Press release
Abdominal Aortic Aneurysm Repair Devices Market to Hit Valuation of $2.61 Billion by 2022 | AbbVie Inc., Medtronic Plc
Abdominal Aortic Aneurysm (AAA) Repair Devices Market
Global abdominal aortic aneurysm repair devices market was valued at $1,844 million in 2015, and is estimated to reach $2,614 million by 2022, registering a CAGR of 5.1% from 2016 to 2022.
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COVID-19 scenario-
1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.
2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.
The endovascular stent graft system segment is expected to generate the highest revenue, and is projected to dominate the market during the study period.
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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.
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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.
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.
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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.
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