Global Abdominal Aortic Aneurysm Repair Device Market Overview:
As per MRFR analysis, the Abdominal Aortic Aneurysm Market Size was estimated at 6.1 (USD Billion) in 2023. The Abdominal Aortic Aneurysm Market Industry is expected to grow from 6.57 (USD Billion) in 2024 to 12.35 (USD Billion) by 2032. The Abdominal Aortic Aneurysm Market CAGR (growth rate) is expected to be around 8.21% during the forecast period (2024 - 2032).
Key Abdominal Aortic Aneurysm Repair Device Market Trends Highlighted
Key market drivers include the rising prevalence of abdominal aortic aneurysms (AAAs), increasing awareness among healthcare professionals, and technological advancements in repair devices.
Opportunities for growth lie in the development of minimally invasive techniques, improved outcomes, and personalized treatments. Recent trends indicate a shift towards endovascular repair, growing adoption of 3D printing technology, and the emergence of artificial intelligence in diagnosis and treatment planning.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Abdominal Aortic Aneurysm Repair Device Market Drivers
Increasing Prevalence of Abdominal Aortic Aneurysms
Abdominal aortic aneurysms (AAAs) are a major health concern, affecting a significant portion of the global population. The prevalence of AAAs is increasing due to factors such as aging, smoking, and obesity. As the population ages, the risk of developing an AAA increase.
Smoking is a major risk factor for AAA formation, and the prevalence of smoking remains high in many parts of the world. Obesity is another risk factor for AAA, and the global obesity rate has been steadily increasing in recent years.
The increasing prevalence of AAAs is driving the demand for repair devices in the Abdominal Aortic Aneurysm Repair Device Market.
Technological Advancements in Repair Devices
Technological advancements have led to significant improvements in the design and performance of AAA repair devices. These advancements include the development of devices that are less invasive, more durable, and more effective.
Less invasive devices are associated with shorter recovery times and reduced patient discomfort. More durable devices are less likely to fail, which can reduce the need for repeat surgeries. More effective devices are able to better seal the AAA and prevent rupture.
These technological advancements are driving the growth of the Abdominal Aortic Aneurysm Repair Device Market.
Rising Healthcare Expenditure
The rising cost of healthcare is a major driver of growth in the Abdominal Aortic Aneurysm Repair Device Market. The cost of AAA repair can vary depending on the type of device used, the complexity of the procedure, and the patient's health condition.
However, the overall cost of AAA repair has been increasing in recent years due to factors such as inflation, rising labor costs, and the increasing use of more expensive devices. The rising cost of healthcare is making it more difficult for patients to afford AAA repair, which is driving the demand for more affordable devices.
Abdominal Aortic Aneurysm Repair Device Market Segment Insights:
Abdominal Aortic Aneurysm Repair Device Market Material Insights
The Abdominal Aortic Aneurysm Repair Device Market is segmented based on material into Polytetrafluoroethylene (PTFE), Polyester, Polyethylene Terephthalate (PET), Polypropylene, and Bioabsorbable materials. Polytetrafluoroethylene (PTFE) is a synthetic fluoropolymer with excellent chemical resistance, low friction, and high thermal stability.
It is commonly used in the manufacture of grafts and patches for abdominal aortic aneurysm repair. The global PTFE-based abdominal aortic aneurysm repair device market is expected to reach USD 1.24 billion by 2024, growing at a CAGR of 4.2% from 2024 to 2032.
Polyester is another commonly used material for abdominal aortic aneurysm repair devices. It is a strong and durable material with good biocompatibility. The global polyester-based abdominal aortic aneurysm repair device market is expected to reach USD 1.08 billion by 2024, growing at a CAGR of 3.8% from 2024 to 2032.
Polyethylene Terephthalate (PET) is a thermoplastic polymer with high strength and stiffness. It is also lightweight and has good biocompatibility. The global PET-based abdominal aortic aneurysm repair device market is expected to reach USD 0.96 billion by 2024, growing at a CAGR of 3.5% from 2024 to 2032.
Polypropylene is a lightweight and strong material with good chemical resistance. It is also relatively inexpensive to manufacture. The global polypropylene-based abdominal aortic aneurysm repair device market is expected to reach USD 0.84 billion by 2024, growing at a CAGR of 3.2% from 2024 to 2032.
Bioabsorbable materials are materials that are designed to be absorbed by the body over time. They are often used in the manufacture of stents and other devices that are intended to be temporary. The global bioabsorbable-based abdominal aortic aneurysm repair device market is expected to reach USD 0.72 billion by 2024, growing at a CAGR of 2.9% from 2024 to 2032.
The choice of material for an abdominal aortic aneurysm repair device depends on a number of factors, including the size and location of the aneurysm, the patient's overall health, and the surgeon's preference.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Abdominal Aortic Aneurysm Repair Device Market Type Insights
The Abdominal Aortic Aneurysm Repair Device Market is segmented by Type into Endovascular Aortic Repair (EVAR), Open Surgical Repair, and Hybrid Repair. Among these segments, the Endovascular Aortic Repair (EVAR) segment held the largest market share in 2023, accounting for over 70% of the global market revenue.
This dominance is attributed to the minimally invasive nature of EVAR, which offers quicker recovery times and reduced post-operative complications compared to traditional open surgical repair.
The EVAR segment is projected to maintain its leading position throughout the forecast period, driven by advancements in device technology and increasing adoption in both elective and emergency repair procedures.
The Open Surgical Repair segment is expected to witness a steady growth rate during the forecast period, owing to its continued use in complex cases where EVAR is not feasible. The Hybrid Repair segment, which combines elements of both EVAR and open surgical repair, is expected to gain traction as a less invasive alternative to open surgery, particularly in high-risk patients.
Abdominal Aortic Aneurysm Repair Device Market Fixation Method Insights
The Fixation Method segment of the Abdominal Aortic Aneurysm Repair Device Market is bifurcated into Suprarenal fixation, Infrarenal fixation, and Fenestrated fixation. Among these, the Suprarenal fixation segment held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period.
The increasing prevalence of aortic aneurysms, coupled with the rising adoption of minimally invasive surgical techniques, is driving the growth of this segment. The Infrarenal fixation segment is expected to witness a significant growth rate during the forecast period, owing to the rising number of patients suffering from aortic aneurysms in the infrarenal region.
The Fenestrated fixation segment is expected to gain traction in the coming years, due to its ability to provide better fixation and stability in complex aortic repair procedures.
Abdominal Aortic Aneurysm Repair Device Market Endovascular Device Insights
The Endovascular Device segment of the Abdominal Aortic Aneurysm Repair Device Market is expected to exhibit significant growth in the coming years, driven by the rising prevalence of abdominal aortic aneurysms (AAAs) and the increasing adoption of endovascular repair techniques.
The market is segmented into various sub-segments, including Balloon-expandable Stent-Grafts, Self-Expanding Stent-Grafts, Branched Stent-Grafts, Fenestrated Stent-Grafts, and Covered Stents. Each sub-segment offers unique advantages and caters to specific patient needs.
For instance, Balloon-expandable Stent-Grafts are commonly used for treating complex aortic anatomies, while Self-Expanding Stent-Grafts are preferred for their ease of deployment. The Abdominal Aortic Aneurysm Repair Device Market is expected to reach a value of USD 6.88 Billion by 2032, expanding at a CAGR of 3.64% from 2024 to 2032.
Abdominal Aortic Aneurysm Repair Device Market Regional Insights
The Abdominal Aortic Aneurysm Repair Device Market is segmented into North America, Europe, APAC, South America, and MEA based on region. North America dominated the market in 2023 and is projected to continue its dominance throughout the forecast period.
The region's large patient population, high prevalence of abdominal aortic aneurysms, and well-established healthcare infrastructure contribute to its market dominance. Europe is expected to hold the second-largest market share due to its aging population and increased awareness of abdominal aortic aneurysms.
APAC is anticipated to register the highest growth rate during the forecast period owing to the region's rapidly growing healthcare sector, rising disposable income, and increasing prevalence of cardiovascular diseases.
South America and MEA are expected to witness moderate market growth due to limited healthcare infrastructure and low awareness of abdominal aortic aneurysms in these regions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Abdominal Aortic Aneurysm Repair Device Market Key Players and Competitive Insights:
Major players in the Abdominal Aortic Aneurysm Repair Device Market are continuously developing and launching new products to maintain their position in the market. This is driving the growth of the overall market. Some of the leading Abdominal Aortic Aneurysm Repair Device Market players are Medtronic, Gore Medical, Cook Medical, Terumo, and Abbott Laboratories.
These companies are investing heavily in research and development to develop new and improved products. They are also expanding their geographical reach by entering new markets. The competitive landscape of the Abdominal Aortic Aneurysm Repair Device Market is expected to remain fragmented in the coming years, with several players competing for market share. However, the leading players are expected to continue to dominate the market.
Medtronic is a leading medical device company that offers a wide range of products and services for the treatment of cardiovascular diseases. The company's Abdominal Aortic Aneurysm Repair Device Market offers include endovascular devices and open surgical devices.
Medtronic is a major player in the Abdominal Aortic Aneurysm Repair Device Market and has a strong presence in both developed and emerging markets. The company is known for its innovative products and strong customer relationships.
Cook Medical is another leading player in the Abdominal Aortic Aneurysm Repair Device Market. The company offers a comprehensive range of products for the treatment of aortic aneurysms, including endovascular devices, open surgical devices, and accessories.
Cook Medical is known for its high-quality products and excellent customer service. The company has a strong global presence and is expanding its reach into new markets.
Key Companies in the Abdominal Aortic Aneurysm Repair Device Market Include:
- Jotec GmbH
- ev3
- Medtronic
- Gore Medical
- Vascutek
- Abbott Laboratories
- Stryker
- Cook Medical
- L. Gore Associates
- MicroPort Scientific Corporation
- Bolton Medical
- Boston Scientific
- Sorin Group
- Teleflex Incorporated
- Terumo Medical Corporation
Abdominal Aortic Aneurysm Repair Device Market Developments
The increasing prevalence of abdominal aortic aneurysms, coupled with the rising geriatric population, is primarily driving the market growth. Technological advancements, such as the development of endovascular aneurysm repair (EVAR) devices, are further fueling market expansion.
Furthermore, growing awareness about AAA screening and treatment options among healthcare professionals and patients is contributing to the market's growth.
Key recent developments include the FDA approval of the Nellix EndoVascular Stent Graft System for the treatment of AAA in 2023 and the launch of the Aptus Endosystems' Altura AAA Stent Graft System in 2022.
Abdominal Aortic Aneurysm Repair Device Market Segmentation Insights
Abdominal Aortic Aneurysm Repair Device Market Material Outlook
- Polytetrafluoroethylene (PTFE)
- Polyester
- Polyethylene Terephthalate (PET)
- Polypropylene
- Bioabsorbable materials
Abdominal Aortic Aneurysm Repair Device Market Type Outlook
- Endovascular Aortic Repair (EVAR)
- Open Surgical Repair
- Hybrid Repair
Abdominal Aortic Aneurysm Repair Device Market Fixation Method Outlook
- Suprarenal fixation
- Infrarenal fixation
- Fenestrated fixation
Abdominal Aortic Aneurysm Repair Device Market Endovascular Device Outlook
- Balloon-expandable Stent-Grafts
- Self-Expanding Stent-Grafts
- Branched Stent-Grafts
- Fenestrated Stent-Grafts
- Covered Stents
Abdominal Aortic Aneurysm Repair Device Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
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Report Attribute/Metric
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Details
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Market Size 2023
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6.1 (USD Billion)
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Market Size 2024
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6.57 (USD Billion)
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Market Size 2032
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12.35 (USD Billion)
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Compound Annual Growth Rate (CAGR)
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8.21% (2024 - 2032)
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Report Coverage
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Base Year
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2023
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Market Forecast Period
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2024 - 2032
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Historical Data
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2019 - 2023
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Market Forecast Units
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USD Billion
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Key Companies Profiled
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Jotec GmbH, ev3, Medtronic, Gore Medical, Vascutek, Abbott Laboratories, Stryker, Cook Medical, W. L. Gore Associates, MicroPort Scientific Corporation, Bolton Medical, Boston Scientific, Sorin Group, Teleflex Incorporated, Terumo Medical Corporation
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Segments Covered
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Material, Type, Fixation Method, Endovascular Device, Regional
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Key Market Opportunities
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Growing geriatric population
Technological advancements
Rising prevalence of AAA
Increasing demand for minimally invasive procedures
Expanding reimbursement policies
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Key Market Dynamics
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Aging population
Technological advancements
Rising prevalence of aortic aneurysms
Increasing healthcare expenditure
Demand for minimally invasive procedures
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Countries Covered
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North America, Europe, APAC, South America, MEA
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Frequently Asked Questions (FAQ) :
The Abdominal Aortic Aneurysm Repair Device Market is expected to reach USD 12.35 billion by 2032, exhibiting a CAGR of 8.21% during the forecast period (2024-2032).
North America is expected to hold the largest market share in the Abdominal Aortic Aneurysm Repair Device Market, owing to the high prevalence of abdominal aortic aneurysms and the presence of well-established healthcare infrastructure.
The Endovascular Aneurysm Repair (EVAR) segment is projected to dominate the Abdominal Aortic Aneurysm Repair Device Market due to the minimally invasive nature of the procedure and its growing adoption.
Key competitors in the Abdominal Aortic Aneurysm Repair Device Market include Medtronic, W. L. Gore Associates, Cook Medical, Terumo Medical Corporation, and Jotec.
Rising prevalence of abdominal aortic aneurysms, increasing adoption of endovascular repair techniques, and technological advancements in device design are driving the growth of the Abdominal Aortic Aneurysm Repair Device Market.
Reimbursement issues, stringent regulatory policies, and potential complications associated with the procedures pose challenges to the Abdominal Aortic Aneurysm Repair Device Market.
Key trends in the Abdominal Aortic Aneurysm Repair Device Market include the development of personalized devices, the use of advanced imaging techniques, and the focus on patient-centric outcomes.
Expanding patient population, growing awareness about the condition, and increasing demand for minimally invasive treatments present growth opportunities for the Abdominal Aortic Aneurysm Repair Device Market.
Technological advancements, regulatory changes, and the impact of emerging markets are key factors to consider for the future of the Abdominal Aortic Aneurysm Repair Device Market.
The Abdominal Aortic Aneurysm Repair Device Market is projected to reach approximately USD 8.25 billion by 2028, exhibiting a CAGR of 4.2% during the forecast period (2023-2028).
