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Global Aortic Aneurysm Repair Market Shows Strong Growth Trajectory, Expected to Reach $5.8 Billion by 2032
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Key Growth Drivers:
Prevalence of Aortic Aneurysm: Increasing incidences of aortic aneurysms globally drive market growth.
Technological Advancements: Ongoing technological advancements in aortic aneurysm repair procedures propel market expansion.
Challenges:
High Treatment Costs: The high cost associated with aortic aneurysm repair procedures poses a significant challenge to market growth.
Opportunities:
Growing Healthcare Infrastructure: Expansion of healthcare infrastructure worldwide presents lucrative opportunities for market growth.
Adoption of Strategies by Key Manufacturers: Strategic initiatives adopted by key manufacturers contribute to market expansion.
Impact of COVID-19:
The COVID-19 pandemic and subsequent global lockdowns led to a downturn in the aortic aneurysm repair market. However, with the easing of global situations, a rise in surgical procedures has resumed, offering growth opportunities for market players.
Segment Insights:
Aortic Stent-Grafts: This segment held the highest market share in 2022, accounting for over 90% of the global market revenue. It is projected to maintain its leadership status throughout the forecast period, driven by increasing adoption for aortic aneurysm repair surgeries and advancements in stent graft technology.
Endovascular Aortic Aneurysm Repair: This segment dominated the market in 2022, accounting for approximately four-fifths of the global market revenue. Advantages such as minimally invasive procedures, shorter hospital stays, and faster recovery contribute to its growth.
Regional Analysis:
North America: Dominated the market in 2022 and is expected to maintain its dominance by 2032. Factors such as the rising incidence of coronary artery diseases and the surge in demand for aortic aneurysm repair devices and minimally invasive procedures drive market growth in this region.
Asia-Pacific: Expected to register the highest CAGR during the forecast period, driven by the surge in demand for minimally invasive procedures, development of healthcare infrastructure, and increase in healthcare expenditure in emerging economies.
Leading Market Players:
Medtronic Plc
Artivion, Inc.
Terumo Corporation
W. L. Gore and Associates, Inc.
Microport Scientific Corporation
Cook Group Inc
Endologix Inc.
Cordis Corporation
Braile Biomédica S.A.
Bentley Innomed GmBH
These key players have adopted various strategies such as product approvals, collaborations, and acquisitions to increase their market share and maintain dominance in different regions.
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