The Abdominal Stent Graft System market studied is expected to grow with an anticipated CAGR of 4.1%, during the forecast period.
The major factors attributing to the growth of the abdominal stent graft system market are increasing prevalence of abdominal aortic aneurysm, increase in geriatric population, increase in the population prone to risk of occlusive atherosclerosis disease, increasing adoption of minimally invasive surgeries, reduction in hospitalization period, availability of reimbursements and insurance coverage. The global increase in the number of geriatrics and varied life styles are likely to lead to consequences, which include exposure to risk factors such as smoking, high blood pressure, atherosclerosis and trauma.
As per the report by CDC, it is estimated that abdominal aortic aneurysm related complications are responsible for the death of 9928 people in United States, which accounts to approximately 3 death per 1,00,000. Abdominal aortic aneurysm was ranked as one of the top 15 causes for the death rate among geriatric population in the United Nations. The population aged 60 or above is growing at a rate of about 3% per year. It was estimated that Europe had the highest percentage of the population aged 60 or over in 2017. The annual new abdominal aortic aneurysm diagnoses is estimated to increase at a range of 0.4 to 0.67% in western countries. Hence, the rise in geriatric population and abdominal aortic aneurysm conditions act as major drivers for the growth of abdominal stent graft system market.
Key Market Trends
The Hospital segment from End User is expected to increase in the abdominal stent graft system market over the forecast period
There is an increase in the number of hospitals offering treatment based on the abdominal stent graft system and also estimated to exhibit an exponential increase in the healthcare professionals possessing expertise in performing surgeries based on the abdominal stent graft system. Also, most of the hospitals are being empaneled with the insurance providers and abdominal stent graft system market is expected to increase in the forecast period as it is covered by most of the insurance providers. Hence, the financial burden on patients shall be reduced. As per the American Health Association, the number of hospitals in the US has increased from 4985 to 5262 during the period of 2010-2017. This shows that the hospital number and the services are estimated to increase exponentially over the forecast period, thus driving the abdominal stent graft system market significantly.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. This is due to the increasing incidence of abdominal aortic aneurysm, obesity, high blood pressure, rising geriatric population, growing adoption of the minimally invasive procedures, and growing physician and patient awareness about advanced technologies. In the North America region, the United States holds the largest market share. As per the Center for Disease Control and Prevention, it is estimated that aortic aneurysm is responsible for 9,928 deaths in 2017 and the history of smoking lead to 75% of abdominal aortic aneurysms. The US Preventive Services Task Force recommends men between 65-75 years of age and with smoking history should undergo ultrasound screening for abdominal aortic aneurysms. Hence, North America is expected to witness a healthy growth in abdominal stent graft system market over the forecast period.
Competitive Landscape
The abdominal stent graft system market is highly competitive and consists of significant major players. With the increasing levels of awareness and high prevalence of diseases, few other smaller players are expected to enter the market in the near future. Some of the major players of the market are Endologix, Inc., Sofmedica, Terumo Corporation, Medtronic, Jotec GmbH, Cook medical, Microport Scientific Corporation, Cardinal Health, Inc. and many others.
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