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The global Abdominal Aortic Aneurysm (AAA) repair devices market size was USD 2.98 Billion in 2022 and is expected to reach USD 5.26 Billion in 2032

NEW YORK , NY, UNITED STATES, May 1, 2023 /EINPresswire.com/ -- The Abdominal Aortic Aneurysm (AAA) repair devices market is projected to grow from USD 2.98 Billion in 2022 to USD 5.26 Billion in 2032, with a compound annual growth rate (CAGR) of 6.5% during the forecast period. Key drivers of this growth include the increasing incidence of AAA, advancements in technology, and the growing use of Endovascular Aneurysm Repair (EVAR) devices. AAA is a condition where the abdominal aorta's wall weakens and bulges outwards, and it can be fatal, particularly among older men, smokers, and those with a family history of the disease. The U.S. alone reports about 200,000 AAA cases diagnosed annually, and with the aging population, prevalence is expected to rise.

The use of Endovascular Aneurysm Repair (EVAR) devices, which offer several advantages over traditional open surgery, is a major factor driving revenue growth in the AAA repair devices market. With EVAR treatment, a stent graft is inserted through a small incision in the groin and directed to the aneurysm's location, where it seals off the aneurysm and prevents further growth. Compared to open surgical repair, EVAR has been shown to result in lower rates of morbidity and mortality, shorter hospital stays, and faster recovery times.

In addition, the development of novel and innovative devices, such as fenestrated and branched stent grafts, is expected to drive market revenue growth in the coming years. These devices are designed to fit the patient's unique anatomy, reducing the risk of complications and improving patient outcomes.
Increasing awareness and diagnostic rates, as well as a rising incidence of AAA, are also expected to contribute to market revenue growth. Awareness-raising campaigns and programs, such as the U.K.'s National Screening Program, are expected to lead to earlier detection and treatment of AAA, increasing the need for repair devices.

However, the high cost of EVAR devices could limit revenue growth, particularly in low- and middle-income countries, where patients and healthcare providers may face financial barriers. In addition, the lack of reimbursement guidelines in some areas could also hinder market growth.

Furthermore, competition from alternative treatments such as pharmaceutical therapy and watchful waiting could also limit market revenue growth. Patients with minor aneurysms or who are not suitable candidates for EVAR or open surgical repair may benefit from these treatments, which could reduce the demand for repair devices.

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Segments Covered in the Report
The report provides a comprehensive coverage of the Abdominal Aortic Aneurysm (AAA) repair devices market, including revenue forecast, company ranking, competitive landscape, growth factors, and trends. The market is segmented by product type outlook, end-use outlook, and regional outlook.
Under the product type outlook, the market is further segmented into three categories: Endovascular Aneurysm Repair Devices, Open Surgical Repair Devices, and Hybrid Aneurysm Repair Devices. Endovascular Aneurysm Repair Devices are currently the most widely used devices in the market due to their numerous advantages over traditional open surgery. Open Surgical Repair Devices and Hybrid Aneurysm Repair Devices are also used in certain cases depending on the patient's unique situation.

Under the end-use outlook, the market is segmented into three categories: Hospitals, Ambulatory Surgical Centers, and Others. Hospitals are the primary end-users of AAA repair devices due to their expertise in performing complex procedures. Ambulatory Surgical Centers are also gaining popularity as they provide convenient, cost-effective outpatient care.

The regional outlook covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is currently the largest market for AAA repair devices due to the high prevalence of AAA cases in the region and the availability of advanced healthcare infrastructure. Europe and Asia Pacific are also expected to witness significant growth during the forecast period due to increasing awareness and rising incidence of AAA.

Overall, the report provides a detailed analysis of the AAA repair devices market, including market segmentation, key growth factors, and emerging trends, which will help stakeholders make informed decisions.

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Strategic development:
Medtronic plc announced its strategic development in 2021 with the FDA approval of its Abre venous self-expanding stent system, which aims to treat iliofemoral venous occlusive disease. This move was intended to enhance Medtronic's product portfolio in the vascular surgery market.

Cook Medical's acquisition of a California-based medical device company in 2020 aimed to provide doctors with an implantable device that treats patients suffering from thoracic and abdominal aortic aneurysms, thereby supporting the company's strategic expansion in the medical devices market.
In 2020, Endologix, Inc. completed its merger with ALF-X Medical Americas, aiming to broaden the company's product offerings in the endovascular aneurysm repair market, and further strengthen its strategic development.

MicroPort Scientific Corporation's acquisition of Lombard Medical (Altura Medical) in 2019 aimed to expand the company's product portfolio in the aortic aneurysm repair market, demonstrating their strategic efforts to capitalize on the growth opportunities in the medical devices market.

Competitive Landscape:
The abdominal aortic aneurysm (AAA) repair devices market is highly competitive, with several prominent players competing for market share. Some of the key players in this market include Medtronic plc, Cook Medical, Gore Medical, Abbott Laboratories, Endologix, Lombard Medical (Altura Medical), C. R. Bard (Becton, Dickinson and Company), Boston Scientific Corporation, Cordis Corporation (Cardinal Health), and LivaNova.

Medtronic plc is one of the leading players in the AAA repair devices market, with a diverse range of products for the treatment of AAA, including endovascular and open surgical repair devices. Cook Medical is another major player in this market, offering a range of AAA repair devices for use in hospitals and ambulatory surgical centers.

Gore Medical is a global leader in medical devices, including AAA repair devices, with a strong presence in North America and Europe. Abbott Laboratories also offers a wide range of AAA repair devices, including stent grafts and balloon catheters.

Endologix and Lombard Medical (Altura Medical) have merged with other companies to expand their product offerings in the AAA repair devices market. C. R. Bard (Becton, Dickinson and Company), Boston Scientific Corporation, Cordis Corporation (Cardinal Health), and LivaNova are also major players in this market, offering a range of AAA repair devices and other medical devices.

Overall, the AAA repair devices market is highly competitive, with several key players offering innovative products to meet the growing demand for AAA treatment. With advancements in technology and increasing incidence of AAA, the market is expected to continue to grow in the coming years, presenting opportunities for these companies to expand their product offerings and gain market share.

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In conclusion, the global abdominal aortic aneurysm repair device market is highly competitive, with a few major players dominating the market. These companies are actively involved in developing new technologies and products, investing in research and development, and engaging in strategic partnerships and collaborations to maintain their market share and drive revenue growth.

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