Abdominal Aortic Aneurysm Repair Devices Market USD 2.07 Billion in 2022

The global abdominal aortic aneurysm repair devices market size is expected to reach USD 2.07 Billion in 2021 and register a revenue CAGR of 7.2% during the forecast period. Rapid advancements in medical technologies accompanied by an increasing number of terminally ill patients worldwide are crucial factors driving market growth. In addition, rise in chronic health disorders and advancements in minimally invasive endovascular treatment procedures are key factors expected to drive market growth throughout the forecast period.

An abdominal aortic aneurysm is a potentially life-threatening condition in which blood vessels that are connected from the heart to the abdomen expand due to chronic illness or genetic syndromes such as Ehlers-Danlos syndrome and Marfan syndrome. The aorta is the largest blood vessel in the body. Therefore, raptures within it can result in prolonged bleeding that might result in death. The disease primarily afflicts adults aged above 60 years and is commonly found in men who have a history of smoking. Moreover, according to the Centre for Disease Control and Prevention, nearly 59% of deaths worldwide associated with an aortic aneurysm are found in men and most of them were rigorous smokers. Abdominal aortic aneurysm is also caused due to rising prevalence of diseases such as syphilis and atherosclerosis. These diseases directly affect the aorta and significantly damage the tissues within, thereby resulting in organ failures. Various minimally invasive procedures are adopted to ensure the normalization of the aorta that is being affected during this disease and therefore, demand for abdominal aortic aneurysm repair devices is rising and this is going to continue throughout the forecast period.

Request a Sample@ https://qyresearchmedical.com/sample/119108

Increase in demand for Endovascular Aneurysm Repair (EVAR) procedures is a crucial factor driving the market growth. EVAR is a minimally invasive procedure that involves small incisions and sophisticated instruments to repair expansion in blood vessel walls. The primary objective of this procedure is to prevent the aneurysm from bursting which might lead to a severe life-threatening event. EVAR also reduces the chances of tear or rupture by re-lining the weakened area with a new tube, which eventually takes the pressure off the weakened spot. There are various types of EVAR procedures that are employed for this event but the most commonly used is the Fenestrated Endovascular Aneurysm Repair (FEVAR). This procedure is primarily employed for aneurysms near the kidneys and other intestines.

Rapid advancements in industrial technologies have enabled pharmaceutical manufacturers to formulate and develop drugs and medications that significantly aid in containing and treating the aneurysm more effectively. This is a major factor that is restraining market growth. Angiotensin II receptor blockers such as losartan, valsartan, and olmesartan are used to control blood pressure which can be among the critical reasons behind the formation of an aneurysm. In addition, statins such as atorvastatin, lovastatin, simvastatin, and others help in lowering cholesterol levels, this reduces the chances of blockage in the arteries which thereby mitigates the risk associated with the aneurysm. Rising consumer awareness regarding complications associated with minimally invasive surgery also poses a significant challenge for market growth. Procedures such as EVAR and others are critical, primarily when the size of the aneurysm exceeds 11 to 25 millimeters. Moreover, it presents complications such as renal deterioration and others. Despite these factors, the aforementioned benefits are driving market growth throughout the forecast period.

Market Dynamics:

Driver: Rapid advancements in medical technologies and rising demand for innovative minimally invasive devices that serve various functions   

With an increasing number of genetic disorders and rapid changes in the daily lifestyle of adults, various critical health diseases have emerged. Abdominal aortic aneurysm is a type of chronic health disease that swells the aorta and thereby causes disruptions in the primary blood vessel. However, if the disease goes unnoticed for a prolonged period, it might result in serious health impacts and even deaths. Therefore, medical experts are constantly seeking tools and devices that aid in effectively performing their operations as well optimize their time spent with individual patients. In addition, market players in this industry are also significantly investing in research & development activities and introducing devices that not only improve efficiency but also adhere to the norms and policies implemented by regulatory bodies in various countries. Moreover, tech giants are looking for collaborations to impart these tools and devices with innovative technologies that also enable doctors to monitor real-time changes in the patient’s body, while performing various EVAR procedures. For instance, in November 2022, Terumo Corporation declared that it has successfully acquired Aortica Corporation, a leading healthcare company based in the U.S. Together they will be providing improved graft anchoring solutions to their potential consumers worldwide. These initiatives and partnerships are further expected to drive abdominal aortic aneurysm repair devices market throughout the forecast period.

Restraint: Various complications and high expenses associated with EVAR

EVAR is a high-performance and advanced treatment methodology that is being employed by surgeons and healthcare professionals for critical health diseases such as abdominal aortic aneurysms. The treatment method is comparatively much more convenient than that of open surgery and enables surgeons to optimize their time in the operation room. However, factors such as high overall expenses are restraining its acceptance among patients. In addition, there are numerous complications associated with this minimally invasive treatment methodology. For instance, people undergoing EVAR procedures are at a high risk of renal deterioration. Moreover, contrast-induced nephropathy due to its varied amount of iodinated dye can cause serious health issues in patients having this condition. Moreover, patients with arteries that are small or heavily diseased are at a high risk of iliac rupture or perforation. Therefore, a properly trained surgical team is required for performing EVAR procedures in a hospital or other healthcare facilities.

Product Type Insights:

Based on product type, the global abdominal aortic aneurysm repair devices market is segmented into stents, catheters, balloon pumps, wires, and others. Stent segment accounted for largest revenue share in 2021. Stent or endovascular stent graft is a fabric tube that is supported by metal wire stents, also termed as scaffold. Increasing application in endovascular grafting and rising number of abdominal aortic aneurysms is a key factor driving growth of this segment. Endovascular stent graft is frequently used in treating thoracic aortic diseases owing to its high precision and accuracy. Surgeons utilize this product for performing various procedures of EVAR such as Thoracic Endovascular Aneurysm Repair (TEVAR) or Fenestrated Endovascular Aneurysm Repair (FEVAR). Rising demand for this segment can also be attributed to rising awareness regarding various benefits of using stents during minimally invasive procedures. For instance, by using stents, surgeons can significantly reduce blood loss that generally occur during minimally invasive surgeries. In addition, this product ensures that patients recover quickly and thereby reduces their stay at the hospital.

Anatomy Insights:

Based on anatomy, the global abdominal aortic aneurysm repair devices market is segmented into traditional anatomy, and complex anatomy. Complex anatomy segment accounted for a significant revenue share in 2021. Rising demand for minimally invasive technologies that enable surgeons to perform an operation with minimum blood loss and less muscle disruption is resulting in faster patient recovery which is a crucial factor driving the growth of the segment. In addition, technologies and medical devices that aid surgeons to specifically identify and operate with high precision and in a short duration of time have also contributed to growth of the segment. Complex anatomy involves systems and devices that aid surgeons to get a clear understanding of internal mechanisms and structure of a human body organs in humans. Therefore, it is widely used in hospitals by surgeons to perform critical operations. EVAR procedures highly rely on complex anatomy.. These procedures are particularly favorable for treating abdominal aortic aneurysm diseases as it requires minimum invasion for repairing dilations in the walls of blood vessels. The procedures work by significantly utilizing small incisions and sophisticated instruments. Moreover, various strategies and developments are being made to enhance this process and enable patients to recover faster. For instance, in December 2021, Sofinnova Partners, a leading European venture capital firm in life science, specializing in healthcare funded Endoron Medical to improve the development process for endograft stapling solutions for quick recovery of damaged or enlarged vessels in abdominal aortic aneurysm disease.

Traditional anatomy segment accounted for a moderate revenue share in 2021. Increasing number of critical health diseases and severe health impacts caused by them has contributed to growth of the segment. In traditional anatomy, a long incision is required to gain access to and repair the aneurysm. In some complex cases, open or traditional anatomy is the only option for abdominal aortic repair as it enables surgeons to better visualize and enable operations to be performed more accurately.

End-Use Insights:

Based on end-use, the global abdominal aortic aneurysm repair devices market is segmented into hospitals, and clinics. Hospitals segment accounted for a significant revenue share in 2021. Rapid lifestyle changes and significant advancements in medical devices are crucial factors driving market growth in this segment. Various EVAR methods are preferred by surgeons in hospitals to provide a safe and convenient alternative for patients with various pulmonary, cardiac, and renal dysfunction. Surgeons and healthcare professionals prefer this tool due to its diverse features. For example, this tool is specifically designed to conform to the vessel’s natural tortuosity, improving flexibility, and conformability.

Regional Insights:

Based on regional analysis, abdominal aortic aneurysm repair devices market in North America accounted for largest revenue share in 2021. Presence of major companies and rapid advancements in healthcare infrastructure are crucial factors driving market growth in this region. In addition, increasing number of chronic heart patients among the geriatric population in this region has provided a lucrative opportunity for companies to significantly invest in their research & development units and eventually come up with products and procedures that not only aid in effectively treating these diseases but also increases patient’s lifespan. Through media, populations in this region have become aware of various benefits of EVAR procedures that are critical for treating abdominal aortic aneurysm repair devices. Moreover, healthcare professionals in this region are also opting for these procedures due to minimized patient complications and reduced time in Operating Room (OR).

Market in Asia Pacific accounted for second-largest revenue share in 2021. Rising consumer awareness regarding various medical treatment methodologies and significant initiatives taken by regulatory bodies in various countries to commercialize medical products and devices are prominent factors driving market growth in this region. Major companies in this region are significantly investing in developing innovative medical products that aid in treating the increasing number of chronic diseases, especially in countries such as China, India, and Japan. In addition, regulatory bodies in these countries have been increasingly promoting usage of abdominal aortic aneurysm repair devices. For instance, the Japanese Ministry of Health, Labour, and Welfare has approved Lombard Medical Inc. for its AorFlex delivery system. It is an endovascular stent graft used for the treatment of abdominal aorta aneurysms. Furthermore, on October 22, 2021, Terumo Aortic declared regulatory approval and commercial launch of Treo abdominal aortic stent graft systems in Japan. All these developments and product launches are expected to drive market growth throughout the forecast period.

Europe accounted for third-largest revenue share in 2021. Significant investments by governments and private entities in improving healthcare infrastructure in this region play a key role in driving market growth. In addition, Germany has the largest number of manufacturing industries which eventually has led to various innovative products being introduced in the medical device segment. The U.K. accounted for the largest regional share owing to a significant increase in the geriatric population. Moreover, healthcare companies in this country are increasingly investing in hospitals and other medical emergency units to ensure proper treatment and diagnosis for the population in this country. This eventually drives demand and contributes to abdominal aortic aneurysm market revenue growth.

Competitive Landscape

Competitive landscape of the global abdominal aortic aneurysm repair devices market is fragmented with many key companies operating at global and regional levels. Key companies are engaged in product development and strategic alliances to expand their respective product portfolios and gain a robust footing in the global market. Major companies in the market include Cook Medical, Endologix LLC, W.L. Gore & Associates, Inc., AbbVie Inc., Medtronic, Cardinal Health, Merck & Co., Inc., Lombard Medical, Terumo Corporation, C.R. Bard, Inc., CyroLife, Inc., and Boston Scientific.

Initiatives taken by companies are driving growth of the market, for instance:

On 11 April 2022, Koninklijke Philips N.V., a globally recognized electronics and healthcare devices manufacturer headquartered in Amsterdam, Netherlands, announced a 10-year strategic agreement with Finland-based Oulu University Hospital. The strategic agreement is expected to improve operational efficiency and brings drastic transformations to the healthcare facility through Philip’s latest diagnostic and interventional solutions and healthcare transformation services. In addition, the agreement also enables collaboration between the hospital and a Philips consultancy team specialized in providing services to drive healthcare transformation. Working closely with Oulu University Hospital, this team will identify unmet needs and help map out the way forward to maximize the benefits of the partnership and associated clinical research collaborations.

Segments Covered in the Report

This report offers historical data and forecasts revenue growth at a global, regional and country level and provides analysis of the market trends in each of the sub-segments from 2022 to 2030. For this study, Reports and Data has segmented the abdominal aortic aneurysm repair devices market based on product type, anatomy, end-use, and region:

Abdominal Aortic Aneurysm Repair Devices Market Report Scope

Segments covered By Product Type Outlook, Anatomy Outlook, End-Use Outlook, Regional Outlook

By Product Type Outlook            

Stents

Catheters

Balloon Pumps

Wires

Others

By Anatomy Outlook     

Traditional Anatomy

Complex Anatomy

By End-Use Outlook      

Hospitals

Clinics

Regional scope

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

Buy quantitative research Report at discounted price – USD 1500 https://qyresearchmedical.com/report/checkout/119108/1500

You can place an order or ask any questions, please feel free to contact [email protected] | +1 9197 992 333

Blog: https://www.novaoneadvisor.com/

Blog: https://www.visionresearchreports.com/

About Us

QYResearch Medical has more than 4000 global well-known customers, covering more than 30 industries including pharmaceuticals, medical technology & devices, healthcare services etc. Company services cover one-stop solution as Data-Analysis-Suggestion-Consulting Implementation. Research regions cover North America, Europe, Latin America, Middle East and Africa, Asia- Pacific.

For Latest Update Follow Us:

URL – http://www.qyresearchmedical.com/

https://www.linkedin.com/company/qyresearch-medical/

https://www.facebook.com/QYResearch-Medical-108186514228917/

https://twitter.com/qyresearchmedi

Leave a Comment

Your email address will not be published. Required fields are marked *