The global aortic aneurysm market has been segmented into type, product, treatment, end user, and region.
By type, the market has been segmented into abdominal aortic aneurysm (AAA) and thoracic aortic aneurysm (TAA).
On the basis of product, the market has been divided into stent-grafts, catheters, and others.
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By treatment, the market has been classified into endovascular aneurysm repair (EVAR) and open surgical repair (OSR).
Based on end user, the market has been categorized into hospitals and clinics, ambulatory surgery centers (ASCs), and others.
The global aortic aneurysm market held a market value of USD 2,357.6 million in 2017 and is projected to grow at a CAGR of 8.4% over the forecast period. An aortic aneurysm is an abnormal enlargement or bulging of the wall of the aorta. Aortic aneurysm has two types such as an abdominal aortic aneurysm (AAA) and thoracic aortic aneurysm (TAA). An abdominal aortic aneurysm is an aneurysm in the part of the aorta that passes through the abdomen while thoracic aortic aneurysm is an aortic aneurysm that presents mainly in the thorax.
Some of the market growth factors include rising prevalence of tobacco smoking in the developed and developing countries, worldwide growing elderly population coupled with the increasing burden of cardiovascular diseases, favorable reimbursement scenarios for surgical treatment of aortic aneurysms, and mounting technological advancements in products. In contrast, the presence of low reimbursement rates in the developing countries and higher cost of aortic aneurysm treatment and devices are anticipated to hinder the market growth during the next five years.
Some of the spearheading players in the global aortic aneurysm market are
- Medtronic plc
- Cook Medical
- Terumo Medical Corporation
- Microport Scientific Corporation
- MAQUET Holding B.V. & Co. KG
- Endologix Inc.
- L. Gore & Associates
- Lombard Medical Limited
- JO0TEC AG (CryoLife Inc.)
- and Cardinal Health Inc.
The global aortic aneurysm market has been segmented by region into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. Based on region, the Americas would continue its supremacy over the forecast period attributed to the presence of sophisticated medical and healthcare infrastructure and major market participants, higher spending on the healthcare, and frequent launches of novel devices in the US and Canada. For instance, in 2015, Cook Group Incorporated launched its Zenith Alpha abdominal endovascular graft in Canada.
Europe would be the second-largest value contributor in the aortic aneurysm market due to the highest prevalence of tobacco smoking and the presence of favorable initiatives by several organizations to reduce the burden of aortic aneurysm. For instance, the World Health Organization (WHO) stated that presently, Europe has the highest prevalence of tobacco smoking among adults (28%) and some of the highest prevalence of tobacco use by adolescents.
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Asia-Pacific is likely to witness the fastest market growth during the forecast period due to growth in increasing geriatric population and prevalence of cardiovascular diseases & hypertension, and growing awareness about aortic aneurysm treatment, and developing healthcare infrastructure in India, China, and Australia. For instance, WHO reported that one million people in the World Health Organization Western Pacific Region die each year from cardiovascular disease caused by tobacco use and more than 1 in 5 cardiovascular diseases, such as heart attack and stroke, result from smoking?
The Middle East & Africa has the least share of the global aortic aneurysm market. In addition, the major market share of the region would be held by the Middle Eastern region. Several studies reported that aortic aneurysm is very rare in the Middle East and very few lives are threatened by deadly aortic aneurysms annually in the Middle East region.
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