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Endovascular Aneurysm Repair Market Is Generating Revenue of $3,580 million by 2023, at CAGR 6.2% Growth Rate

02-10-2020 02:55 PM CET | Health & Medicine

Press release from: Allied Market Research

Endovascular Aneurysm Repair Market

Endovascular Aneurysm Repair Market

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The endovascular aneurysm repair market was valued at $2,327 million in 2016, and is projected to reach $3,580 million by 2023, growing at a CAGR of 6.2% from 2017 to 2023. The abdominal aortic aneurysm (AAA) segment accounted for nearly seventh-ninth share of the total market in 2016.

EVAR is a procedure used in treatment of abdominal and thoracic aortic aneurysm. During the EVAR procedure, the endovascular stent graft is placed in the aneurysm area to provide alternative channel for blood flow. This excludes the aneurysm sac from blood flow pressure. Hence, prevents the walls of aneurysm from rupturing (that may lead to hemorrhage or excessive bleeding). EVAR procedure employing endovascular stent graft provides suitable alternative to open surgery as it does not require any surgical opening. At present, the adoption of EVAR procedures are in high demand, owing to its minimally invasive nature and quick recovery. For instance, in U.S., around 70% of a total 70,000 abdominal aortic repair cases are accomplished by EVAR.

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Factors that drive the growth of global endovascular aneurysm repair market are increase in adoption of endovascular stent grafts and development of next generation stent graft, such as Excluder (W. L. Gore & Associates, Inc.), Zenith (Cook Medical Inc.) and others. In addition, rise in awareness in the emerging economies about availability of wide range of aortic aneurysm devices attract patient population, thereby is expected to provide lucrative growth opportunities to EVAR market. However, inflated cost of EVAR procedures and risks associated with these procedures restrain the market growth.

The thoracic aortic aneurysm (TAA) segment is expected to register highest CAGR of 8.8% throughout the forecast period. This is owing to the rise in development of sophisticated devices for the treatment of thoracic aneurysm globally. In addition, many key players have undergone acquisitions and product development to cater to the demand for EVAR procedures and devices. Ascending thoracic aneurysm segment of thoracic aortic aneurysm market generated highest revenue in 2016, accounting for about 49.6% of the total share, and is anticipated to maintain this trend from 2017 to 2023.

The traditional aneurysm is defined as aneurysm with aortic neck length more than or equal to 10mm. The traditional anatomy segment dominated the EVAR market by anatomy with three-fourths of the total share in 2016. The market for traditional aneurysm is attributed by the fact that majority of the cases registered in hospitals of aneurysm are more than 10mm. The complex anatomy market segment is expected to grow at a highest CAGR of 9.2% from 2017 to 2023.

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The infrarenal site dominated the EVAR market with more than sixth-seventh share in 2016. This is due to the elevated rate of occurrence of abdominal aneurysm at infrarenal site. Around 110,000 procedures using EVAR were performed globally in 2016, to treat infrarenal abdominal aortic aneurysm. Hence, owing to the high prevalence of infrarenal abdominal aortic aneurysm it primarily contributes to the market growth. The pararenal site of EVAR market is expected to grow at a CAGR of 7.1% from 2017 to 2023.

The percutaneous EVAR product is expected to grow at the highest CAGR of 6.9% throughout the forecast period, owing to the growth in demand for advanced technologies, increase in incidence of aneurysm, and the rapid surge in aged population globally.

This also offers new avenues for the manufacturers operating in EVAR space. Hence, key players are nursing their next generation EVAR products, thereby expanding & evolving, generating a momentum to drive the growth of this market.

In 2016, Asia-Pacific and LAMEA collectively accounted for about 17.8% share of the total endovascular aneurysm repair market and are expected to continue this trend due to increase in adoption of endovascular aneurysm repairs, specifically in China, India, and the other developing economies. Rise in geriatric population is the main reason for growth of the endovascular aneurysm repair market in Asia-Pacific.

The Major Key Players Are:

o Medtronic plc.
o Cook Medical Inc.
o Endologix, Inc.
o Lombard Medical, Inc.
o W. L. Gore & Associates, Inc.
o Cardinal Health Inc.
o C. R. Bard, Inc.
o Merck & Co., Inc.
o Terumo Corporation
o Abbott Laboratories.

The other prominent players Are:

o Volcano Corporation
o Spectranetics International BV
o AbbVie Inc.
o Bolton Medical Inc.
o Aptus Endosystems Inc.

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Key Findings of the Endovascular Aneurysm Repair (Evar) Market:

o The pararenal segment is anticipated to grow at a highest rate during the analysis period.
o U.S. was the major shareholder in the North America endovascular aneurysm repair market, accounted for the highest share in 2016.
o The traditional segment occupied about three-fourth share of the total EVAR market by anatomy in 2016 and expected to retain its dominant share throughout the forecast period.
o China occupied two-ninth share of the total Asia-Pacific endovascular aneurysm repair market in 2016, registering a high CAGR of 11.2% from 2017 to 2023.
o The percutaneous EVAR product segment dominated the endovascular aneurysm repair market in 2016, growing at a CAGR of 6.9% from 2017 to 2023.
o The juxtarenal segment accounted for the seventh-ninth share in pararenal site in 2016.

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