Rise in the adoption of minimally invasive procedures, favorable reimbursements, and the unpenetrated opportunities in the complex anatomy segment would boost the market growth. In addition, increase in out-of-pocket expenses is expected to boost the adoption of EVAR in the developing regions.
Portland, OR — (SBWIRE) — 06/13/2018 — Global abdominal aortic aneurysm repair devices market was valued at $1,844 million in 2015, and is estimated to reach $2,614 million by 2022, registering a CAGR of 5.1% from 2016 to 2022. The endovascular stent graft system segment is expected to generate the highest revenue, and is projected to dominate the market during the study period.
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Abdominal aortic aneurysm (AAA) is a condition that affects majorly the geriatric population (above 65 years of age). The abdominal aortic aneurysm repair devices market is growing at a steady pace owing to technological advancements in the aneurysm repair procedures. The market growth is driven by increase in geriatric population, rise in tobacco consumption, and technological advancements in repair devices & procedures. In addition, increase in adoption of EVAR procedures, rise in demand for minimally invasive treatment, and availability of favorable reimbursements are anticipated to fuel the market growth. However, high cost of the procedures, low availability of products to treat complex anatomy, that is, aneurysm with neck size less than 10 mm, and lack of awareness in developing regions are the factors that restrain the market growth.
The endovascular stent graft system segment accounted for the more than two-thirds share of the overall market in 2015. This is attributed to the wide adoption of endovascular stent graft system owing to its various advantages such as short hospital stay, less operative time, and minimally invasive nature.
The traditional anatomy segment accounted for highest share in 2015, as the EVAR products currently available are suitable for the treatment of aneurysms with neck length more than 10mm. However, complex anatomy segment is expected to witness a high CAGR during the analysis period. On the basis of site of abdominal aortic aneurysm, the infrarenal AAA repair devices segment accounted for the highest share in 2015, owing to high prevalence of infrarenal AAA.
North America lead the global market, owing to increase in prevalence of AAA. North America and Europe together accounted for around four-fifths share in 2015. This is attributed to increased incidences of AAA and higher government expenditure on healthcare. Asia-Pacific is expected to witness the highest growth, due to increase in geriatric population, affordability, and improvement in healthcare facilities.
Key Findings of the Abdominal Aortic Aneurysm Repair Devices Market
1. Based on product type, in 2015, endovascular stent graft system segment accounted for the highest revenue in the market.
2. Traditional anatomy segment is expected to grow at a significant CAGR of 6.3% in Asia-Pacific, due to growth in geriatric population.
3. LAMEA is projected to be the one of the fastest growing region, owing to the presence of ample growth opportunities in terms of unmet medical needs for the treatment of AAA, and increased disposable income of the population.
4. In 2015, Japan and China jointly accounted for about two-thirds share of the Asia-Pacific abdominal aortic aneurysm repair devices market.
Key players in the global abdominal aortic aneurysm repair devices market include Cook Medical Inc., Endologix, Inc., W. L. Gore & Associates, Inc., AbbVie Inc., Medtronic Plc., Cardinal Health Inc., Merck & Co., Inc., C. R. Bard, Inc., Lombard Medical, Inc., and Terumo Corporation.
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