Market Insights
The global abdominal aortic aneurysm (AAA) repair devices market is projected to reach $3,800.50 million by 2028, growing at a CAGR of 6.1% during the forecast period 2022-2028.
What is Abdominal Aortic Aneurysm?
Abdominal Aortic Aneurysm (AAA) is a part of the aorta and delivers blood to the body, this main blood vessel that passes through the abdomen. AAA usually affects people of age 50 years and more. As per the data, the disease is common in men as compared to women. As per the Centers for Disease Control and Prevention (CDC), in the year 2019, AAA is most commonly seen in the elderly population of age 65 years.
Risks such as high blood pressure and excessive smoking are some reasons for AAA. IN modern healthcare scenario, AAA can be treated with endovascular stent grafting, it is a minimally invasive procedure preferred over open surgery due to various factors such as long hospital stay, reduced blood loss, operative time, mortality, and morbidity.
Key Players
Studying the competitive landscape of the global AAA repair devices market shows that the market is moderately fragmented with the presence of mid-and small-sized companies across the globe. Companies are adopting various strategies such as mergers & acquisitions to strengthen their market share.
For instance:
- In October 2020, Endologix launched ALTO Abdominal Stent Graft System in Europe and the US. The product offers a differentiated endovascular treatment for patients suffering from AAA. It is designed with a focus to increase ease of use, preserve long-term durability and improve acute outcomes with anatomically adaptive sealing.
- In December 2021, Terumo Aortic launched Aortic Balloon in the USA. As per the company, the 10Fr device is a low-profile Aortic Balloon offering inflation control and a broad balloon diameter range, up to 50mm. The company is focusing on capturing market share with a focus to develop aortic solutions in one-stop solutions model for the industry.
Other key players studied in the market are:
- Medtronic
- Endologix LLC
- Gore Medical (W. L. Gore & Associates)
- MicroPort Scientific Corporation
- Cook
- JOTEC (Cryolife, Inc.)
- Cardinal Health
- Terumo Corporation
- Lombard Medical Technologies
- Cardiatis
- VASCUTEK Ltd.
- MicroPort Scientific Corporation
- Braile Biomdica
Market Dynamcis
The abdominal aortic aneurysm repair devices demands will witness a growth due to constant growth in tobacco consumption, rise in demand for minimally invasive treatment, increase in the geriatric population and rise in adoption of EVAR procedures. Also, availability of favourable reimbursements from government in some major regions boosts the overall market growth during the forecast period.
As per the US Preventive Services Task Force, smoking is a key risk factor associated with prevalence of AAA. Smoking significantly increases the risk of developing aortic aneurysms, share of global population is using tobacco, as per the World Health Organization, ~22.3% of the global population used tobacco in 2020. Also, for patients who are undergoing surgical AA repair, smoking is likely to increase the risk of perioperative death and late mortality.
The COVID-19 outbreak has negatively affected the growth of the global abdominal aortic aneurysm repair devices market. The negative market growth is due to the strict lockdown measure in the countries around the world. The lockdown and closure of international boundaries delayed the manufacturing and production of abdominal aortic aneurysm repair devices.
Companies present in the global abdominal aortic aneurysm repair devices market are adopting various competitive strategies to stay ahead in the competition. Companies are launching products for endovascular treatment of patients with AAA symptoms. For instance, in March 2021, Cook Medical introduced Zenith Fenestrated+ Endovascular Graft product. The product is used to treat endovascular related diseases with aortic aneurysms.
Segment Analysis
By Product Type
The market is segmented into endovascular stent graft system and synthetic graft system. The endovascular stent graft system segment dominated the abdominal aortic aneurysm repair devices market. Technological advancements in endovascular stent graft system is projected to record substantial growth to the segment during the forecast period.
By Site Type
The market is segmented into Infrarenal AAA and Pararenal AAA. The infrarenal AAA segment registered highest revenue in 2021. As Pararenal AAA exposure is more critical than exposure for infrarenal AAA repair. As per the studies, the surgical repair of PRAAAs requires more extensive aortic exposure and may result in ischemic injury to visceral organs and kidneys with higher mortality and morbidity as compared with infrarenal AAAs. Hence, the market witnesses the higher demand of Infrarenal AAA repair devices than Pararenal AAA repair devices, resulting in significant growth during the forecast period.
Anatomy Type
The market is segmented into traditional anatomy and complex anatomy. The traditional anatomy segment holds the highest market share in the year 2020.
Regional Analysis
On the basis of regional segmentation, the global AAA repair devices market is divided into North America, Europe, Asia Pacific and Rest of the World. The North America AAA repair devices market is dominating the global marketplace and the market is driven by rise in geriatric population owing to their sensitivity to develop AAA. Also, advancements of EVAR products and increasing number of smokers in the region are some factors that are expected to boost the overall market growth.
Europe AAA repair devices market also holds the significant share in the global marketplace. The regional growth is attributed to factors such as high prevalence of atherosclerosis in the region technological advancements AAA repair devices. The government officials and respective authorities are taking many measures to identify AAA at early stage to treat and manage patients.
As per the NHS, the organisation runs public health screening program in Europe that helps to identify healthy people who may be at risk of developing an aortic aneurysm. Asia-Pacific AAA repair devices market is growing positively owing to increasing focus of market players towards the emerging economies and rising awareness related the advanced treatment options.
Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product Portfolio, New Product Launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
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Company Profiling
- Detailed profiling of additional market players (up to three players)
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Competitive Benchmarking
- Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances
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