Press release
Abdominal Aortic Aneurysm Repair Devices Market to growing at CAGR of 5.1% by 2022, Top Prominent Players: Cook Medical Inc., Endologix, Inc., W. L. Gore & Associates, Inc., AbbVie Inc.
Abdominal Aortic Aneurysm (AAA) Repair Devices Market
Global Abdominal Aortic Aneurysm (AAA) Repair Devices Market Report provides an overview of the market based on key parameters such as market size, sales, sales analysis and key drivers. The market size of the market is expected to grow on a large scale during the forecast period (2019-2026). This report covers the impact of the latest COVID-19 on the market. The coronavirus epidemic (COVID-19) has affected all aspects of life around the world. This has changed some of the market situation. The main purpose of the research report is to provide users with a broad view of the market. Initial and future assessments of rapidly changing market scenarios and their impact are covered in the report.
Global abdominal aortic aneurysm repair devices market size was valued at $1,844 million in 2015, and is expected to reach $2,614 million by 2022, supported by a CAGR of 5.1% during the forecast period 2016 - 2022.
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The endovascular stent graft system segment is expected to generate the highest revenue, and is projected to dominate the market during the study period.
Abdominal aortic aneurysm (AAA) is a condition that affects majorly the geriatric population (above 65 years of age). The abdominal aortic aneurysm repair devices market is growing at a steady pace owing to technological advancements in the aneurysm repair procedures. The market growth is driven by increase in geriatric population, rise in tobacco consumption, and technological advancements in repair devices & procedures. In addition, increase in adoption of EVAR procedures, rise in demand for minimally invasive treatment, and availability of favorable reimbursements are anticipated to fuel the market growth. However, high cost of the procedures, low availability of products to treat complex anatomy, that is, aneurysm with neck size less than 10 mm, and lack of awareness in developing regions are the factors that restrain the market growth.
The endovascular stent graft system segment accounted for the more than two-thirds share of the overall market in 2015. This is attributed to the wide adoption of endovascular stent graft system owing to its various advantages such as short hospital stay, less operative time, and minimally invasive nature.
The traditional anatomy segment accounted for highest share in 2015, as the EVAR products currently available are suitable for the treatment of aneurysms with neck length more than 10mm. However, complex anatomy segment is expected to witness a high CAGR during the analysis period. On the basis of site of abdominal aortic aneurysm, the infrarenal AAA repair devices segment accounted for the highest share in 2015, owing to high prevalence of infrarenal AAA.
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North America lead the global market, owing to increase in prevalence of AAA. North America and Europe together accounted for around four-fifths share in 2015. This is attributed to increased incidences of AAA and higher government expenditure on healthcare. Asia-Pacific is expected to witness the highest growth, due to increase in geriatric population, affordability, and improvement in healthcare facilities.
The Major Key Players Are:
Cook Medical Inc., Endologix, Inc., W. L. Gore & Associates, Inc., AbbVie Inc., Medtronic Plc., Cardinal Health Inc., Merck & Co., Inc., C. R. Bard, Inc., Lombard Medical, Inc., and Terumo Corporation.
Key Findings of the Abdominal Aortic Aneurysm Repair Devices Market:
o Based on product type, in 2015, endovascular stent graft system segment accounted for the highest revenue in the market.
o Traditional anatomy segment is expected to grow at a significant CAGR of 6.3% in Asia-Pacific, due to growth in geriatric population.
o 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.
o In 2015, Japan and China jointly accounted for about two-thirds share of the Asia-Pacific abdominal aortic aneurysm repair devices market.
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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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