(I-BusinessNews.Com, August 13, 2021 ) Endovascular Abdominal Aortic Aneurysm Repair Devices Market size was valued at $829 million in 2020, and is anticipated to reach $1,098 million by the end of 2026 growing at a CAGR of 8.2% during the forecast period 2021-2026. The endovascular abdominal aortic aneurysm repair devices industry growth rate is attributed to the constant increase in the incidence rate of occurrences of cardiovascular diseases (CVDS) globally which is the crucial aspect of the rise in the market revenue of endovascular aneurysm repair devices. The increasing adoption of minimally invasive surgical procedures is also anticipated bringing new opportunities. Endovascular aneurysm repair (EVAR) is a technique for repairing aneurysms that uses an endovascular stent graft to seal the weak spot. Abdominal aortic aneurysm repair devices, also known as endovascular stent grafts, are devices used to repair abdominal aortic aneurysms. Apart from this, globally, the physicians are preferring endovascular repair of abdominal aortic aneurysms (AAA) over the open surgical repair because of minimal invasive procedure and faster recovery. Moreover, presently more than 60 percent of AAA repairs are performed using EVAR rather than open surgery which reflects the increasing adoption of endovascular stent grafts systems. The devices have advantages over surgical repair, and they do have disadvantages such as endoleaks (blood leakage from the treated segment), the need for frequent monitoring, and graft movement or integrity problems. As ongoing research finds solutions to these limiting factors, the global endovascular abdominal aortic aneurysm repair devices market poised to develop.
Endovascular Abdominal Aortic Aneurysm Repair Devices Market Segment Analysis – By Repair Device Type
In 2020, on the basis of repair device type, stent-graft segment accounted for the largest segmental revenue of the endovascular abdominal aortic aneurysm repair devices market. The stent-graft segment held the largest market on account of the fact that aneurysm rupture can be fatal and result in serious internal bleeding. Endovascular stent-graft, also known as endograft, implantation at the site of aneurysm via delivery catheters is a more advanced and less invasive approach to repairing thoracic abdominal aortic aneurysms than open surgery. This segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 8.80% as a result of technological advancements in stent-graft designing. Furthermore, advanced stent graft systems are being launched with inbuilt imaging and delivery catheter. All these factors are anticipated to fuel market growth during the forecast period.
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Endovascular Abdominal Aortic Aneurysm Repair Devices Market Segment Analysis – By End Users
On the basis of end users, hospital segment accounted for the largest segmental revenue of the endovascular abdominal aortic aneurysm repair devices market in 2020. The large share can be attributed to the growth as it is the most preferred setting by physicians and vascular surgeons, especially in the developing region. The elaborate set up in hospitals enables treating complex cases of cardiovascular diseases (CVDS) that cannot be managed in ASCs.
On the other hand, Ambulatory Surgical Centers (ASCs) segment is projected to dominate over the forecast period 2021-2026 with a CAGR of 8.50%. The Ambulatory Surgical Centers (ASCs) is expected to witness a healthy growth owing to the benefits offered by ASCs, such as reduced hospital stay and overall treatment costs. Furthermore, the rising prevalence of aortic aneurysm, especially in developed countries, and the need for prompt treatment are poised to drive the ASC segment.
Endovascular Abdominal Aortic Aneurysm Repair Devices Market Segment Analysis – By Geography
North America is the major region dominating the Endovascular Abdominal Aortic Aneurysm Repair Devices market with a market share of 35.60% in the year 2020. This can be attributed to the rapid technological advancements, product developments, collaborative agreements, and high incidence of AAAs in the US that have fueled the regional market. Moreover, the increase in the geriatric population, the prevalence of aneurysms is also expected to rise. The Centers for Disease Control and Prevention (CDC) ranks abdominal aortic aneurysm as one of the top 15 causes of mortality in the United States, but only for those between 85 and 89 years. All these factors are anticipated to fuel market growth during the forecast period 2021-2026.
However, Asia-Pacific is projected to be the significant-growing market during the forecast period 2021-2026 owing to increasing approvals of novel devices by major regulatory bodies in the region thereby, increasing investments from the government and private sectors is anticipated to fuel the market. Apart from these, the growth is attributed to the rising awareness regarding advanced treatment methods, increasing prevalence of obese patients and presence of emerging countries such as China and India are also few factors estimated to propel the market in the region.
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Endovascular Abdominal Aortic Aneurysm Repair Devices Market Drivers
Rising Prevalence Of Abdominal Aortic Aneurysm Disease
The endovascular abdominal aortic aneurysm repair devices market is poised to receive upswing demand owing to an increase in the number of aortic aneurysms, an increase in the geriatric population, the availability of favorable reimbursements for EVAR procedures and equipment, and an increase in the smoking population are all contributing factors thereby, augmenting factors that are to affect the global market. Moreover, there is an increase in the number of endovascular procedures, growing innovations and advancements in technology and increasing preference of stent grafts for aortic repair drives the market of during the forecast period 2021-2026. According to WHO recent studies, nearly 17.9 million people die every year from cardiovascular diseases, an estimated 31% of all deaths worldwide. Therefore, increase in the death rate owing to CVDs around the world drives the growth of endovascular abdominal aortic aneurysm repair devices market during the forecast period 2021-2026.
Endovascular Abdominal Aortic Aneurysm Repair Devices Market Challenges
Inflated Cost And Preferable Alternative Of Open Surgery
Despite several drivers, one of the major factor hindering is the elevated costs associated with EVAAR care procedures and a lack of public knowledge. Furthermore, EVAAR carries a number of risks associated with the operation, including iliac perforation, aneurysmal rupture, stent stenosis, endoleaks, and endotension; making open surgery the preferred option thereby, challenging the regional market growth. However, several technologies are developed and introduced to meet such challenges leading to market growth.
Endovascular Abdominal Aortic Aneurysm Repair Devices Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Endovascular Abdominal Aortic Aneurysm Repair Devices Market. In 2020, endovascular abdominal aortic aneurysm repair devices market share is fragmented by the top ten players present in the market. The endovascular abdominal aortic aneurysm repair devices market top 10 companies are Bolton Medical, Inc., Cardiatis S.A., Cordis Corporation, Cook Medical Inc., LeMaitre Vascular Inc., JOTEC GmbH, TriVascular, Inc., Terumo Cardiovascular Systems Corporation, TriVascular, Inc., Lombard Medical Technologies plc, Medtronic, Inc., Endologix Inc., Nano Endoluminal, Vascutek Ltd., Aptus Endosystems Inc., W. L. Gore & Associates. and others.
Acquisitions/Product Launches
In August 2020, Endologix, a leading medical device company, won clearance for its ALTO Abdominal Stent Graft System in the European Union. The novel implant is developed to open up endovascular aortic repair to a wider range of patients, mainly those with challenging, short aortic necks.
In November 2019, Terumo acquires Aortica Corporation to support continued growth of its vascular graft business and contribute to personalized aortic therapy. Through this, the innovative technology is intended to improve graft anchoring while minimizing the potential for endoleaks and migration that can result from the endovascular treatment of complex Abdominal Aortic Aneurysms (AAA).
Key Takeaways
North America dominated the endovascular abdominal aortic aneurysm repair devices market with a share of 35.60% in the year 2020.
The factors such as increasing prevalence of atherosclerosis, syphilis and medical cystic necrosis; and rising geriatric population are amongst the major factor projected to impel growth of endovascular abdominal aortic aneurysm repair devices market.
Additionally, factors such as technological advancements in the medical devices, availability of reimbursement for medical devices and treatment are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.
Related Reports:
A. Abdominal Aortic Aneurysm Treatment Market
https://www.industryarc.com/Report/15315/abdominal-aortic-aneurysm-treatment-market.html
B. Vascular Graft Market
https://www.industryarc.com/Report/17008/vascular-graft-market.html
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