Aortic Aneurysm Market Eyeing Favorable Growth due to Increase in Tobacco Consumption
Market Analysis
The global aortic aneurysm market is predicted to grow at an 9.1% CAGR between 2019-2023, reveals the latest Market Research Future (MRFR) report. An aortic aneurysm, simply put, is an enlargement of the aorta, which is above 1.5 times more than the normal size. Generally, this condition has no symptoms except if ruptured. During enlargement, people may experience a few symptoms, such as a pulse near their bellybutton, back pain, and constant, deep pain on the side of the abdomen or the abdomen. Aortic aneurysm is of two types- abdominal aortic aneurysm and thoracic aortic aneurysm.
Various factors are propelling the aortic aneurysm market growth. These factors, as stated by the latest Market Research Future (MRFR) report, include demand for minimally invasive treatment, rising adoption of endovascular aneurysm repair procedures, an increase in tobacco consumption, and a rise in the geriatric population. Additional factors pushing market growth include poor dietary habits, high prevalence of cardiovascular diseases, and mounting technological advancements.
On the flip side, the high price of treatment and devices and low reimbursement rates are factors that may deter the aortic aneurysm market growth during the forecast period.
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Market Segmentation
The MRFR report provides an all-inclusive segmental analysis of the aortic aneurysm market on the basis of end user, treatment, product, and type.
Based on type, the aortic aneurysm market is segmented into thoracic aortic aneurysm (TAA), and abdominal aortic aneurysm (AAA). Of these, the abdominal aortic aneurysm segment will have the largest share in the market over the forecast period chiefly on account of the increasing incidence of the disease.
Based on the product, the aortic aneurysm market is segmented into catheters, stent-grafts, and others. Of these, the stent-graft segment will dominate the market over the forecast period on account of technological advancements in stent-graft designing. It is predicted to grow at the highest CAGR.
Based on treatment, the aortic aneurysm market is segmented into open surgical repair (OSR) and endovascular aneurysm repair (EVAR).
Based on end user, the aortic aneurysm market is segmented into ambulatory surgery centers (ASCs), hospitals and clinics, and others. Of these, hospitals and clinics will dominate the market over the forecast period.
Regional Analysis
By region, the aortic aneurysm market report covers the latest trends and growth opportunities across the Americas, the Middle East and Africa, the Asia Pacific, and Europe. Of these, the Americas will lead the market over the forecast period. Factors propelling the growth of the aortic aneurysm market in the region include frequent launches of new devices in Canada as well as the US, higher expenditure on healthcare, presence of major market participants in the region, and presence of sophisticated healthcare and medical infrastructure.
The aortic aneurysm market in Europe is predicted to have the second-largest share in the market over the forecast period. Factors propelling the growth of the aortic aneurysm market in the region include favorable initiatives undertaken by organizations for reducing the burden of aortic aneurysm and the highest prevalence of tobacco smoking.
The aortic aneurysm market in the APAC region is predicted to grow at the fastest pace over the forecast period. Factors propelling the growth of the aortic aneurysm market in the region include developing healthcare infrastructure in Australia, China, and India, growing awareness about aortic aneurysm treatment, increasing prevalence of hypertension and cardiovascular diseases, and growing geriatric population.
The aortic aneurysm market in the Middle East and Africa is predicted to have a minimal share in the market over the forecast period. The major share is held by the Middle Eastern region. Aortic aneurysm is extremely rare in the Middle East regions, with few lives threatened by it annually.
Key Players
Major players profiled in the aortic aneurysm market report include Cardinal Health, Inc, JO0TEC AG (CryoLife, Inc.), Lombard Medical Limited, W. L. Gore & Associates, Endologix, Inc., MAQUET Holding B.V. & Co. KG, Microport Scientific Corporation, Terumo Medical Corporation, Cook Medical, and Medtronic Plc. Key players have adopted numerous strategies such as mergers and acquisitions, collaborations, product launches, and innovations to create a niche in the market.
Industry News
October 2019: Medtronic has received a designation from the FDA for a stent-graft system that has been designed for sealing off big aortic aneurysms that span into the abdomen from the chest.
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