ID: MRFR/HC/6306-HCR | February 2021 | Region: Global | 90 pages
The aortic aneurysm market was valued at a market figure worth 2,357.6 million in 2017. However, the industry leaders and market players predict that the market is expected to grow at a CAGR of 8.4% during the forecast period ends in 2023. There is a great need for the wide-scale availability of reimbursement related to medical treatment and devices which is one of the most considerable factors for the aortic aneurysm market growth during the forecast period.
COVID 19 Analysis
One of the major issues that have been faced by the aortic aneurysm market players offering various kinds of products and services is the occurrence of the pandemic. The rate of spread of the novel coronavirus is so high that the government and public sector has no option except to take forward stringent regulations and strict norms that might help in bringing down the positivity rate of the pandemic. However, these regulations mean that the life of the common man is at stake as the degree of normalcy has been reduced. Due to the lockdown, digital working, and work-from-home scenarios, there has been an increase in stress levels. Because of this, both men and women tend to consider smoking as a stress-buster and increase their limit for the same.
However, in this process, people tend to ignore the fact that access amount of smoking results in increased risks related to cardiovascular diseases. Hence, the government is rolling serious regulations in the form of generalizing the age for tobacco selling in various countries. Also, the funds are being diverted towards the requirement of developing medical solutions and systems that will enhance the tests and help people with the desired treatment. The key aortic aneurysm market players belonging to various global regions are also investing in the development and international launch of products and services that are successful in catering to the needs of a larger target audience during the forecast period that ends in 2023.
Aortic Aneurysm Market Dynamics
One of the main factors that will increase the demand for the endovascular aortic aneurysm repair market is the rise in the geriatric population worldwide. The adult population is guilty of pursuing poor dietary habits and this is giving a rise to a high incidence of cardiovascular diseases. There is a dire need for treatment and devices related to thoracic and abdominal aneurysm repair. This is likely to drive the aortic aneurysm market towards major growth during the forecast period that ends in 2023. Smoking has become a global concern as millennials are driving towards smoking on regular basis. This in turn is acting positively for the market in generating growth that results in expansion of the market opportunities on an international scale.
The under-developed and developing companies are facing a series of concerns that will impact the scale of operations for the aortic aneurysm market that aims for growth during the forecast period that ends in 2023. The population amongst these countries is increasing but their awareness regarding the ill-effects of smoking is decreasing and also, people tend to remain unaware regarding the harmful effects that the body parts like issues with lungs, impact on health, alongside the associated risks of developing an aneurysm are expanding. Also, the regulatory and reimbursement scenarios are variant that leads to the development of growth restraints.
The developed countries like the US, Canada, and Mexico, have governments that are undergoing to roll stringent regulations that are related to the governing of new product launches to maintain the quality of services being offered to the target audience. The reimbursement scenarios are being worked upon and the main aim is to develop the surgical treatment of aortic aneurysms so that they are favorable for most of the target audience in various global regions.
Aortic Aneurysm Market Segment Overview
Based on the diversification of the target audience in various global regions, the market has been segmented based on the following:
Based on the products
The aortic aneurysm market deals in a series of products like vascular closure devices, synthetic stent grafts, balloon inflation devices, guidewire, and catheters, amongst others.
Based on the regions
The aortic aneurysm market is functional in 4 major regions namely North America, the APAC region, European nations, alongside the rest of the world (RoW)
Based on the end-use
This segment of the market has been divided into hospitals, clinics, and ambulatory surgical centers (ASC). during the historic forecast period that ended in 2018, hospitals emerged as the largest aortic aneurysm market segment and a similar trend is likely to emerge during the ongoing forecast period that ends in 2023.
Based on the type of treatment
The treatment segment of the market has been categorized into endovascular repair, and open surgical repair (OSR).
Aortic Aneurysm Market Regional Analysis
During the historic period, the North American market and inclusive regions witnessed a huge push and emerged as the dominant region during the period that ended in 2019. The main reason behind this splendid growth is the rapid rise of the technological advancements and development of products followed by its launch on an elaborated scale. Similar trends are expected to roll and the market players belonging to the US and Canadian markets are expected to enter into collaborative agreements alongside a high incidence of AAA’s. Also, Europe is expected to witness significant growth at a good rate owing to the role of international organizations like the NHS, and the USA’s FDA. These are working towards a reduction in the incidence of aortic aneurysms and hence, promise a good regional growth in competition during the forecast period that ends in 2023.
Aortic Aneurysm Market Competitive Landscape
The aortic aneurysm screening is soaring high on demand and with the same, competition is rising amongst the market players. They are as follows:
Aortic Aneurysm Market Report Overview
The global report discusses the impact of the pandemic on the market operations and further, projects the growth rate of the market and the attainable revenue during the forecast period ending in 2023. The report discusses the performance of the market segments in various regions and the steps taken by the regions and their respective governments to create growth and profitable opportunities for the global market during the period. Also, the report aims to understand the rising degree of competition amongst the functions of the market players and consider the recent developments are undertaken that will lead the market towards growth predicted by the industry leaders and market experts.
Frequently Asked Questions (FAQ) :
Aortic aneurysm market was valued at USD 2,357.6 million in 2017.
The market is expected to exhibit a solid 8.4% CAGR over the forecast period.
The increasing prevalence of cardiovascular diseases and the increasing prevalence of smoking are the major drivers for the aortic aneurysm market.
The Americas and Europe are likely to dominate the global aortic aneurysm market over the forecast period.
Leading players in the aortic aneurysm market include Medtronic, Cook Medical, Microport Scientific Corporation, Endologix, Cardinal Health, Lombard Medical Ltd., L. Gore & Associates, and Terumo Medical Corporation, among others.
This table of content is tentative and subject to change as the research progresses.
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