The global market is growing due to factors like increasing penetration of tobacco smoking in both developing as well as developed countries, growing elderly population across the globe, supportive reimbursement scenarios for surgical treatment of aortic aneurysms, the increasing prevalence of cardiovascular diseases, and rising technological advancements in products. On the other hand, the low reimbursement rates present in developing nations and high pricing level of aortic aneurysm market treatment and devices can hinder the market growth in the next few years.
The global aortic aneurysm market was analysed by Market Research Future (MRFR) and it was projected that a notable CAGR of 8.4% will be attained by the market over the forecast period of 2018 to 2023. The valuation of the market was further stated to surpass its previous valuation USD 2,357.6 million in 2017 by the end of the forecast period.
Competitive Landscape
The global aortic aneurysm market comprises a host of key players. This includes names like Lombard Medical Limited, Microport Scientific Corporation, Medtronic PLC, MAQUET Holding B.V. & Co. KG, Terumo Medical Corporation, Cook Medical, W. L. Gore & Associates, Endologix, Inc., JO0TEC AG (CryoLife, Inc.), and Cardinal Health, Inc.
Market Segmentation
The global aortic aneurysm market has been segmented in terms of type, end-user, treatment, and product.
- By Type, the market report includes abdominal aortic aneurysm (AAA) and thoracic aortic aneurysm (TAA). The former segment would dominate the global market due to the increasing instances of such disease and the availability of better treatment options.
- By Product, the study on the aortic aneurysm market can be segmented into catheters, stent-grafts, and others. The catheters section is getting traction due to the rise in geriatric cases.
- By Treatment, the report includes segments like endovascular aneurysm repair (EVAR) and open surgical repair (OSR) for a better understanding of the market.
- By End user, the report with details on the aortic aneurysm market can be segmented into ambulatory surgery centers (ASCs), hospitals & clinics, and others. The hospitals & clinics segment would make proper use of the available funding to build better infrastructure and that would help in enhancing the treatment experience.
Regional Analysis
The global aortic aneurysm market is geographically distributed across the following key regions: Asia Pacific, Americas, Europe, and the Rest of the World (RoW).
The Americas is expected to continue its dominance of the aortic aneurysm market during the forecast period. This is attributed to the presence of major market vendors, established medical and healthcare infrastructure and facilities, increasing spending level in the healthcare industry, and consistent launches of novel devices across developed nations like the US and Canada.
Europe is said to be the second-largest contributor to the global market of aortic aneurysm due to the massive prevalence of tobacco smoking herein and the number of favorable initiatives by several organizations to curb down the burden of aortic aneurysm. To paint a better picture, the World Health Organization (WHO) said that at present, Europe holds the highest prevalence of tobacco smoking amongst adult citizens (28%) and even some of the highest prevalence of tobacco use by adolescents.
Asia-Pacific is most likely to experience the fastest growth in the aortic aneurysm market during the assessment period. This is because of the growing geriatric population herein and the booming prevalence of cardiovascular diseases & hypertension diseases, widespread awareness about aortic aneurysm treatment, and the developing healthcare infrastructure across key nations like India, China, and Australia. For instance, WHO reported recently that over one million people in the Western Pacific Region succumb to death each year from cardiovascular diseases, one which is caused due to the use of tobacco.
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