Worldwide Aortic Aneurysm Market Trends and Drivers, Restraints, and Opportunities 2017-2023
Global Aortic Aneurysm Market – Drivers, Opportunities, Trends, and Forecasts: 2017–2023
Overview: Aortic aneurysm is a condition in which the aortic wall is enlarged at a certain point, which leads to rupturing of the artery resulting in internal bleeding. Abdominal aortic aneurysm (AAA) and thoracic aortic aneurysm (TAA) are the two types of aneurysms based on the location of the aneurysm. The first AAA surgical procedure was performed in 1991 and since then there has been an evolution in the treatment of stent grafts. Montenegro, Armenia, and New Zealand were the top three regions with highest mortality rate in 2013.
The increasing lifestyle diseases and smoking population are the factors that increase the chances for aortic aneurysm. Along with this, the growing aging population, favorable reimbursement, and technological advancements in products are driving the growth of the aortic aneurysm market. However, lack of awareness about the disease, stringent regulatory approval procedures, and risk associated with the procedure are hampering the growth of the market. The main unmet need in the market is endoleaking, which increases the mortality rate.
Currently, the market players are developing technologically advanced stent grafts for the treatment of complex aortic aneurysm repairs. The EVAR segment contributed more than 70% of the total market share in 2016. A major focus in this segment is expected to drive the growth of the aortic aneurysm market in the future.
Market Analysis: The Global Aortic Aneurysm Market is estimated to witness a CAGR of 6.6% during the forecast period 2017–2023. The aortic aneurysm market is analyzed based on three segments – type, product types, and regions.
Regional Analysis: The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). North America is set to be the leading region for the aortic aneurysm market growth followed by Europe. Asia Pacific and ROW are set to be the emerging regions. Japan is the second standalone market after the US growing with a double digit CAGR.
Analysis by Types: The aortic aneurysm market is segmented into AAA and TAA. AAA occupies the major share in the market with EVAR being the most adopted AAA procedure. TAA is the fastest growing segment in the market. This is due to the technological advancements and the increasing awareness of the condition among the patients globally.
Analysis by Product Types: Based on products, the market is segmented as stent grafts, catheters, and other accessories. The stent grafts segment held the major share in 2016, and is expected to grow at a rate of 6.75% during the forecast period. Among the types of stent grafts, AAA stent grafts held a major share in 2016, and the rest of the market is held by TAA stent grafts.
Key Players: Cook Medical’s Medtronic PLC, W.L.Gore & Associates, MicroPort Scientific Corporation, Terumo Corporation, Endologix, Jotec GmbH, Boston Scientific Corporation, and other predominant and niche players.
Competitive Analysis: The market of aortic aneurysm is dominated by Cook Medical, Medtronic PLC, and W.L. Gore and Associates, who occupy around 85% of the market share. Other small players are adopting various strategies to increase their market share. Endologix acquired Trivascular to expand its product portfolio, thereby being able to address the current and future needs in the aortic aneurysm market.
In countries such as Australia, Germany, the US, and Switzerland, who have fee-for-service reimbursement system, the proportion undergoing AAA repair is higher compared with countries, such as Iceland, Sweden, Denmark, New Zealand, Hungary and Norway, who have a population-based reimbursement model.
Benefits: The report provides complete details about the usage and adoption rate of aortic aneurysm repair devices in various verticals and regions. These help the key stakeholders to know about the major trends, drivers, investments, and vertical player’s initiatives in the upcoming years. Moreover, the report provides details about the major challenges that are going to impact on the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders to expand their business and capture the revenue in specific verticals, and to analyze before investing or expanding the business in this market.