The commercialization of innovative aortic stent grafts has broadened the treatment options for aortic aneurysm
The aortic stent graft market is expected to reach USD 4 billion by 2024, growing at a CAGR of 6% during 2018–2024. The growing preference for minimally invasive (MI) procedures such as endovascular aneurysm repair (EVAR) and thoracic endovascular aneurysm repair (TEVAR) is driving the aortic stent graft market. MI procedures, especially EVAR, have become an established alternative to open aortic repair surgery. Hence, stent grafts have emerged as a viable option for treating aortic thoracic and abdominal aneurysms in both elective and emergent situations.
The commercialization of innovative grafts such as fenestrated aortic stent grafts has further broadened the treatment options for aortic aneurysm, thereby increasing the market for aortic stent grafts. With recent advancements in fenestrated stent graft technology, endovascular approaches are becoming options to treat patients with complex anatomies. Hence, the rise in the number of aortic aneurysm patient population is expected to contribute to the overall growth of the global aortic stent graft market. Also, the increasing number of government screening programs for the elderly population to detect aortic aneurysm has provided immense growth opportunities for the global aortic stent graft market.
Hence, the high demand for MI aortic aneurysm repair procedures, the increase in screening programs for the detection of aneurysm, the emergence of endovascular aneurysm sealing (EVAS), and the growth in strategic mergers and acquisitions are expected to propel the stent graft market during the forecast period.
AORTIC STENT GRAFT MARKET: SEGMENTATION
This market research report includes the detailed segmentation of the market by
AORTIC STENT GRAFT MARKET: ANEURYSM
The thoracic aortic aneurysm segment is likely to witness a faster growth rate than abdominal aortic aneurysm repairment
The increase in the aging population and the rise of abdominal aortic aneurysm are major factors for the high share of the abdominal aortic aneurysm (AAA) segment in the aortic stent graft market. Also, the increasing awareness toward innovative treatment options and advancements in diagnostic technologies are some of the other factors contributing to the growth of the aortic stent graft market.
Further, the market is expected to grow at a healthy rate due to the growing preference for EVAR procedures. In addition, vendors are focusing on bifurcated abdominal aortic stent grafts, which are compatible with EVAR procedures. They are also extensively investing in R&D activities and conducting clinical trials to develop innovative devices.
The growing geriatric population with a higher prevalence of thoracic aortic aneurysm is a significant factor for market growth. The thoracic aortic aneurysm (TAA)segment is likely to witness a faster growth rate than the AAA repair segment during the forecast period.
AORTIC STENT GRAFT MARKET: END-USERS
Hospitals are likely to retain their position as the largest end-users for aortic stent grafts
Hospitals perform aortic aneurysm repair procedures at a large scale for both abdominal and thoracic aortic aneurysms. Hence, the high number of aortic aneurysms, coupled with the wide acceptance of MI procedures over open repair procedures for treating aortic aneurysms, is boosting the market growth of the hospital segment and is likely to continue during the forecast period.
Ambulatory surgical centers (ASC) offer cost-effective aneurysm repair procedures with improved clinical outcomes. The ASC segment is growing at a faster rate than the hospital segment and is expected to grow at a similar rate during the forecast period due to the increasing preference among patients to undergo MI procedures such as TEVAR and EVAR in ASCs than hospitals.
Therefore, the segment is expected to witness significant growth in developed countries as the end user's focus is shifting from open surgical repairs to MI procedures such as endovascular aortic aneurysm repairs.
AORTIC STENT GRAFT MARKET: GEOGRAPHY
APAC is likely to offer significant growth opportunities for key local players during the forecast period
North America is growing at a significant rate due to the growing preference for technologically advanced grafts and MI repair techniques such as EVAR, EVAS, and FEVAR. Also, the increasing aging population and the growing number of people diagnosed with aortic aneurysms are the major drivers for the aortic stent graft market in the region. North America dominated the aortic stent market in 2018.
Germany, the UK, France, Spain, and Italy are the major revenue contributors in the stent graft market in Europe. The market is witnessing significant growth due to the high penetration of MI aneurysm repair procedures. The presence of highly sophisticated healthcare infrastructure, the high awareness toward advanced treatment options such as EVAR, and increased R&D for innovative grafts are other attributes, driving the aortic market in Europe.
Further, the market in APAC is growing at a steady rate and is likely to offer significant growth opportunities for key local players in the coming years. The increasing healthcare expenditure and the presence of a large pool of patient population with aortic aneurysms in the region are likely to increase the market share in the APAC region. Japan, China, and Australia are the major revenue contributors in the region.
KEY VENDOR ANALYSIS
The aortic stent graft market is highly consolidated with major players accounting for dominant shares. Key companies have a wide geographical presence, diversified product portfolio, and a strong focus on innovation and research activities. Although major players dominate the market, few emerging companies are gaining traction with their innovative grafts and technologies. Several leading players are focusing on implementing strategies such as product launches, innovative marketing, and promotional activities, strategic acquisitions, increase in R&D investment, and strengthen their distribution networks to enhance their market share and presence in the aortic stent graft market.
The Aortic Stent Graft market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Market Segmentation by Aneurysm
- Abdominal aortic aneurysm
- Thoracic aortic aneurysm
Market Segmentation by End-users
Market Segmentation by Geography
- North America
- Latin America