Market Trends of Abdominal Aortic Aneurysm (AAA) Repair Devices Industry
Endografts are Expected to Register Healthy Growth Over The Forecast Period.
Endografts are used for the endovascular repair of abdominal aortic aneurysms (AAAs). The segment is expected to grow due to the growing adoption of minimally invasive surgeries (MIS) over open surgery, the rising number of screening programs, technological advancements, and strategic initiatives by market players.
The growing burden of AAA is expected to increase demand for AAA repair devices such as endograft, which is expected to promote segment growth over the forecast period. For instance, according to data published by the Government of the United Kingdom in February 2023, approximately 274,800 men were offered screening for AAA, with 79.0% receiving a conclusive screen between April 2022 and March 2023. Thus, the growing prevalence and screening of AAA are expected to increase demand for AAA repair devices, contributing to the market growth.
Moreover, the prevalence of AAA is expected to increase with the growing elderly population across the globe. In June 2022, the United Nations Population Fund (UNPF) projects that by 2050, nearly 30% of Europeans will be 65 years or older, currently representing one in five people. According to UNPF statistics, Italy was expected to have 24% of its population aged 65 years and older in 2023. Thus, as the elderly population grows, the demand for effective AAA repair treatment, such as endovascular repair using endograft, is expected to rise over the forecast period.
Furthermore, the rising adoption of MIS due to its advantages and success rate is projected to boost segment growth. For instance, in April 2023, an 80-year-old AAA Emirati patient was treated at Medcare Hospital, Dubai, with an advanced surgical procedure called Endovascular Aneurysm Repair (EVAR) to repair the swelling without an open incision, resulting in less pain, improved outcomes, and faster healing. Therefore, the advantages of such procedures using the endograft are expected to accelerate the market growth during the forecast period.
Additionally, market players' initiatives, such as launches and approvals, partnerships, and mergers, also contribute to the segment's growth. For instance, in December 2022, Endologix Inc. LLC, a global medical device company, received United States Food and Drug Administration (FDA) approval for a pre-market approval (PMA) supplement relating to the AFX2 System. The AFX2 Endovascular AAA System integrates anatomical fixation with an advanced delivery system to facilitate the treatment of patients with abdominal aortic aneurysms (AAA).
Therefore, owing to factors such as rising AAA screening and product approvals, the studied segment is expected to witness significant growth during the forecast period.
North America is Expected to Hold a Significant Market Share Over The Forecast period
North America is expected to witness significant growth during the forecast period due to factors such as the rising prevalence of AAA and the growing trend of smoking and cardiovascular complications propagating the diseases and strategic initiatives by market players.
The high burden of AAA in the region is expected to increase demand for AAA repair devices, contributing to market growth over the forecast period. According to the Lancaster General Health article published in August 2022, approximately 200,000 individuals in the United States are diagnosed with an abdominal aortic aneurysm (AAA) every year. The high burden of AAA in the region is projected to boost the demand for AAA repair devices for the treatment of the disease, thereby expanding the market growth.
Furthermore, as per the Centers for Disease Control and Prevention's May 2023 update, an estimated 28.3 million adults in the United States smoke cigarettes. Also, as per the Government of Canada article updated in 2022, 11% of Canadians aged 25 and older reported smoking in 2022. The high burden of tobacco smoking is associated with a high risk for the development and progression of AAA, which in turn is projected to boost the market growth in the region during the forecast period.
The partnerships between healthcare organizations to accelerate disease screening are further expected to propel market growth. For instance, in November 2022, the University of California (UC) Davis Health partnered with artificial intelligence (AI) software company Illuminate to develop a centralized abdominal aortic aneurysm surveillance program to identify patients who may have been lost to follow-up due to missed care during the COVID-19 pandemic or other factors. Such technological advancements in screening programs are projected to boost market growth.
Therefore, owing to the high burden of AAA and high smoking prevalence along with growing screening initiatives, the market is projected to grow in the North American region during the forecast period.
