Aortic Aneurysm Market
Number of pages: 100 | Report Format: PDF | Published date: March 31, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 4.85 billion |
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Revenue Forecast in 2031 |
US$ 11.29 billion |
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CAGR |
9.81% |
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Base Year For Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Type, Treatment, Product, End User, and Region |
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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 aortic aneurysm market was valued at US$ 4.85 billion in 2022 and is expected to register a revenue CAGR of 9.81% to reach US$ 11.29 billion by 2031.
Aortic Aneurysm Market Fundamentals
An aortic aneurysm is when a section of the aorta, the main artery that carries blood from the heart to the rest of the body, becomes abnormally enlarged or weakened. As the aneurysm grows, it can pressure surrounding organs and tissues, potentially leading to life-threatening complications such as rupture or dissection.
There are two main types of aortic aneurysms: abdominal aortic aneurysms (AAA), which occur in the lower part of the aorta near the abdomen, and thoracic aortic aneurysms (TAA), which occur in the upper part of the aorta near the chest. While the causes of aortic aneurysms are not fully understood, certain factors such as smoking, high blood pressure, and atherosclerosis (build-up of fatty deposits in the arteries) can increase the risk of developing an aneurysm.
Treatment for aortic aneurysms depends on the size and location of the aneurysm and the patient's overall health. Small aneurysms may require regular monitoring, while larger aneurysms may require surgery to prevent rupture or dissection. Endovascular repair with stent grafts is a minimally invasive alternative to open surgery that has become increasingly popular recently. Overall, prompt diagnosis and appropriate treatment are crucial in managing aortic aneurysms and reducing the risk of complications.
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Aortic Aneurysm Market Dynamics
An aortic aneurysm is often associated with cardiovascular diseases such as hypertension, atherosclerosis, and coronary artery disease. The increasing prevalence of these conditions globally is expected to contribute to the growth of the global aortic aneurysm market. For instance, according to the March 2023 factsheet of WHO, approximately 1.28 billion adults aged 30-79 globally have hypertension; most belong to low- and middle-income countries. Advances in medical technology have led to the development of minimally invasive procedures for treating the aortic aneurysm, such as endovascular repair. These less invasive procedures can reduce hospital stays and recovery times, expected to drive market growth. Additionally, as awareness about the symptoms and risks of an aortic aneurysm increases, more people seek diagnosis and treatment, resulting in market growth as more patients are identified and treated. Furthermore, government organizations worldwide are investing in healthcare infrastructure and increasing healthcare spending, creating new opportunities for companies operating in the aortic aneurysm market.
However, the cost of treatment for an aortic aneurysm can be high, particularly for surgical procedures. This can limit access to treatment for patients who may not be able to afford it, which can restrict the market's revenue growth. The development and approval of new treatments for aortic aneurysms can be lengthy and expensive, limiting the market's growth. Additionally, lack of awareness in developing countries, risks associated with treatment, and limited reimbursement options in emerging nations are some of the restraints impeding the overall market growth.
Aortic Aneurysm Market Ecosystem
The global aortic aneurysm market is analyzed from five perspectives: type, treatment, product, end user, and region.
Aortic Aneurysm Market by Type
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Based on the type, the global aortic aneurysm market is segmented into the thoracic aortic aneurysm and abdominal aortic aneurysm.
The abdominal aortic aneurysm segment dominated the global market with the principal revenue share in 2022. An abdominal aortic aneurysm is a condition where the wall of the aorta, the main blood vessel that carries blood from the heart to the rest of the body, becomes weakened and bulges outward. In the case of an abdominal aortic aneurysm, this bulge occurs in the abdominal portion of the aorta, which is located in the lower part of the abdomen. An abdominal aortic aneurysm is often asymptomatic, meaning there may be no symptoms, especially in the early stages. However, as the aneurysm grows, it can cause a pulsating feeling in the abdomen, back pain, and tenderness. An abdominal aortic aneurysm can rupture in severe cases, leading to life-threatening bleeding and shock. Risk factors for developing an abdominal aortic aneurysm include smoking, high blood pressure, atherosclerosis (hardening of the arteries), age (especially over 65), male gender, family history of abdominal aortic aneurysm, and certain genetic conditions. These factors contribute to the revenue growth of the abdominal aortic aneurysm segment.
The thoracic aortic aneurysm segment accounts for a prominent revenue share in the global market. A thoracic aortic aneurysm (TAA) is a condition where the wall of the aorta, the main artery that carries blood from the heart to the rest of the body, becomes weakened and bulges outward in the portion of the aorta that runs through the chest (thorax). A thoracic aortic aneurysm can develop in any part of the thoracic aorta, the portion of the aorta located above the diaphragm. However, they most commonly occur in the ascending aorta (the part of the aorta that runs from the heart to the top of the chest) and the aortic arch (the curved portion of the aorta that runs from the ascending aorta to the descending aorta). Thoracic aortic aneurysms are often asymptomatic and can be discovered incidentally during imaging tests for other reasons. When symptoms do occur, they may include chest pain, back pain, difficulty breathing, coughing, hoarseness, and difficulty swallowing. These factors contribute to the revenue growth of the thoracic aortic aneurysm segment.
Aortic Aneurysm Market by Treatment
Based on the treatment, the global aortic aneurysm market is segmented into open surgical repair (OSR) and endovascular aneurysm repair (EVAR).
The endovascular aneurysm repair segment dominated the market with the largest revenue share in 2022, owing to its lower mortality and morbidity rates. Endovascular aneurysm repair is a minimally invasive alternative to traditional open surgery for treating aortic aneurysms. In the EVAR procedure, a stent graft is inserted into the aneurysm through a small incision in the groin, guided to the site of the aneurysm using imaging technology, and expanded to create a new path for blood flow that bypasses the weakened section of the aorta. Furthermore, advances in stent graft technology have improved the durability and performance of EVAR devices, increasing their acceptance among physicians and patients. The aging population and increasing prevalence of aortic aneurysms are leading to a growing demand for minimally invasive treatment options like EVAR. These overall factors contribute to the growth of the endovascular aneurysm repair segment's total revenue share.
Aortic Aneurysm Market by Product
Based on the product, the global aortic aneurysm market is segmented into the stent-grafts and catheters.
The stent grafts segment dominated the market with the largest revenue share in 2022, owing to the technological advancements in the stent graft design. A stent graft is a small metal mesh tube covered in fabric inserted into the aorta to reinforce the weakened section of the artery. Stent grafts are typically used in endovascular repair. This minimally invasive procedure involves the insertion of the stent graft through a small incision in the groin. Stent grafts have several benefits over traditional open surgery for the treatment of abdominal aortic aneurysm. Endovascular repair with a stent graft is less invasive, which means it can be performed under local anesthesia, has a shorter recovery time, and has a lower risk of complications such as infection or bleeding. These overall factors contribute to the stent graft segment's revenue growth.
Aortic Aneurysm Market by End User
Based on the end-user, the global aortic aneurysm market is segmented into hospitals, ambulatory surgery centers, and clinics.
The hospital's segment is a key player in the aortic aneurysm market, accounting for the largest revenue share in 2022, as they are the primary location for diagnosing and treating aortic aneurysms. Hospitals play a critical role in the diagnosis and treatment of aortic aneurysms. Imaging tests such as ultrasound, CT scan, and MRI are typically performed in hospitals to detect and diagnose aneurysms. Similarly, highly specialized surgical teams in hospital operating rooms typically perform surgeries, including both open surgical repair and endovascular repair with stent grafts. Hospitals may also provide outpatient care for patients with aortic aneurysms who are not undergoing surgery. This may include regular monitoring of the aneurysm size, as well as lifestyle modifications and medical management of risk factors such as high blood pressure and smoking. These overall factors contribute to the revenue growth of this segment.
Aortic Aneurysm Market by Region
Based on region, the global aortic aneurysm market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global aortic aneurysm market with the largest revenue share in 2022, attributed to a large number of healthcare institutions, including hospitals, clinics, and medical offices, which have a critical need for accurate patient identification, data security, and access control. Additionally, companies across the region are continuously involved in improving their products and launching new and novel products for the treatment of aortic aneurysms, which is also helping in the market revenue growth. For instance, in December 2022, Endologix LLC, a privately held worldwide medical device business devoted to improving patient's lives via novel interventional therapies for vascular illness, announced that it had obtained FDA clearance for a pre-market approval (PMA) supplement for the AFX2 System. The AFX2 Endovascular AAA System combines anatomical fixation with an improved delivery method to make the treatment of abdominal aortic aneurysms easier (AAA). Endologix gained clearance to incorporate an updated warning and the most recent clinical information in the AFX2 System labeling.
Competitive Landscape
The prominent players operating in the global aortic aneurysm market are:
Strategic Developments
An aortic aneurysm is when a section of the aorta, the main artery that carries blood from the heart to the rest of the body, becomes abnormally enlarged or weakened.
Some prominent players operating in the global aortic aneurysm market are Cardinal Health Inc., Terumo Corporation, Cook Medical Inc., JOTEC (Cryolife Inc.), and MicroPort.
The expected size of the global aortic aneurysm market in 2031 is US$ 11.25 billion.
The lack of awareness in developing countries, risks associated with treatment, and limited reimbursement restrict the global market growth to its full potential.
The expected revenue CAGR of the aortic aneurysm market during the forecast period is 9.81% from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain