Abdominal Aortic Aneurysm Treatment Market size in 2019 is estimated to be $2614 million, growing at a CAGR of 5.1% during the forecast period 2020-2025. Abdominal aortic aneurysm is the enlargement of lower part of aorta in the abdomen. The aorta is the main supplier of the blood to the body, hence the ruptured abdominal aortic aneurysm may cause Abnormal bleeding. Abdominal aortic aneurysm is asymptomatic disorder unless there is a rupture which leads to internal bleeding and hemorrhaging. Increasing Geriatric population and technological advancement are the major factors driving the growth of the market. Moreover, changing lifestyle and advancement of R&D activities further enhance the overall market demand for abdominal aortic aneurysm treatment during the forecast period 2020-2025.
Abdominal Aortic Aneurysm Treatment Market Segment Analysis - By Type
Based on the Type, Abdominal Aortic Aneurysm Treatment Market is segmented into Thoracic Aortic Aneurysm, Abdominal Aortic Aneurysm. The abdominal aortic aneurysm segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 4.5% during the forecast period 2020-2025. AAA is more common in the lower abdominal part, and most of the cases of AAA(Abdominal Aortic Aneurysm) either occur at the infrarenal or juxtarenal part of the lower abdomen and the number of repairs being performed for infrarenal and juxtarenal is much higher as compared to thoracic aneurysms are contributing to the growth of this segment.
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Abdominal Aortic Aneurysm Treatment Market Segment Analysis - By Product
Based on the Product, Abdominal Aortic Aneurysm Treatment Market is segmented into Stent Graft, Catheter. In 2019, stent graft held the largest share in the Abdominal Aortic Aneurysm Market. This is mainly owing to increasing technological advancement in stent graft designing. Moreover, advanced stent graft systems are being launched with inbuilt imaging and delivery catheter are contributing to the growth of this segment.
Abdominal Aortic Aneurysm Treatment Market Segment Analysis - Geography
North America dominated the Market share accounting for 45% of the market in 2019. This is mainly owing to rapid technological advancements, product developments and high incidence of Abdominal Aortic Aneurysms. According to Center for Disease Control and Prevention, about 13,000 deaths occur in U.S. owing to abdominal aortic aneurysm rupture in the patients between 60 and 70 years of age in 2016. The frequency of disorder is much high in case of smokers as compared to that of non-smokers.
However, the Asia Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to increasing disposable income and increasing healthcare expenditure.
Abdominal Aortic Aneurysm Treatment Market Drivers
Increasing Geriatric Population
Increasing geriatric population and poor dietary habits are some factors driving the market growth of this segment. Moreover, an abdominal aortic aneurysm (AAA) can be life-threatening if it bursts. Abdominal aortic aneurysms are most common in older men and smokers which are increasing the market growth of abdominal aortic aneurysm.
Technological Advancement
Increasing technological advancement and rising research in medical are some factor driving the growth of the market. Moreover, increasing research and development activities helps to develop new treatments for multiple diseases are contributing to the growth of Abdominal Aortic Aneurysm Treatment Market.
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Abdominal Aortic Aneurysm Treatment Market Challenges
Lack of skilled professional and increasing cost of treatment are challenging the growth of the market. Moreover, lack of awareness and less availability of treatment among are further restraining its market growth during the forecast period 2020-2025.
Abdominal Aortic Aneurysm Treatment Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Abdominal Aortic Aneurysm Treatment Market. Abdominal Aortic Aneurysm top 10 companies are Cook Medical Inc., Endologix Inc., W.L.Gore & Associates, AbbVie Inc., Medtronic Plc.,Cardinal Health Inc., Merck & Co. Inc., Lombard Medical, Inc., Terumo Corporation, and C. R. Bard Inc.
Acquisitions/Product Launches:
On April 2018, Bolton Medical has acquisition with Vascutek in order to develop the aortic and vascular treatment.
On April 2017, Endovascular Technology Corp. has acquisition with MicroPort Scientific Corp. This acquisition helps to increase the stent-graft technologies.
Key Takeaways
In 2019, North America dominates the Abdominal Aortic Aneurysm Treatment Market owing to rapid technological advancements, product developments and high incidence of Abdominal Aortic Aneurysms.
Increasing geriatric population and technological advancement is driving the market growth of abdominal aortic aneurysm treatment.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Abdominal Aortic Aneurysm Market report.
High cost of treatment and less availability of treatment are challenging the growth of the market.
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