Endovascular Procedures are Projected to Drive the Growth of Aortic Aneurysm Repair Devices Market
The aorta is the main artery in the body that carry oxygen-rich blood from the heart to other parts of the body. An aortic aneurysm (AA) refers to an enlargement (or dilation) of the aorta to greater than 1.5 times normal size. Aortic aneurysm symptoms often do not show up until an aneurysm becomes large or bursts and cause bleeding or even death. But as it grows, some signs including, chest or back pain, difficulty breathing or swallowing, shortness of breath, coughing, hoarseness can be noticed. Other causes for an aneurysm may include, high blood pressure, infection, plaque build-up in arteries (atherosclerosis), smoking, high cholesterol and sudden traumatic injury within the wall that leads to degeneration of elastin and necrosis of smooth muscle cells. Based on the location, an aortic aneurysm is classified into two type’s Abdominal Aortic Aneurysm (AAA) and Thoracic Aortic Aneurysm (TAA). Globally, it is estimated that more than 250 thousand aortic aneurysm procedures were performed in 2016. Abdominal aortic aneurysm is the dominant type which represents nearly 75% of the total aortic aneurysm, whereas Thoracic aortic aneurysm is less prevalent. Among various AAA types like infrarenal and Perarenal which includes Suprarenal and Juxtrarenal, the infrarenal aortic aneurysm is the most common type. In TAA, Ascending aortic aneurysm is the most common type when compared to other types like Descending aortic aneurysm, Thoracoabdominal aortic aneurysm and Thoracic arch aneurysm. People born with the genetic condition such as Marfan syndrome and Loeys-Dietz syndrome have chances of developing aortic aneurysm in the chest, indicates the role of genes in this condition. Regular diagnostic examinations and tests such as an X-ray, an echocardiogram, CT or an ultrasound scan can help in early diagnosis of the disease.
Depending upon the level of enlargement, repair or surgery is considered. Open repair surgery and Endovascular repair are two repair types available for treating an aortic aneurysm. Among abdominal aortic aneurysm repair types, Endovascular aneurysm repair (EVAR) is the most common type of procedure performed whereas in case of Thoracic Aortic Aneurysm (TAA) repair types, Thoracic endovascular aortic repair (TEVAR) is the most common type of procedure performed and is gaining popularity globally as it minimally invasive, offers quicker patient recovery time and reduced post-operative complications than open surgical procedures. Of the total repair procedures, EVAR represents a significant portion in abdominal aortic aneurysm and TEVAR represents more than half in thoracic aortic aneurysm. Remarkable advancement in commercial stent design, delivery and implantation technique has made this endovascular procedure an effective alternative to open repair surgery.
Often in Aortic Aneurysm Repair procedures, various repair products such as stent grafts, catheters, guide wires, sutures, snares, trocars and other accessories are used. A stent graft also called as covered stent is a flexible tube that is used to repair the damaged section of a blood vessel, made up of the metallic frame with a durable fabric coating. These stent grafts are delivered using catheters (endovascularly) which use the stent mechanism inside the vessel to expand the graft, instead of cutting open and attaching the graft. Stent grafts act as a small, metal scaffold inside the aorta and support the weak area of the aorta. Branched stent graft, fenestrated stent graft and iliac branch stent graft are used in aortic repair depending on the anatomies.
According to IQ4I analysis, the Aortic Aneurysm Repair Devices global market is expected to grow at a mid-single digit CAGR to reach $3,448.2 million by 2023. The aortic aneurysm repair devices global market is progressing at a moderate rate due to rising geriatric population, increasing the number of lifestyle diseases, growing acceptance for minimally invasive endovascular surgeries and technological advancements in EVAR technology. However, some issues like risks associated with endovascular procedures such as endoleaks, radiation exposure and high costs of endovascular aneurysm repair procedures may hinder the growth of Aortic Aneurysm repair devices market.
The increasing incidence of an aortic aneurysm due to unhealthy lifestyle and the advancements in minimally invasive procedures has made many Medical devices manufacturing firms to invest heavily in this market either by acquiring other smaller firms or by collaboration. For instance, Endologix, Inc. acquired TriVascular Technologies, Inc. in February 2016 to create a leading cardiovascular growth company focused on the treatment of Aortic disorders. TriVascular develops and commercializes innovative technologies to significantly advance the minimally invasive treatment of abdominal aortic aneurysms such as Ovation Abdominal Stent Graft platform, the lowest profile FDA-approved endovascular aortic repair (EVAR) system, which utilizes a novel, polymer-based sealing mechanism. In July 2015, Lombard Medical, Inc. acquired Silicon Valley-based Altura Medical, a privately held, venture-backed company that has developed an innovative ultra-low profile endovascular stent graft technology for the treatment of standard AAA anatomies. In June 2015, Medtronic, an Ireland-based device maker made an investment in Arsenal AAA, a subsidiary of Arsenal Medical developing technology to prevent complications associated with endovascular aneurysm repair (EVAR) procedures. The company also acquired Aptus Endosystems, maker of two FDA-cleared fastening devices (Heli-FX and Heli-FX Thoracic anchoring systems) for locking endograft in place for $110 million.
Many start-up companies have raised funds, major players have come up with new products and obtained regulatory approvals to commercialize their products in recent years, which indicates the upward growth in the aortic aneurysm repair devices market. For instance, in September 2016 Vivasure Medical, based in Galway, Ireland, raised $18.3 million in a Series C funding round for commercializing the company’s bioabsorbable vascular closure device based on its PerQSeal technology platform for endoleaks, which can occur due to insufficient sealing, improper placement or migration of the stent graft during EVAR procedure.
Geographically, in North American region U.S. dominates the adoption of Aortic Aneurysm Repair market with more than 120 thousand procedures, contributing the largest share of the revenue due to advanced healthcare infrastructure, constant technological innovations, increase in lifestyle diseases and growing acceptance for minimally invasive endovascular surgeries. However, Asia-Pacific region is propelling with fast growth due to the changing lifestyle, increasing healthcare expenditure and growing public awareness towards minimally invasive surgeries. Japan is one the major market with more than 50% of total aortic aneurysm procedures in the Asia-Pacific region.
Some of the prominent players in aortic aneurysm repair devices market include Bolton Medical (U.S.), Cook Medical (U.S.), Endologix, Inc. (U.S.), Lombard Medical Technologies (U.K.), Medtronic PLC (Ireland), MicroPort Scientific Corporation (China),Terumo Medical Corporation (Japan), W.L. Gore and Associates, Inc. (U.S). Some of the emerging players are JOTEC GmbH (Germany), LifeTech Scientific Inc. (China), Endospan (Israel), Nano Endoluminal S.A. (Brazil), Braile Biomedica (Brazil) etc.