“Rise in the adoption of minimally invasive procedures, favorable reimbursements, and the unpenetrated opportunities in the complex anatomy segment would boost the market growth. In addition, increase in out-of-pocket expenses is expected to boost the adoption of EVAR in the developing regions.”
The global abdominal aortic aneurysm (AAA) repair devices market accounted for $1.84 billion in 2015 and is expected to reach $2.61 billion by 2022, growing at a CAGR of 5.1% during the period 2016–2022.
Rise in global geriatric population, increase in tobacco consumers, favorable reimbursements, and technological advancements have boosted the growth of the global abdominal aortic aneurysm (AAA) repair devices market. However, high cost and risks associated with the procedures and lack of awareness in the emerging countries hamper the market growth. On the contrary, increase in awareness regarding AAA is expected to create lucrative opportunities in the near future.
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The global abdominal aortic aneurysm (AAA) repair devices market is divided based on product type, anatomy, site, and geography. Based on product type, the market is segmented into synthetic graft system and endovascular stent graft system. The endovascular stent graft system segment held the largest share in 2015, contributing about two-thirds of the total market share, owing to high adoption of such systems due to its advantages including short hospital stay, minimally invasive nature, and less operative time. However, the synthetic graft system segment is estimated to manifest a gradual growth during the forecast period.
Based on anatomy, the market is divided into traditional anatomy and complex anatomy. The traditional anatomy segment held the largest share in 2015, as the available EVAR products are suitable for the treatment of aneurysms with neck length more than 10mm. However, the complex anatomy segment is projected to manifest the highest CAGR during the study period.
On the basis of site of AAA, the market is segmented into infrarenal AAA and pararenal AAA. The infrarenal AAA repair devices segment dominated the market in terms of revenue generation in 2015. However, the pararenal AAA segment would show gradual growth during the forecast period.
Based on geography, the market is divided into North America, Europe, Asia-Pacific, and LAMEA. The North America region held the largest share in 2015, owing to rise in prevalence of AAA in the region. However, the Asia-Pacific region is projected to witness the fastest growth by 2022, owing to rise in geriatric population in the region, affordability, and improvement in healthcare facilities.
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The report includes an analysis of the major market players such as Cook Medical Inc., W. L. Gore & Associates, Inc., Medtronic Plc., Merck & Co., Inc., Lombard Medical, Inc., Endologix, Inc., AbbVie Inc., Cardinal Health Inc., C. R. Bard, Inc., and Terumo Corporation.
Key Findings of the Abdominal Aortic Aneurysm Repair Devices Market
- Based on product type, in 2015, endovascular stent graft system segment accounted for the highest revenue in the market.
- Traditional anatomy segment is expected to grow at a significant CAGR of 6.3% in Asia-Pacific, due to growth in geriatric population.
- LAMEA is projected to be the one of the fastest growing region, owing to the presence of ample growth opportunities in terms of unmet medical needs for the treatment of AAA, and increased disposable income of the population.
- In 2015, Japan and China jointly accounted for about two-thirds share of the Asia-Pacific abdominal aortic aneurysm repair devices market.
Scope of The Report:
|Market size available for years||2015-2022|
|Base year considered||2015|
|Forecast units||Value (USD)|
|Segments covered||Product Type, Site and Anatomy|
|Geographies covered||North America, Europe, Asia-Pacific, LAMEA|
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