Aortic Aneurysm Market Overview
Global aortic aneurysm market was analyzed by Market Research Future (MRFR) and it was projected that a notable CAGR of 8.4% will be attained by the market over the forecast period of 2018 to 2023. The valuation of the market was further stated to surpass its previous valuation USD 2,357.6 million in 2017 by the end of the forecast period.
The global market is growing due to factors like increasing penetration of tobacco smoking in both developing as well as developed countries, growing elderly population across the globe, supportive reimbursement scenarios for surgical treatment of aortic aneurysms, the increasing prevalence of cardiovascular diseases, and rising technological advancements in products. On the other hand, the low reimbursement rates present in developing nations and high pricing level of aortic aneurysm treatment and devices can hinder the market growth in the next few years.
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Aortic Aneurysm Market Segmentation
The global aortic aneurysm market has been segmented in terms of type, end-user, treatment, and product.
By product, the market divides into catheters, stent-grafts, and others.
By treatment, the market includes open surgical repair (OSR) and endovascular aneurysm repair (EVAR).
By end-user, the market segments into ambulatory surgery centers (ASCs), hospitals and clinics, and others.
By type, the market comprises thoracic aortic aneurysm (TAA) and abdominal aortic aneurysm (AAA). The abdominal aortic aneurysm (AAA) segment is expected to account for the maximum share percentage of the global market during the forecast period. This is because of the increasing prevalence of the disease which occurs primarily in the lower abdominal area.
Aortic Aneurysm Market Regional Analysis
The global aortic aneurysm market is geographically distributed across the following key regions: Asia Pacific, Americas, Europe, and the Rest of the World (RoW).
The Americas is expected to continue its dominance of the aortic aneurysm market during the forecast period. This is attributed to the presence of major market vendors, established medical and healthcare infrastructure and facilities, increasing spending level in the healthcare industry, and consistent launches of novel devices across developed nations like the US and Canada.
Europe is said to be the second-largest contributor to the global market of aortic aneurysm due to the massive prevalence of tobacco smoking herein and the number of favorable initiatives by several organizations to curb down the burden of aortic aneurysm. To paint a better picture, the World Health Organization (WHO) said that at present, Europe holds the highest prevalence of tobacco smoking amongst adult citizens (28%) and even some of the highest prevalence of tobacco use by adolescents.
Asia-Pacific is most likely to experience the fastest growth in the aortic aneurysm market during the assessment period. This is because of the growing geriatric population herein and the booming prevalence of cardiovascular diseases & hypertension diseases, widespread awareness about aortic aneurysm treatment, and the developing healthcare infrastructure across key nations like India, China, and Australia. For instance, WHO reported recently that over one million people in the Western Pacific Region succumb to death each year from cardiovascular diseases, one which is caused due to the use of tobacco.
The Middle East & Africa holds the minimal share in the global market. Addition, the major share of the market is held by the Middle Eastern region. Several findings have indicated that aortic aneurysm is extremely rare in the Middle East and only a meagre population is threatened by the deadly aortic aneurysms annually in the Middle East region.
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Aortic Aneurysm Market Competitive Landscape
The global aortic aneurysm market comprises a host of key players. This includes names like Lombard Medical Limited, Microport Scientific Corporation, Medtronic PLC, MAQUET Holding B.V. & Co. KG, Terumo Medical Corporation, Cook Medical, W. L. Gore & Associates, Endologix, Inc., JO0TEC AG (CryoLife, Inc.), and Cardinal Health, Inc.