Asia Pacific is the fastest-growing region in the aortic stent grafts market. In 2023, North America held the largest global market share. The increasing prevalence of aortic aneurysms owing to the high number of smokers and high preference for minimally invasive operations, supported by favorable reimbursement regulations, and the increasing expenditure on healthcare services across the US are the key factors driving the growth of the market in the country. For instance, according to data published by the Centers for Disease Control and Prevention (CDC) in September 2021, having a history of smoking is responsible for ~ 75% of abdominal aortic aneurysms and men over 65 years and above who have a history of smoking are recommended to receive an abdominal aortic aneurysm ultrasound screening, even if they are asymptomatic, by the U.S. Preventive Services Task Force. In addition, according to the Society for Vascular Surgery (SVS), ~ 200,000 people are diagnosed with AAA annually in the US. Thus, a rising incidence of cardiovascular conditions such as aortic aneurysms among the population boosts the demand for aortic stent grafts in the US, facilitating the expansion of the aortic stent grafts market share.
Burgeoning Demand for Minimally Invasive Devices Drives Aortic Stent Grafts Market Growth
Improvements in medical science and technologies have given way to minimally invasive devices, which can aid in replacing traditional painful surgical methods with minimally invasive or noninvasive methods. Minimally invasive techniques have gained popularity in surgical fields such as cardiac surgery. Endovascular aneurysm repair (EVAR) is a minimally invasive procedure for treating abdominal aortic aneurysms. The procedure is performed by inserting a stent graft into the affected part of the aorta and uses a smaller incision than open cardiac surgery to enable rapid wound healing and reduce procedure time. An article published by JAMA Network in May 2022, a study conducted to compare long-term outcomes of EVAR with open repair of AAA, suggested that endovascular repair is associated with lower risk than open repair in treating abdominal aortic aneurysm. Additionally, surgeons have embraced minimally invasive techniques due to their potential benefits such as less scarring, faster recovery, and reduced blood loss, and advancements in medical devices and surgical skills have further facilitated widespread adoption. As a result, healthcare institutions are investing in training their medical teams and acquiring the necessary equipment to meet the increasing demand for elective aortic aneurysm repair surgeries, thereby providing patients with improved treatment options and enhanced overall healthcare experiences.
Thus, the increasing demand for minimally invasive devices drives the aortic stent grafts market growth.
Product Recalls by Market Players Hamper Growth of Aortic Stent Grafts Market
- In May 2023, Terumo Aortic issued a voluntary recall of specific lots of the Terumo Aortic TREO Abdominal Stent-Graft Systems due to the potential issue of having an incorrectly sized graft.
- In February 2021, Medtronic recalled its unused Valiant Navion thoracic stent graft system due to a risk 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. The company stated that the root cause of most polymer leaks was a material weakness during manufacturing.
As a result of product recalls, trust in certain brands and products may diminish, leading to a potential decline in demand for aortic valve replacement devices. In addition, patients and medical professionals may become extra cautious when considering these devices, preferring to opt for alternatives or delaying procedures. Thus, an increase in product recalls hampers the aortic stent grafts market growth.
Aortic Stent Grafts Market: Segmental Overview
Based on product, the market is bifurcated into abdominal and thoracic aortic stent grafts. The abdominal aortic stent graft segment held the larger aortic stent grafts market share in 2022. Abdominal aortic stent grafts are medical devices utilized in EVAR to treat aortic aneurysms of the abdomen. This stent graft is implanted inside the abdominal aorta of the patient to help protect the aneurysm from rupturing. Increasing cases of AAA and the rising demand for minimally invasive surgery for treatment are boosting the demand for these stent grafts in the market.
Based on end user, the market is segmented into hospitals and ambulatory surgical centers. The hospital segment is anticipated to hold a significant market share during 2022–2030, owing to the presence of specialized and complex scientific instruments. These organizations employ teams of trained staff educated in the problems of modern medical science. They serve a significant role by providing extensive medical services to patients with various diseases. Therefore, hospitals are the primary end users of aortic stent graft devices as they offer a wide range of medical services, including invasive procedures such as EVAR and thoracic endovascular aortic repair (TEVAR).
Geographically, the aortic stent grafts market report is segmented into North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, Japan, India, 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).
Aortic Stent Grafts Market: Competitive Landscape and Key Developments
ENDOLOGIX INC; Terumo Corporation; Radcliffe Medical Media; Cook; MicroPort Scientific Corporation; Corcym; LeMaitre Vascular, Inc; W. L. Gore & Associates, Inc.; JOTEC GmbH; and Medtronic are a few key companies operating in the aortic stent grafts market. These companies adopt product innovation strategies to fulfil evolving customer demands, which allows them to maintain their brand name in the aortic stent grafts market.
As per press releases by key players operating in the market, a few initiatives are listed below:
- In September 2023, MicroPort Endovastec’s three aortic intervention products were approved by the Thailand Food and Drug Administration (TFDA). These products include the Castor Branched Aortic Stent-Graft and Delivery System, the Minos Abdominal Aortic Stent-Graft and Delivery System, and the Hercules Thoracic Stent Graft System with Low Profile Delivery System. These products were developed to treat thoracic and abdominal aortic diseases and are now registered and approved for use in Thailand.
- In March 2023, Bolton Medical, Inc. received U.S. Food & Drug Administration (FDA) approval for its RelayPro Thoracic Stent-Graft System. The system comprises a delivery catheter and tube-shaped implants, called stent grafts, made of nitinol, polyester, and platinum-iridium. It is used to repair damage in the aorta, specifically in the area behind the heart, known as the descending thoracic aorta.
- In March 2023, Vector Biolabs announced the completion of a facility expansion. The newly constructed facility has office space, warehouses, QC labs, and a cleanroom manufacturing suite. With the extra capacity, vector will be able to continue providing its fast response times even as field demand grows and expand its offering to include new product characterization and quality control services.
- In May 2021, Endologix LLC launched ALTO Abdominal Stent Graft in Canada after receiving approval from Health Canada, and it has also received commercial approval for it in Argentina. With the launch of this latest Endovascular Aneurysm Repair (EVAR) technology, the company aims to expand its global reach in the market.