Aortic Aneurysm Market Size & Share, by Type (Abdominal, Thoracic); Product Type (Stent Grafts, Catheters); Treatment Type {Open Surgical Repair (OSR), Endovascular Aneurysm Repair (EVAR)} - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

Growth Drivers

• High Prevalence of Consumption of Tobacco in Developing and Developed Countries - The most significant risk factor for developing an abdominal aortic aneurysm is smoking and tobacco use. Cigarette smoking substantially increases the risk of AAA. The risk is inversely proportional to the duration of smoking history and relapse. More than 80 percent of the world's 1,3 billion tobacco consumers reside in nations with low or middle incomes, according to the WHO. In 2020, 22.3% of the worldwide population used tobacco, including 36.7% of men and 7.8% of women.
• Increasing Prevalence of Atherosclerosis – Atherosclerosis is also known as arterial calcification. This vascular disease is the leading cause of coronary artery disease, stroke, peripheral arterial disease (PAD), abdominal aortic aneurysm (AAA), etc. In developed nations such as the United States, Canada, the United Kingdom, Germany, and others, the rupture of an abdominal aortic aneurysm (AAA) is the leading cause of death for adults over 60.
• Rise in Geriatric Population Worldwide – According to screening studies, 2 to 13% of males and 6% of females over the age of 65 have AAAs. However, approximately 90% of aneurysms discovered through screening are small (less than 3.5 cm in diameter) and unlikely to rupture. The increasing elderly population and prevalence of aortic aneurysms in Western nations present opportunities for growth in the aortic aneurysm market. In the 2019 third revision of global population projections, 16% of the global population will be over 65, up from 11% in 2019.
• Increasing Product Launches and Investment– Major players adopt product launches and mergers/acquisitions as key developmental strategies to improve the product portfolio. For instance, in April 2018, Bolton Medical and Vascutek Ltd., both situated in the United States, merged to strengthen their position in the global aortic and vascular implants market. Following this acquisition, it is anticipated that the merged company will strengthen its position in the global market and expand its portfolio of medicinal products.  In addition, Terumo Corporation introduced its first commercial case of the aortic balloon in the United States in December 2021. This device facilitates physicians in expanding the aorta during endovascular aortic repair using TREO and RELAY stent-grafts. This will enhance the product lineup and expand the company's geographical presence.

Challenges

• High Research and Development Activities - In the medical devices industry, research and development are crucial. Due to the industry's high competition and diversity, research enables businesses to design products that meet market demands. consumers are attracted to high-quality products, so this will attract consumers from already-established businesses on the market. This strategy works in both developed and developing nations. Due to high start-up costs resulting from research and development activities and stringent rules and regulations adopted by the regulatory authority, the entry of minor players into the aortic aneurysm market may be restricted; this is the most significant challenge faced by market participants. This may inhibit market growth to some extent.
• High Capital Cost

Stringent Regulatory Framework