The growth of the global aortic aneurysm repair market is driven by rise in prevalence of aortic aneurysms, increase in demand for minimally invasive procedures and increase in product approvals for aortic aneurysm devices.
PORTLAND, Ore., July 10, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Aortic Aneurysm Repair Market by Product type (aortic stent-grafts and hybrid stent-grafts) and Procedure type (open surgery, endovascular aortic aneurysm repair and frozen elephant trunk (FET): Global Opportunity Analysis and Industry Forecast, 2023–2032" According to the report, the global Aortic aneurysm repair market generated $3.2 billion in 2022, and is anticipated to generate $5.8 billion by 2032, witnessing a CAGR of 6.1% from 2023 to 2032.
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Prime determinants of growth
Growing prevalence of aortic aneurysm and technological advancement drive the growth of the global aortic aneurysm repair market. However, the high cost of aortic aneurysm repair procedures presents a significant challenge and hampers market growth. On the contrary, the growing healthcare infrastructure and adoption of strategies by key manufacturers are expected to offer remunerative opportunities for expansion of the aortic aneurysm repair market during the forecast period.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $3.2 billion |
Market Size in 2032 | $5.8 billion |
CAGR | 6.1 % |
No. of Pages in Report | 277 |
Segments covered | Product type, procedure type, and region. |
Drivers | Rise in prevalence of Aortic Aneurysms Increase in demand for minimally invasive procedures Increase in product approvals for aortic aneurysm devices |
Opportunities | Technological advancements in aortic aneurysm repair devices |
Restraints | Lack in the Availability of Certain Devices in Various Developing Regions Limited Availability of Skilled Healthcare Professionals |
Covid-19 Scenario
- Due to the COVID-19 pandemic and the subsequent global lockdowns, the aortic aneurysm repair market faced a downturn.
- However, there are various growth opportunities for companies operating in the aortic aneurysm repair market as the global situation started ameliorating, and the rise in number of surgeries has resumed.
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The aortic stent-grafts segment to maintain its leadership status throughout the forecast period
Based on product type, the aortic stent-grafts segment held the highest market share in 2022, accounting for more than more than 90% of the global Aortic aneurysm repair market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to its increase in adoption for aortic aneurysm repair surgeries. Moreover, the ongoing advancements in stent graft technology and increasing adoption of endovascular techniques contribute to the segment growth. However, hybrid stent-grafts segment is projected to manifest the highest CAGR of 6.9% from 2023 to 2032, owing to its potential advantages in treating complex aortic pathologies. Further, advancements in stent graft technology have enabled the development of hybrid stent-grafts with improved durability, flexibility, and ease of deployment.
The endovascular aortic aneurysm repair segment to maintain its lead position during the forecast period
Based on procedure type, the endovascular aortic aneurysm repair segment held the largest market share in 2022, accounting for around four- fifths of the global aortic aneurysm repair market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to advantages such as minimally invasive procedures, shorter hospital stays, faster recovery, and reduced postoperative complications compared to open surgical repair. In addition, advancements in endovascular devices, improved patient outcomes, and increase in adoption of minimally invasive techniques by healthcare providers contribute to the growth of the endovascular aortic aneurysm repair segment in the market. However, frozen elephant trunk (FET) segment is projected to manifest the highest CAGR of 6.9% from 2023 to 2032, owing to advantages over traditional open surgical repair in terms of reduced invasiveness and postoperative complications. Furthermore, advancements in surgical techniques and the development of specialized devices have improved the effectiveness and safety of the FET procedure.
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North America to maintain its dominance by 2032
Based on region, North America dominated the aortic aneurysm repair market in 2022 accounting to nearly three-fifths of the global aortic aneurysm repair market revenue and is expected to continue the trend throughout the forecast period. This is attributed to alarming increase in the incidence of coronary artery diseases (CADs), including aortic aneurysm, in the region. This is attributed to factors such as sedentary lifestyle, unhealthy eating habits, and rise in geriatric population. In addition, the surge in demand for aortic aneurysm repair devices and minimally invasive procedures drives the market growth. However, Asia-Pacific is expected to register the highest CAGR of 7.7% during the forecast period, owing to surge in demand for minimally invasive procedures to address the unmet needs of a large population. In addition, the development of healthcare infrastructure, rise in healthcare reforms, and increase in healthcare expenditure in emerging economies are anticipated to contribute toward the growth of the aortic aneurysm repair market in Asia-Pacific.
Leading Market Players: -
- Medtronic Plc
- Artivion, Inc.
- Terumo Corporation
- W. L. Gore and Associates, Inc.
- Microport Scientific Corporation
- Cook Group Inc
- Endologix Inc.
- Cordis Corporation
- Braile Biomédica S.A.
- Bentley Innomed GmBH
The report provides a detailed analysis of these key players of the global aortic aneurysm repair market. These players have adopted different strategies such as product approval , collaboration and product approval to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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