The Aortic Aneurysm Market is expected to reach USD 2848.51 Million by 2030 at 9.60% CAGR during the forecast period 2022-2030
Global Aortic Aneurysm Market Research (MRFR Insights)
The aortic aneurysm market is projected to register a CAGR of 9.60% from 2022 to 2030. The increased frequency of atherosclerosis and the growing senior population are important market drivers. The aortic aneurysm market size is expected to reach approximately USD 2848.51 billion by 2030. The increased frequency of atherosclerosis and the growing senior population are important market drivers. Furthermore, increased demand for less invasive procedures and favorable health reimbursement drive expansion. Increasing incidences of cardiovascular disease, quick adoption of sedentary lifestyles, and bad eating habits contribute to an increase in AA cases worldwide. The growing senior population adds to the patient pool. For instance, according to the United States Department of Health and Human Services, this population group in the United States numbered 54 million in 2019, accounting for over 16% of the total population. Furthermore, this figure is expected to rise to 80.8 million by 2040 and 94.7 million by 2060.
COVID-19 Impact Analysis
The deferral of elective surgery to control the spread of COVID-19 had a substantial impact on market growth. According to the National Vascular Registry, the number of AAA repairs in the United Kingdom fell by 78.1% in April 2021 compared to pre-pandemic levels. Companies producing AA repair devices have resumed full operations following the pandemic. This aided the market's recovery by early 2022.
Aortic Aneurysm Market Dynamics
The market for the market is expected to grow substantially throughout the projected period. In most advanced countries, such as the US, the UK, and Japan, traditional surgical techniques are gradually being replaced with minimally invasive surgeries such as EVAR. Traditional surgery necessitates an incision to access interior body components for surgery, which necessitates high precision, intense concentration, and surgical expertise. However, the benefits of minimally invasive operations include less blood loss, minimal to no scarring, smaller incisions, shorter hospital stays with faster recovery times, and often better outcomes. As a result, the rising demand for minimally invasive EAVR procedures is boosting the market growth. In the next five years, the growing aging population will likely increase the overall number of AA repair procedures.
Technological developments and reimbursement for medical equipment will drive market expansion. Furthermore, rising healthcare expenditure and rising R&D investment provide opportunities for market expansion. However, risks associated with surgical procedures and a stringent regulatory environment may stymie the abdominal aortic aneurysm industry. For instance, in the US, Medicare covers one abdominal aortic ultrasound for individuals who are at risk. Europe is predicted to account for a considerable market share throughout the projection period due to technological advancements and a high prevalence of atherosclerosis. The National Health Service (NHS) and the Food and Drug Administration (FDA) in the US are collaborating to lower the occurrence of aortic aneurysms.
Lack of awareness and treatment availability is limiting the market's growth
Over the forecast period, the market's expansion would be hampered by a lack of knowledge and treatment availability. On the other hand, continuous technological advancements in endovascular surgical procedures are projected to drive market expansion in the future years.
Using computerized prediction models based on the patient's pre-operative X-ray and anatomy, surgeons increasingly rely on dynamic 3D picture overlays of the human body. The models enable surgeons to eliminate iodine contrast and associated risk to the kidneys, reduce radiation exposure during surgery, and save time on the operating table. This development opens up new market opportunities.
By Type Insights
The aortic aneurysm market segmentation, by type, is abdominal aortic aneurysm (AAA) and thoracic aortic aneurysm (TAA). The integrated aortic aneurysm had more revenue share in the aortic aneurysm market growth in 2021 due to the rising prevalence of the condition. An abdominal aortic aneurysm is more frequent in the lower abdomen, with most cases occurring either under the kidney or in the pararenal region of the lower abdomen. Abdominal aortic aneurysm affects around 2.5% of persons over the age of 65, according to a study published in the journal Circulation. Thoracic aortic aneurysm, on the other hand, occurs at a rate of 4.5% to 5.9% per 100,000 person-years. The highest growth of the thoracic aortic aneurysm (TAA) segment over the predicted period can be due to the low incidence of thoracic aortic aneurysm and the lack of modern devices for its endovascular management.
By Product Insights
The aortic aneurysm market segmentation, by product, is stent-grafts, catheters, and others. In 2021, the stent-grafts segment generated the most revenue. During the forecast period, technological developments in stent-graft design will drive the segment's growth. For example, improved stent graft systems with integrated imaging and delivery catheters are being introduced. These devices can be used to treat aneurysms and other serious vascular injuries. The market is divided into two categories: stent grafts and catheters. The catheter segment is anticipated to grow at the highest rate during the forecast period.
By End User Insights
By end user, the market is segmented into hospitals & clinics, ambulatory surgery centers (ASCs), and others. The hospitals & clinics segment had the most revenue share in 2021 and is expected to register the fastest CAGR during the forecast period. Physicians and vascular surgeons regard hospitals as their preferred setting, particularly in underdeveloped nations. The extensive infrastructure in hospitals allows treating complex cases that cannot be handled in ASCs. Additionally, favorable reimbursement rules are projected to drive the industry.
Global Aortic Aneurysm Market Share by Region, 2021 (%)
Aortic Aneurysm Market Overview, by Region
By Region, the aortic aneurysm market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North American region accounted for the most extensive market share. Europe will exhibit the highest CAGR during the forecast period.
In 2021, North America had the highest revenue share of the market due to quick technical development, a move toward less invasive procedures, and an increase in the prevalence of AA. The Test Abdominal Aortic Aneurysms Very Efficiently (SAVE) Act, enacted by the US government in 2014, provides one free AAA screening for men who have smoked at least once in their lives and women who have a family history of the condition. Furthermore, hefty government reimbursements are assisting overall industry growth. In the US, for example, Medicare provides one abdominal aortic ultrasound for at-risk patients.
During the forecast period, Europe is expected to have the greatest CAGR. Due to technological improvements and the high prevalence of atherosclerosis, Europe is expected to account for a sizable proportion during the projection period. The National Health Service (NHS) and other international organizations aim to reduce the prevalence of aortic aneurysms. For example, the NHS in Europe's Public Health England screening program is a national population screening program that helps identify healthy people who may be at risk of developing an aortic aneurysm. As a result, early treatment and informed decisions are possible.
Aortic Aneurysm Market Competitive Landscape
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as AbbVie Inc. (US), Terumo Corporation (Japan), R. Bard Inc. (US), and Medtronic Plc. (US), Carditis S.A. (Belgium) dominates the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base.
Prominent players in the aortic aneurysm market research include AbbVie Inc. (US), Terumo Corporation (Japan), R. Bard Inc. (US), Medtronic Plc. (US), Cardiatis S.A. (Belgium), Lombard Medical Inc (UK), and Cardinal Health Inc. (US).
Scope of the Aortic Aneurysm Market Segmatation
By Type Outlook
By Product Outlook
By Treatment Outlook
By End User outlook
By Region Outlook
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the aortic aneurysm market report segmented by type, product, treatment, and end user by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the aortic aneurysm market forecast between 2022 and 2030.
To identify and infer the drivers, restraints, opportunities, and challenges in the aortic aneurysm market growth
To find out the factors which are affecting the aortic aneurysm market size among consumers
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Product, Treatment, and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||AbbVie Inc. (US), Terumo Corporation (Japan), R. Bard Inc. (US), Medtronic Plc. (US), Cardiatis S.A. (Belgium), Lombard Medical Inc (UK), and Cardinal Health Inc. (US)|
|Key Market Opportunities||Aneurysms are repaired using revolutionary 3D technologies|
|Key Market Drivers||Technological developments and reimbursement for medical equipment will drive market expansion.|
The aortic aneurysm market forecast period is 2022 - 2030
The market is expected to register a CAGR of ~9.60% over the next 10 years, according to aortic aneurysm market research.
Europe is expected to register the highest CAGR during 2022 - 2030
North America held the largest share in 2021
The market size is expected to be USD 2848.51 Million by 2030.
AbbVie Inc. (US), Terumo Corporation (Japan), R. Bard Inc. (US), Medtronic Plc. (US), Cardiatis S.A. (Belgium), Lombard Medical Inc (UK), and Cardinal Health Inc. (US) are the major companies operating in the market.