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Aortic Aneurysm Market Growth Rate, Latest Trends, Industry Insights And Forecast To 2033
Aortic Aneurysm Market
According to The Business Research Company's, The aortic aneurysm market size has grown strongly in recent years. It will grow from $3.41 billion in 2023 to $3.72 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to aging population, prevalence of cardiovascular diseases, improvements in diagnostic technologies, surgical advancements, awareness programs.
The aortic aneurysm market size is expected to see strong growth in the next few years. It will grow to $5.35 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to rising global aging population, increased incidence of cardiovascular diseases, advancements in treatment modalities, genetic predisposition awareness, healthcare infrastructure development. Major trends in the forecast period include development of next-generation stent grafts, technological integration for remote monitoring, prevalence of abdominal aortic aneurysms (aaa), collaborations in research and development.
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Market Drivers and Trends:
The rising prevalence of alcohol and tobacco consumption is expected to propel the aortic aneurysm market going forward. Alcohol and tobacco containing nicotine are psychoactive substances that affect the central nervous system of the body. The increased consumption of alcohol and tobacco products is a leading cause of aortic aneurysm. For instance, in May 2022, according to a report by World Health Organization (WHO), a Switzerland-based specialized agency responsible for international public health, around 3 million deaths occur every year due to the consumption of alcohol and 7 million deaths occur due to the consumption of tobacco worldwide. Furthermore, in people aged 20-39, approximately 13.5% of deaths are because of alcohol consumption. Further, in 2021, according to the Centers for Disease Control and Prevention, a US-based national public health agency, around 12 of every 100 U.S. adults aged 18 years or older (11.5%) currently smoked cigarettes and 28.3 million adults in the US currently smoke cigarettes. Therefore, the rising prevalence of alcohol and tobacco consumption is driving the growth of the aortic aneurysm market.
Technological advancements have emerged as the key trend gaining popularity in the aortic aneurysm market. Major companies operating in the aortic aneurysm market are developing and using innovative technologies to strengthen their position in the market. For instance, in January 2021, Royal Philips, a Netherlands-based health technology company, introduced the Philips Abdominal Aortic Aneurysm Model. It is uniquely designed with 3D ultrasound that delivers accurate diagnostic information, preventing patients from being exposed to high levels of radiation and other toxic substances. Philips AAA Model integrates innovative software and leading 3D ultrasound technologies into a single solution that helps in increased diagnostic confidence and an improved patient experience.
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Major Key Players of the Market:
Cardiatis SA; Cook Medical Inc.; Endologix LLC; W L Gore & Associates Inc.; JOTEC GmbH; Lombard Medical Limited.; Medtronic plc; Terumo Corporation; MicroPort Scientific Corporation; Boston Scientific Corporation; Endospan Ltd.; LifeTech Scientific Corporation; B. Braun Melsungen AG; EndoEvolution LLC; CryoLife Inc.; Intuitive Surgical Inc.; Synovis Micro Companies Alliance Inc.; Meril Life Sciences Pvt. Ltd.; Vitalitec International GmbH; Getinge AB; CONMED Corporation; Becton, Dickinson and Company; Baxter International Inc.; Johnson & Johnson Services Inc.; Cardinal Health Inc.; TriVascular Technologies Inc.; Vascutek Ltd.; Aptus Endosystems Inc.; Bolton Medical Inc.; EndoVascular Technologies Inc.; Endurant Energy LLC; LeMaitre Vascular Inc.
Aortic Aneurysm Market 2024 Key Insights:
• The aortic aneurysm market will grow to $5.35 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%.
• Alcohol And Tobacco Drive Growth In The Aortic Aneurysm Market
• Technological Marvels Propel Aortic Aneurysm Market Advancements
• North America was the largest region in the aortic aneurysm market in 2023
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