Several key factors are propelling the growth of this market, including the increasing occurrence of aortic aneurysms and a growing preference for minimally invasive procedures like endovascular repairs. Nonetheless, the market faces challenges due to product recalls initiated by manufacturers, which can impede growth. Additionally, ongoing technological innovations and strategic initiatives by industry players are expected to introduce new trends in the aortic stent grafts market in the near future.
Market Drivers and Restraints of the Aortic Stent Grafts Market
The rising incidence of aortic aneurysms significantly influences the growth of the aortic stent grafts market. A study published by Elsevier in March 2021 indicates that abdominal aortic aneurysms (AAA) affect approximately 2% to 8% of individuals in developed nations. If untreated, these aneurysms can lead to life-threatening ruptures, with mortality rates soaring to 80%. Aortic stent grafts play a vital role in the endovascular repair of these aneurysms. According to the AAA standards report for 2020-2021 from the National Health Service (NHS) AAA screening program, around 210,800 men were screened, resulting in the detection of 1,542 aneurysm cases. Among those diagnosed, 88.8% who were eligible for elective repair proceeded with the surgery. Risk factors such as obesity, smoking, and a sedentary lifestyle contribute to the prevalence of this cardiovascular condition. The elderly population is particularly susceptible to cardiovascular diseases, including aortic aneurysms, which often necessitate endovascular aneurysm repair (EVAR) surgeries. Aortic stent grafts are predominantly utilized in these procedures due to their benefits, such as shorter hospital stays and reduced blood loss compared to traditional open surgeries. Consequently, the high volume of aortic aneurysm surgeries is a significant driver of market growth.
Conversely, the rise in product recalls within the aortic stent graft sector has raised alarms among healthcare professionals and patients alike. These recalls may stem from design flaws, manufacturing issues, or insufficient safety standards. Notable product recalls in the aortic stent graft market include:
- In May 2023, Terumo Aortic voluntarily recalled specific lots of the Terumo Aortic TREO Abdominal Stent-Graft Systems due to potential sizing issues.
- In February 2021, Medtronic recalled its unused Valiant Navion thoracic stent graft system due to risks of stent fractures and Type III endoleaks.
- In May 2020, Endologix Inc. announced a recall of its Ovation iX product due to the risk of liquid polymer leaks during implantation, attributed to material weaknesses in manufacturing.
As a result of these recalls, consumer confidence in certain brands may wane, potentially leading to decreased demand for aortic valve replacement devices. Patients and healthcare providers may become more cautious, opting for alternatives or postponing procedures. Thus, the increase in product recalls poses a challenge to the growth of the aortic stent grafts market.
Aortic Stent Grafts Market: Segmental Overview
The aortic stent grafts market is categorized based on product type and end user. In terms of product, the market is divided into abdominal aortic stent grafts and thoracic aortic stent grafts. The abdominal aortic stent graft segment dominated the market in 2023. These devices are employed in EVAR procedures to address abdominal aortic aneurysms, being implanted within the abdominal aorta to prevent aneurysm rupture. The increasing incidence of AAA and the growing preference for minimally invasive surgical options are driving demand for these stent grafts.
Regarding end users, the market is segmented into hospitals and ambulatory surgical centers. The hospital segment is expected to maintain a significant market share from 2023 to 2031, primarily due to the availability of specialized medical equipment and trained personnel. Hospitals play a crucial role in delivering comprehensive medical services, including complex procedures like EVAR and thoracic endovascular aortic repair (TEVAR), making them the primary consumers of aortic stent graft devices.
Aortic Stent Grafts Market: Geographical Overview
The global aortic stent grafts market report encompasses various regions, including North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). In 2023, North America held a substantial share of the aortic stent grafts market, followed by Europe. The Asia Pacific region is projected to experience the highest CAGR during the forecast period, driven by the increasing incidence of aortic aneurysms and associated risk factors in the area.