Aortic Stents Grafts Market Expected to Grow With a CAGR of 7.8% During the Forecast Period 2021-2026
Aortic Stents Grafts Market size was valued at $4,089 million in 2020 and is expected to grow with a CAGR of 7.8% during the forecast period 2021-2026. The Aortic Stents Grafts industry growth rate is attributed to the rise in the demand for minimally invasive surgeries, the development of innovative and advanced products and the technological advancements. The aortic stent graft is a new aneurysm treatment alternative. An artificial stent graft is placed over the widening and administered through an arterial blood vessel in the groin. Endovascular aneurysm repair is the name for this procedure. Aortic aneurysms may be treated with a variety of stent grafts. They may vary in terms of deployment techniques, design, and material composition. Furthermore, favorable reimbursement policies and increasing adoption of minimally invasive surgeries among physician and patients is further set to boost the overall market growth.
Aortic Stents Grafts Market Segment Analysis - By Aneurysm Type
On the basis of aneurysm type, abdominal aortic stent graft segment accounted for the largest segmental revenue of the biologic excipients market in 2020. The abdominal aortic stent graft segment held the largest market on account of the increase in the aging population and the rise of abdominal aortic aneurysm. Furthermore, the increasing awareness towards innovative treatment options and advancements in diagnostic technologies are some of the other factors contributing to the growth of the aortic stent graft market.
On the contrary, thoracic aortic stent graft segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 7.9%. The prime factors supplementing the growth of this segment during the forecast years include the growing preference for endovascular aneurysm repair procedures, especially in the developed economies of the world. In addition, vendors are focusing on bifurcated abdominal aortic stent grafts, which are compatible with endovascular aneurysm repair procedures. They are also extensively investing in R&D activities and conducting clinical trials to develop innovative devices is also bolstering the aortic stents grafts market growth during the forecast period 2021-2026.
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Aortic Stents Grafts Market Segment Analysis - By End User
On the basis of end user, hospitals segment accounted for the largest segmental revenue of the aortic stents grafts market in 2020 and is poised to dominate over the forecast period 2021-2026 owing to the fact that hospitals perform aortic aneurysm repair procedures at a large scale for both abdominal and thoracic aortic aneurysms. Furthermore, the high number of aortic aneurysms, coupled with the wide acceptance of MI procedures over open repair procedures for treating aortic aneurysms, is boosting the market growth of the hospital segment and is likely to continue during the forecast period.
On the other hand, ambulatory surgical centers segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 8.0%. The ambulatory surgical centers segment is to witness a healthy growth as ambulatory surgical centers offer cost-effective aneurysm repair procedures with improved clinical outcomes. Furthermore, owing to the increasing preference among patients to undergo MI procedures such as endovascular aneurysm repair and endovascular aneurysm repair in ambulatory surgical centers than hospitals is anticipated to positively impact the growth of this segmental market growth.
Aortic Stents Grafts Market Segment Analysis - By Geography
North America is the major region dominating the aortic stents grafts market with a market share of 37.2% in the year 2020. This can be attributed to the growing rate significance due to the growing preference for technologically advanced grafts and MI repair techniques such as endovascular aneurysm repair and FEVAR. Moreover, the increasing aging population and the growing number of people diagnosed with aortic aneurysms have a significant impact on the aortic stents grafts market. Apart from this, the presence of highly sophisticated healthcare infrastructure, the high awareness toward advanced treatment options such as endovascular aneurysm repair, and increased R&D for innovative grafts are other attributes, are driving the aortic market in North America. However, Asia-Pacific is projected to be the significant-growing market during the forecast period 2021-2026 owing to the emergence of considerably large opportunities for key local players in the coming years in countries like India and China among others. Furthermore, the increasing healthcare expenditure and the presence of a large pool of patient population with aortic aneurysms in the region are likely to increase the market share in the APAC region. Japan, China, and Australia are the major revenue contributors in the region
Aortic Stents Grafts Market Drivers
Rising Number of Clinical Trials and FDA Approvals
The Aortic Stents Grafts market is poised to receive upswing owing to increasing number of clinical trials and FDA approvals for improvement of aortic stent grafts designs has yielded new and better products to overcome anatomical constraints. Similarly, increasing partnerships and mergers among the key market players for research and development and geographical expansion are some other factors poised to boost the aortic stent grafts market growth. Furthermore, favorable reimbursement policies and increasing adoption of minimally invasive surgeries among physician and patients are also propelling the growth of the aortic stent grafts market.
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Aortic Stents Grafts Market Challenges
Product Recalls and Lack of Trained Healthcare Providers
Despite several drivers, product recalls, lack of trained healthcare providers, less awareness regarding new endovascular aneurysm repair treatment options among the general population and risk of endoleaks and other complications associated with the stent graft implants is anticipated to hamper the market growth in the mentioned forecast period 2021-2026.
Aortic Stents Grafts Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Aortic Stents Grafts Market. In 2020, Aortic Stents Grafts Market share is fragmented by the top ten players present in the market. Aortic Stents Grafts Market top 10 companies are Cook Medical, Inc., W.L. Gore & Associates, MicroPort Scientific Corporation Inc., Medtronic Plc., Lombard Medical, Inc., Endologix, INC., Terumo Corporation Inc., Cardinal Health Inc., Becton, Dickinson and Company, Cryolife Inc. and others.
Acquisitions/Product Launches
In October 2020, Endologix launched Alto abdominal stent graft system in Europe. Alto offers a highly differentiated endovascular treatment option for AAA [abdominal aortic aneurysm] patients thereby, preserving the long-term durability associated with patient-specific anatomically adaptive sealing.
In September 2020, Terumo aortic announces commercial launch of TREO abdominal stent graft system in the United States.
Key Takeaways
North America dominated the Aortic Stents Grafts Market with a share of 37.2% in the year 2020.
The factors such as rising prevalence of aortic aneurysm, adoption of endovascular repair over open surgical repair, rising life expectancy rate are amongst the major factor projected to impel growth of Aortic Stents Grafts Market.
Rapid advancements in the number clinical trials, rising adoption of minimally invasive surgeries and FDA approvals for improvement of aortic stent grafts designs are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.
Related Reports :
A. Endovascular Aneurysm Repair Market
https://www.industryarc.com/Research/Endovascular-Aneurysm-Repair-Market-Research-501984
B. Stent Grafts Market
https://www.industryarc.com/Research/Stent-Grafts-Market-Research-501931
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