm repair devices market is segmented into hospitals, ambulatory surgical centers, and research institutes.
The hospitals segment accounted for the majority of market revenue share in the global endovascular abdominal aortic aneurysm repair devices market in 2022. Patients prefer hospitals for endovascular abdominal aortic aneurysms as these procedures require specialized equipment and highly trained medical professionals, typically only available in hospital settings. Additionally, hospitals are well-equipped with advanced resources to provide comprehensive care before, during, and after the procedure.
However, the ambulatory surgical segment is expected to show high growth in the forecast years. Ambulatory surgical centers are facilities that offer same-day surgical procedures, including endovascular abdominal aortic aneurysm repair. These centers offer patients a more convenient and cost-effective alternative to traditional hospital-based surgery.
Endovascular Abdominal Aortic Aneurysm Repair Devices Market by Region
Based on the region, the global endovascular abdominal aortic aneurysm repair devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the majority of the market revenue share for the endovascular abdominal aortic aneurysm repair devices market in 2022. The increasing prevalence of abdominal aortic aneurysms (AAA) among the geriatric population and the rising adoption of minimally invasive procedures for AAA repair are the key factors driving the growth of the North American abdominal aortic aneurysm repair devices market. Additionally, favorable reimbursement policies and technological advancements are contributing to market growth.
The presence of several key players, such as Medtronic, Cook Medical, and Gore Medical, characterizes the European endovascular abdominal aortic aneurysm repair devices market. These companies focus on developing innovative products and expanding their market presence through strategic partnerships and collaborations. Moreover, the increasing patient pool in Europe also influences the revenue growth of the European endovascular abdominal aortic aneurysm repair devices market.
The Asia Pacific endovascular abdominal aortic aneurysm repair devices market is expected to show high growth in the forecast years. This growth can be attributed to the increasing prevalence of abdominal aortic aneurysms and the rising adoption of minimally invasive procedures. Technological advancements in endovascular repair devices are also expected to contribute to market growth.
Endovascular Abdominal Aortic Aneurysm Repair Devices Market Competitive Landscape
The competitive landscape of the endovascular abdominal aortic aneurysm repair devices market is very competitive, with several players operating in the market. Some of the key players in the market include Medtronic, Cook Medical, Endologix, Terumo Corporation, and W.L. Gore & Associates. These companies are focusing on expanding their product portfolio and investing in research & development activities to gain a competitive edge in the market. The increasing prevalence of abdominal aortic aneurysms and the rising demand for minimally invasive procedures are expected to drive the market’s growth in the coming years.
Some of the prominent companies having the largest revenue share in the global endovascular abdominal aortic aneurysm repair devices market are,
Endovascular Abdominal Aortic Aneurysm Repair Devices Market Recent Developments
The endovascular abdominal aortic aneurysm repair devices market is expected to grow due to the increasing prevalence of abdominal aortic aneurysms and the rising demand for minimally invasive procedures. Moreover, technological advancements in endovascular devices and favorable reimbursement policies are also expected to drive market growth.
According to the deep-dive market assessment study by Growth Plus Reports, the global Endovascular Abdominal Aortic Aneurysm Repair Devices Market was valued at US$ 2.1 billion in 2022.
Some major strategies key market players adopt in the endovascular abdominal aortic aneurysm repair devices market include mergers and acquisitions, collaborations, partnerships, and product launches. These strategies help companies to expand their market presence and strengthen their position in the competitive landscape.
Based on age group, the global endovascular abdominal aortic aneurysm repair devices market is segmented into adult, geriatric, and pediatric. The geriatric segment accounted for the majority of revenue share in 2022.
The global endovascular abdominal aortic aneurysm repair devices market was valued at US$ 2.1 billion in 2022 and is expected to register a revenue CAGR of 4.87% to reach US$ 3.22 billion by 2031.
*Insights on financial performance are subject to the availability of information in the public domain