Global Abdominal Aortic Aneurysm (AAA) Repair Devices Market Size, Share, Forecast Report, 2020-2027

The abdominal aortic aneurysm repair devices market is anticipated to grow at a CAGR of 7.2% during the forecast period. The market is growing at a significant rate owing to various factors that include advancements of technology in the aneurysm repair procedures and rise in the geriatric population are projecting for the growth of abdominal aortic aneurysm repair devices market during the forecast period. Moreover, growth in the adoption of endovascular aneurysm repair (EVAR) procedures, availability of favorable reimbursements, and an increase in demand for minimally invasive treatment is boosting the growth of the market. However, lack of availability of products to treat complex anatomy, increasing the cost of the procedures and lack of awareness in emerging regions are the factors that are hampering the growth of the market.

Rising awareness regarding abdominal aortic aneurysm is creating lucrative opportunities for the market. There are various factors such as poor dietary habits that are increasing the prevalence of cardiovascular diseases (CVD) fueling the demand for treatment and devices for abdominal aortic aneurysm repair. Moreover, the stringent regulations govern new products launched to maintain the quality in the developed economy such as the US may limit the market growth.

Segmental Outlook

The global abdominal aortic aneurysm repair device market is segmented on the basis of product type, site, and treatment. Based on product type, the market is segmented into endovascular stent graft, synthetic graft, and catheter device. The endovascular stent-graft is anticipated to grow at a significant rate owing to the advancement in stent-graft designing. Based on site, the market is diversified into infrarenal AAA, suprarenal AAA, and pararenal AAA. The infrarenal AAA has prominent in the market share in terms of revenue. Based on treatment, the market is segmented into open surgery and endovascular repair.

The open surgery is highly invasive and required a longer recovery period and treatment option available for only low-risk patients. Endovascular repair is expected to have the fastest growth rate during the forecast period due to the rising adoption of endovascular treatment with the advancement in technology, lower morbidity, and shorter hospital stays.

Regional Outlook

The global abdominal aortic aneurysm repair device market is further segmented based on geography including North America, Europe, Asia-Pacific and Rest of the World (RoW). North America is expected to hold the largest share in the market and anticipated to continue to dominate the market during the forecast period due to large adoption rate of advanced technology, growing awareness to patients regarding the availability of screening programs for the treatment and diagnosis of the disease, and increasing geriatric population. Along with it, well-developed healthcare infrastructure and the presence of key players are boosting the growth of the market in the region. The market in Asia-Pacific is expected to be the fastest-growing region mainly due to rising efforts to improve healthcare facilities, growth in population, growing awareness in the advanced treatment method, and presence of emerging countries include India and China.

Market Players Outlook

The key players of abdominal aortic aneurysm repair devices market include Cook Medical, Inc., Medtronic PLC, Endologix, Inc., Terumo Corp., W. L. Gore & Associates, Inc., Cardinal Health, Inc., Boston Scientific Corp., CryoLife, Inc, and C. R. Bard, Inc. These companies are highly active in the market and adopting various strategies in order to stay competitive in the market. For instance, in November 2019, Terumo Corp. acquired Aortica Corp., a US-based company focused on developing personalized vascular therapy. The aim of the acquisition is to improve graft design to minimize endoleaks and migration that can result from the endovascular treatment of complex abdominal aortic aneurysms. Additionally, Terumo will advance the development of the Aortica's products and is expected to launch them in the US, Europe, Japan, and other areas.