Endovascular Aneurysm Repair (EVAR) Market - Global Industry Insights, Trends, Outlook
Increasing demand for minimally invasive surgeries to treat various medical conditions to boost growth of endovascular aneurysm repair (EVAR) market
According to a study published in the New England Journal of Medicine, 2016, the number of patients opting for endovascular aneurysm repair has increased significantly during 2005–2012. For instance, in 2005, the percentage of patients in the U.S. suffering from aneurysm opting for EVAR was around 50%, which increased to 75.4% in 2012. A similar pattern was observed in England. Increasing consumer inclination towards this revolutionary procedure is attributed to it being a minimally-invasive method of treatment that requires minimal stay in hospitals, smaller incisions, less scaring, and aids in rapid recovery. This is expected to aid in growth of the market.
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North America accounted for the largest share in the global endovascular aneurysm market in 2016, owing to increasing prevalence of aneurysms and rising geriatric population, which is more prone to this condition. According to the New England Journal of Medicine, 2016, 278,921 patients underwent repair of abdominal aortic aneurysm in the U.S. during 2005–2012. According to Centers for Disease Control and Prevention (CDC), in 2014, aortic aneurysms led to death of 9,863 in the U.S. Moreover, aneurysm is more prevalent is geriatric population i.e. 50 years and above. According to the U.S. Population Reference Bureau, the population aged 65 years and above is expected to increase from 46 million in 2014 to over 98 million by 2060. With increasing geriatric population, prevalence of aneurysm is also expected to increase. Europe is expected to be the second largest market for EVAR. This is owing to implementation of the National Health Service program across the U.K. This involves screening for various disease conditions among the populace in the region. Successful implementation of this system has in turn led to fast detection of abdominal aneurysm especially in the U.K., Italy, and Sweden. This helps in early diagnosis of disease, thereby, increasing demand for AAA treatments such as EVAR.
Key players operating in endovascular aneurysm market include Medtronic plc. Cook Medical, Gore Medical, B. Braun Melsungen AG, Terumo Corporation, Boston Scientific Corporation, Abbott Laboratories, Volcano Corporation, C.R. Bard, Spectranetics International BV, Cordis Corporation (Johnson and Johnson Co.), and St. Jude Medical Inc.
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