Aortic Aneurysm Market Research Report: Information by Type (Abdominal Aortic Aneurysm, Thoracic Aortic Aneurysm), Product (Stent Grafts, Catheters), Treatment (Endovascular Aneurysm Repair, Open Surgical Repair), End User Forecast till 2027
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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.
Global Aortic Aneurysm Market Segmentation
The global aortic aneurysm market has been segmented in terms of type, end-user, treatment, and product.
By product, the market divides into catheters, stent-grafts, and others.
By treatment, the market includes open surgical repair (OSR) and endovascular aneurysm repair (EVAR).
By end-user, the market segments into ambulatory surgery centers (ASCs), hospitals and clinics, and others.
By type, the market comprises thoracic aortic aneurysm (TAA) and abdominal aortic aneurysm (AAA). The abdominal aortic aneurysm (AAA) segment is expected to account for the maximum share percentage of the global market during the forecast period. This is because of the increasing prevalence of the disease which occurs primarily in the lower abdominal area.
Global Aortic Aneurysm Market 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.
The Middle East & Africa holds the minimal share in the global market. Addition, the major share of the market is held by the Middle Eastern region. Several findings have indicated that aortic aneurysm is extremely rare in the Middle East and only a meagre population is threatened by the deadly aortic aneurysms annually in the Middle East region.
Global Aortic Aneurysm Market 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.
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