The global aneurysm diagnostic and treatment market is anticipated to grow at a significant CAGR of 12% during the forecast period. Aneurysms are a medical condition that weakens the wall of arteries and causes abnormal outward bulging. Its treatment involves location-specific surgeries and medication to aid the surgery process to some extent. The rising prevalence of aneurysms due to unhealthy lifestyles, hypertension, smoking, and consumption of alcohol has been the major factor driving the market growth. Hypertension or elevated blood pressure is the main cause of the increase in the risk of heart attack, brain, kidney, and other diseases. Hypertension problem is attributed as another factor to propelling the market. As per the World Health Organisation in 2020, 1.13 billion people worldwide have hypertension, and two-thirds live in middle-income countries. Additionally, the increase in the number of smokers is another factor driving the market for people with a history of smoking accounting for about 75% of aortic aneurysms. However, the high cost of surgical procedures is likely to harm the growth of the aneurysm diagnostic and treatment market during the forecast period.
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Additionally, the increasing geriatric population and rising cases of hypertension and diabetes associated with them are other factors driving the market growth. Moreover, the high prevalence of smokers and alcohol consumers who are most prone to this disease has been boosting the market. For instance, as per the Centers for Disease Control and Prevention, in 2019, around 14 of every 100 US adults of age 18 years or above-smoked cigarettes, which is 14% or 34.1 million adults.
Impact of COVID-19 Pandemic on Global Aneurysm Diagnostic And Treatment Market
The Aneurysm Diagnostic And Treatment market is hit by the outbreak of COVID-19 in December 2019. It has a sudden and dramatic impact on healthcare. The pandemic has had an impact on how people function and how different surgical procedures are performed. The number of aneurysm surgeries has significantly declined during the pandemic, due to the strict guidelines by the regulatory authorities to avoid all non-emergent surgeries. The outbreak of COVID-19 has disrupted the supply of raw materials and products across the globe. As doctors’ frontline warriors fighting against COVID-19, all other treatment procedures were postponed except in emergency cases. The COVID-19 pandemic shows severe symptoms in people, who are already suffering from chronic disease. This has impacted that people did not visit the hospital not to get exposed to the virus.
by Location (Aortal Aneurysm, Cerebral Aneurysm, Peripheral Aneurysm, Popliteal Aneurysm, Splenic Aneurysm, Mesenteric Aneurysm, and Others),
by Bulge Shape (Fusiform Aneurysm and Saccular Aneurysm),
by Treatment Approach (Open Surgery, Endovascular Stent Graft Surgery, and Medications),
by Diagnosis Method (CT Scans and MRI, X-Ray), and by End-Users (Hospitals, Research Institute, and Diagnosis Institutes)
Market Players Outlook
The key players operating in the global aneurysm diagnostic and treatment market are Terumo Corp., Bentley, Cardinal Health, Indospan Ltd., PDS Biotechnology, and Raumedic AG, among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in April 2020, Emdospan was granted a breakthrough device designation from the U. S Food and Drug Administration FDA for the NEXUS Aortic Arch Stent Graft System. In August 2020, Raumedic AG announced that it is planning to expand its medical tubing production capacities at its site in Feuchtwangen, Germany. The expansion is too intent to meet the increased demand for components used in infusion and feeding applications.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global aneurysm diagnostic and treatment market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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