Endovascular Aneurysm Repair Market Expected to Reach $4.4 Billion by 2030

According to a new report published by Allied Market Research, titled, “Endovascular Aneurysm Repair Market," endovascular aneurysm repair market size was valued at $2,646.60 million in 2020, and is estimated to reach $4,359.20 million by 2030, growing at a CAGR of 4.8% from 2021 to 2030. 

The endovascular aneurysm repair market trends are increase in adoption of endovascular stent grafts and development of next-generation stent grafts, such as Excluder (W. L. Gore & Associates, Inc.), Zenith (Cook Medical Inc.), and others. In addition, endovascular aneurysm repair market  rise in awareness about availability of wide range of aortic aneurysm devices in developing countries attracts the patient population, which is expected to provide lucrative growth opportunities for endovascular aneurysm repair market. However, inflated cost of evar procedure and risks associated with these procedures restrain the market growth. Furthermore, untapped emerging economies present lucrative opportunities for the market.

The endovascular aneurysm repair market is segmented on the basis of indication, site, anatomy, product, and region. Depending on indication, the market is classified into abdominal aortic aneurysm and thoracic aortic aneurysm. Abdominal aortic aneurysm segment dominated the market in 2020.

On the basis of site, the market is categorized into infrarenal and pararenal, further pararenal segment is bifurcated into juxtarenal and suprarenal. Infrarenal segment have the highest revenue followed by pararenal. Infrarenal segment is expected to grow at a CAGR of 4.5% during the forecast period. The endovascular aneurysm repair market forecast was $4,359.2 million by 2030. 

The endovascular aneurysm repair market industry is drives by factors such as rise in incidence of chronic diseases among population, which in turn, rise in demand for endovascular aneurysm repair products. 

Endovascular aneurysm repair market analysis is done on the basis of anatomy, indication, site, and product types segment. Depending on anatomy, the market is divided into traditional and complex. The traditional segment holds the maximum share in the endocascular aneurysm market industry, followed by the complex segment.

By product, the market is categorized into percutaneous EVAR, fenestrated EVAR, and aortic stents & TAA grafts. Percutaneous segment dominated the market in 2020.

Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the highest endovascular aneurysm repair market share in 2020, and is expected to maintain its dominance throughout the forecast period, owing to increase in number of evar procedure in the U.S. Technological advancements to develop cost-effective devices in these nations offer a lucrative opportunity for endovascular aneurysm repair market growth.

The key players in the global endovascular aneurysm repair market industry include Medtronic plc.., Cook Medical Inc., Endologix, Inc., Lombard Medical, Inc., W. L. Gore & Associates, Inc., Cardinal Health Inc., Becton Dickison and Company, Terumo Corporation, Abbott Laboratories, and Konninklijke Philips N.V.

Several manufacturers in the global endovascular aneurysm repair market industry halted their business activities in 2020 due to lockdowns implemented in developed and developing countries, owing to ban on industrial activities due to the COVID-19 pandemic. This halt in production activities impacted the revenue of the endovascular aneurysm repair manufacturing companies. For instance, net sales of Microport scientific corporation dropped by 18.2% from April 2020 to March 2021. In addition, lack of man power and raw materials affected the supply chain of the global endovacsular aneurysm repair market. However, the market is anticipated to cover from the 1st quarter of 2023, due to  less restrictions and reopening of the global endovascular aneurysm repair market industry. Moreover, in 2021, with the availability of vaccine against COVID-19, the market re-opened at full pace at the start of 2022.