Market Trends of Abdominal Stent Graft System Industry
The Hospital Segment is Expected to Witness a Significant Growth in the Market Over the Forecast Period
- The hospital segment is expected to witness significant growth in the studied market over the forecast period due to the increase in the number of hospitals offering treatment based on the abdominal stent graft system. Also, one factor that bolsters the market growth is the rise in the number of healthcare professionals with expertise in performing surgeries based on the abdominal stent graft system.
- For instance, as per the Microport 2022 interim results, the Minos Abdominal Aortic Stent-Graft and Delivery System entered over 500 hospitals, achieving a sales revenue of RMB 75 million (USD 10.7 million) in the first half of 2022, representing an increase of 78.95% year-on-year. Hence, the introduction of abdominal stent graft systems in hospitals leads to segment growth over the forecast period.
- Furthermore, an increase in product launches and approvals globally will raise the chance of product availability in hospitals. For instance, in September 2022, Shanghai MicroPort Endovascular MedTech (Group) Co., Ltd. received registration approval from the Colombian National Institute for Drug and Food Surveillance (INVIMA) for the Minos Abdominal Aortic Stent-Graft and Delivery System.
- Colombia was the third Latin American country to approve the Minos System after Brazil and Argentina. The Minos System has been available in 12 overseas markets, including Greece, Poland, Spain, Germany, Italy, Croatia, Hungary, Switzerland, Brazil, the Czech Republic, and the United Kingdom. Thus, considering the increase in product launches and approvals, the studied segment is expected to witness significant growth over the forecast period.
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North America is Anticipated to Hold a Significant Market Share in the Abdominal Stent Graft System Market Over the Forecast Period
- North America is expected to hold a significant market share of the overall market throughout the forecast period due to the increasing incidence of abdominal aortic aneurysms, obesity, high blood pressure, and the rising geriatric population. For instance, as per the Penn Medicine Lancaster General Health August 2022 update, each year, about 200,000 people in the U.S. are diagnosed with an abdominal aortic aneurysm (AAA).
- As per the same source, a history of smoking accounts for about 75% of all abdominal aortic aneurysms. Thus the high prevalence of AAA and a high percentage of smoking in the studied region is expected to utilize the abdominal stent graft system and thereby fuel the market growth.
- Also, other factors augmenting the market growth are the growing adoption of minimally invasive procedures and an increase in clinical study enrolment for the development of the abdominal stent-graft system. For instance, in April 2022, Terumo Aortic enrolled patients in an all-comers Abdominal Aortic Aneurysm (AAA) Study of the TREO Abdominal Stent-Graft System in the United States. The TREO abdominal stent-graft system is approved by the FDA to treat patients with abdominal aortic aneurysms.
- Furthermore, as per the February 2022 update by the University of Calgary, the Canadian Task Force on Preventative Health Care estimated that 20,000 Canadians are diagnosed with an abdominal aortic aneurysm (AAA) annually. As per the same source, researchers named Di Martino and Moore received a USD 661,725 Canadian Institutes of Health Research grant to study aneurysm patients.
- Hence, such grants and stipends offered to the researchers are expected to increase the development of the abdominal stent-graft system, thereby driving the market growth in the studied region. Hence, due to the increase in product launches and research funding, North America is expected to hold a notable market share over the forecast period.
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