Global Endovascular Devices Market Booming Worldwide With Key Players | Cordis, Medtronic, Abbott
The Global Endovascular Devices Market valued at US$ 5.4 bn (2021) is projected to witness a growth rate of 5% in the next five years. Rising preference for endovascular aneurysm repair (EVAR) procedures, technological advancements in endovascular devices, the increasing geriatric population & corresponding rise in the prevalence of cardiovascular diseases, lifestyle factors (diet, exercise), ease & availability of endovascular procedures, and favorable reimbursements for endovascular procedures are some of the key factors driving the global Endovascular devices market.
Endovascular surgery is an advanced procedure that is performed using minimally invasive catheter techniques on the arteries or veins. Procedures include aneurysm repair, cardiovascular disorders, peripheral vascular diseases, renal vascular diseases, deep vein thrombosis (DVT), varicose vein repair, and stroke, among others. A wide variety of guidewires, catheters, crossing devices, balloons, stents, atherectomy devices, drug-coated devices, and other devices are used for endovascular treatment.
Opportunities For Endovascular Devices Market
Cumulative Preference for Endovascular Aneurysm Repair (EVAR) Procedure Opens Growth Opportunities for Endovascular Devices Market. An aortic aneurysm is a bulge that occurs in the wall of the aorta that carries blood from the heart to the body. It increases the risk of developing a tear in the inner layer of the wall of the aorta. An aortic aneurysm can be abdominal or thoracic. An abdominal aortic aneurysm (AAA) occurs when a portion of the abdominal aorta bulges into an aneurysm because of a weakening of the vessel wall. AAA may result in life-threatening internal bleeding upon rupture. Hence patients diagnosed with AAA are treated with open surgical repair or mostly via less invasive endovascular aneurysm repair (EVAR). During the EVAR procedure, a stent graft is inserted into the aorta which protects the aorta from tearing.
The EVAR is widely accepted as a standard of care for aortic aneurysms & supported by vascular surgeons due to the following benefits:
- Shorter stay in the hospital.
- Relatively less blood loss
- Faster return to routine activities
- Shorter procedure time as compared to open surgery, among others
Launching Innovative Products
Citing the lucrative prospects of EVAR technology, companies are launching innovative products in new markets.
- In May 2021, Endologix launched Alto® Abdominal Stent Graft System in Canada and Argentina. The launch boots the company’s global reach with the latest endovascular aneurysm repair (EVAR) technology
“Endovascular aneurysm repair (EVAR) has emerged as a safe, and effective method of treating abdominal aortic aneurysms as it lowers the risk of life-threatening tears & ruptures. Technological advancements in EVAR have not only allowed vascular surgeons to achieve therapeutic aims but also reduced procedural risks and patient discomfort.” – Director, Leading Endovascular Device Manufacturer, United States
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Technological Advancements Drive The Global Endovascular Devices Market
The endovascular devices market is a technology-driven market and is marked by product enhancements/innovations.
- In June 2022, Medtronic India launched a fourth-generation flow diverter, Pipeline Vantage with Shield Technology for the endovascular treatment of brain aneurysms
Organic And Inorganic Advance Strategies Adopted By Players To Establish Their Position In Endovascular Devices Market
The endovascular devices market is marked by the presence of both established and new players. Players operating in the market adopt both organic and inorganic growth strategies such as acquisitions, and new product launches to garner market share.
- In March 2022, Cook Medical received FDA Breakthrough Device Designation for Zenith® Thoraco+ Endovascular System. The Thoraco+ is built on the strength of the proven Zenith platform. It represents a next-generation endovascular graft for the treatment of thoracoabdominal aortic aneurysms. The system is indicated for the endovascular treatment of patients with thoracoabdominal aortic aneurysm
The endovascular devices market is expected to continue to grow in the coming years due to growing cases of peripheral, aortic, & venous diseases, an increase in the smoking population, growth opportunities in the APAC region, technological advancements in endovascular devices, and favorable reimbursement in key markets.
Competitive Landscape Analysis Of Endovascular Devices Market
The global endovascular devices market is marked by the presence of players such as Cordis, Medtronic, Boston Scientific, Cook Medical, Abbott, Gore Medical, Cardiovascular Systems, Inc. (CSI), Terumo, among others.
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