Market Segmentation:
The worldwide aortic aneurysm market has been segmented based on product, type, end user, and treatment. Based on product, the market has been segmented into catheters, stent-grafts, and others. Based on type, the market has been segmented into thoracic aortic aneurysm (TAA) and abdominal aortic aneurysm (AAA). Based on end user, the market has been segmented into ambulatory surgery centers (ASCs), hospitals and clinics, and others. Based on treatment, the market has been segmented into open surgical repair (OSR) and endovascular aneurysm repair (EVAR).
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Aortic Aneurysm Market Overview:
The worldwide aortic aneurysm market generated a value of USD 2,357.6 million in 2017 and is likely to grow at a CAGR of 8.4% over the forecast period. Aortic aneurysm is a condition in which the aorta is dilated up to 1.5 times of normal size. This causes rupture of the artery resulting in internal bleeding. Aortic aneurysm can be of two types, thoracic aortic aneurysm (TAA) and abdominal aortic aneurysm (AAA). Thoracic aortic aneurysm occurs mainly in the thorax and abdominal aortic aneurysm occurs mainly in the part of the aorta that passes through the abdomen. Increased tobacco smoking all over the world has triggered the market for aortic aneurysm.
Additionally, the increasing geriatric population coupled with the growing incidents of cardiovascular diseases drive the market for aortic aneurysm. Besides, favorable reimbursement policies for surgical treatments and increased technological advancements play substantial roles in boosting the aortic aneurysm market. However, the prevalence of low reimbursement rates in the developing nations, expensive treatments, and devices are expected to obstruct the market growth over the next five years.
Key Players:
The global aortic aneurysm market is dominated by key players such as Cook Medical, Medtronic plc, Microport Scientific Corporation, MAQUET Holding B.V. & Co. KG, W. L. Gore & Associates, Endologix, Inc., JO0TEC AG (CryoLife, Inc.), Cardinal Health, Inc., Lombard Medical Limited, and Terumo Medical Corporation.
Regional Analysis:
The worldwide aortic aneurysm market has been segmented into Europe, Asia-Pacific, the Americas, and the Middle East & Africa. The Americas dominate the global aortic aneurysm market owing to the availability of modern medical and healthcare facilities. Furthermore, presence of key market players, launch of innovative devices, coupled with increased healthcare expenditures drive the aortic aneurysm markets in the US and Canada. Of late, abdominal aortic aneurysm (AAA) is getting widely treated with the help of less invasive procedures such as Endovascular aneurysm repair (EVAR). The introduction of EVAR can be considered as a potential factor for driving the aortic aneurysm market in the Americas. Europe represents the second largest aortic aneurysm market globally.
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The growth is owing to the increased prevalence of tobacco smoking in the region. The World Health Organization (WHO) reported that Europe has the highest incidents of tobacco smoking among adults and adolescents. Asia-Pacific market is likely to grow rapidly over the forecast period owing to its increasing elderly population and the increased frequency of hypertension and cardiovascular diseases. The market is also fueled by the rising awareness about aortic aneurysm treatment in prospective economies such as Australia, China, and India. WHO stated that one million people in the Western Pacific Region die each year from ailments caused by tobacco consumption. Additionally, cardiovascular ailments such as stroke and heart attack have been reported to be caused by smoking, to a great extent. The Middle East & Africa holds the smallest share of the worldwide aortic aneurysm market. Key market share of the region is held by the Middle East. Studies revealed that the prevalence of aortic aneurysm is rare in the Middle East and hence, the growth is insignificant in this market.
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