Thoracic Aortic Aneurysm Market

Market Overview

The global thoracic aortic aneurysm market size was valued at USD 1,460.2 million in 2022. It is estimated to reach USD 3,166.2 million by 2031, growing at a CAGR of 8.98% during the forecast period (2023–2031). Smoking is expected to increase the risk of perioperative death and late mortality in patients having aortic aneurysm repair surgery. This rising disease burden makes North America the most lucrative market for leading players to invest in the thoracic aortic aneurysm market.

The likelihood of a global economic recovery from the COVID-19 pandemic was hampered, at least temporarily, by the Russia-Ukraine war. The conflict between these two nations has resulted in supply chain interruptions, increased commodity prices, economic penalties against other nations, and inflation in goods and services that is impacting numerous global markets.

Thoracic Aortic Aneurysm is a medical condition characterized by abnormal bulging and dilation of the thoracic aorta. This main blood vessel delivers fresh blood from the heart to the rest of the body. This disorder can weaken and potentially rupture the aorta, resulting in significant internal bleeding and other life-threatening problems. Age, family history, high blood pressure, smoking, atherosclerosis, connective tissue diseases, and trauma are all risk factors for Thoracic Aortic Aneurysm. The severity of the problem determines the therapy, which may involve lifestyle modifications, medication, or surgical treatments such as endovascular repair or open surgery.

Market Dynamics

Thoracic Aortic Aneurysm Market Drivers

High Prevalence of Smoking

Globally, it is observed that the number of smokers aged 15 and above is significantly high. In both men and women, smoking is a significant risk factor for developing aortic aneurysms. High blood pressure or a sudden injury are the most common causes of thoracic aortic aneurysms. Thoracic aortic aneurysms can develop in people who have inherited connective tissue illnesses such as Marfan syndrome or Ehlers-Danlos syndrome. According to the National Organization for Rare Disorders, Inc. (NORD), Marfan syndrome affects women and men equally globally, with no ethnic predisposition. The disease prevalence has been estimated to be 1 in 5 to 10,000 individuals in the general population. Continued smoking in individuals with an aortic aneurysm is associated with both an increased rate of expansion and a risk of rupture. Smoking is expected to increase the risk of perioperative death and late mortality in patients having aortic aneurysm repair surgery.

Thoracic Aortic Aneurysm Market Restraint

High Cost of Treatment and Devices

Out of the total number of aortic aneurysm procedures in the US annually, around 75% are being performed via EVAR and have become the treatment of choice. The mean average cost of the overall treatment, including the hospital, is around USD 25,000 in the US, out of which the stent graft systems contribute 52% of the cost. In addition, a patient treated with EVAR must be followed with regular imaging studies and hospital visits for intervention to correct the endoleak. This again adds to the overall treatment cost.

Thoracic Aortic Aneurysm Market Opportunities

Rising Geriatric Population

In 2019, the US Department of Health and Human Services said that this group of people makes up a big part of the American population, with a total of 54 million people, or more than 16% of the population. The projected figures indicate an increase in individuals to 80.8 million by 2040 and 94.7 million by 2060. Thus, in the next five years, the growing aging population is predicted to increase overall aortic aneurysm repair surgeries. People of age 65 and older are at a high risk of developing aortic aneurysms because the aortic walls deteriorate with age; other cardiovascular disorders further increase the risk. A person developing an aneurysm at this age needs proper treatment, or else rupturing of the aneurysm may lead to death. The number of thoracic aortic aneurysm diagnoses is rising owing to improvements in medical screening and imaging, with around 1 per 100,000 people affected, thereby boosting the demand for thoracic aortic aneurysm repair devices on the market.

Regional Analysis

North America Dominates the Global Market

Based on region, the global thoracic aortic aneurysm market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America is the most significant global thoracic aortic aneurysm market shareholder and is estimated to grow at a CAGR of 8.52% during the forecast period. This can be due to the growing population of smokers and technological advancements. Around 47,000 people die each year from all types of aortic diseases—more than that from AIDS, breast cancer, motor vehicle accidents, or homicides—making the aortic disease a silent epidemic. This rising disease burden makes North America the most lucrative market for leading players to invest in the thoracic aortic aneurysm market.

Europe will likely exhibit a CAGR of 9.49% over the forecast period. The European TAA market is likely to grow at a 9.99% rate due to the local presence of major market players, technological advancements in endovascular aortic aneurysm repair devices, and the ease of use provided by these flexible devices for treating aortic neck angulation. For instance, the Valiant Navion thoracic stent graft system from Medtronic plc has received CE Mark for the minimally invasive repair of all lesions of the descending thoracic aorta, including Blunt Traumatic Aortic Injuries (BTAI), Thoracic Aortic Aneurysms (TAA), Intramural Hematomas (IMH), Penetrating Atherosclerotic Ulcers (PAU), and Type (TBAD). Furthermore, the increasing number of smokers in countries like Italy, Spain, and France, the growing geriatric population, and favorable regulatory policies are expected to boost market growth over the forecast period.

The Asia-Pacific has witnessed improvements in healthcare infrastructure as many developed economies, such as Japan and South Korea, have experienced population aging. Comparatively much less than in the U.S., the incidence and detection rates of aneurysmal diseases and repair are rising in Asia Pacific. The development of endovascular surgery in Asia is moderate, as most countries have only a small group of dedicated vascular surgeons. In China, most vascular surgeons work in university practices, and vascular surgery in its current form, as in the U.S., does not exist. Nevertheless, with rapid developments in endovascular procedures, there is an increasing awareness of the need to develop these technologies in Asia. The result is that the market will likely witness lucrative growth soon.

The Latin American thoracic aortic aneurysm market is likely to grow due to the continuously increasing geriatric population, in addition to the rising prevalence of smokers in the region. Brazil has the largest share of thoracic aortic aneurysms in the region, which can be attributed to its improved healthcare infrastructure with more advanced surgical treatment options. Being near the most lucrative U.S. and Latin American markets has some advantages regarding technological advancements. Recent market approval of new products in the region and geographical expansion of the international players for increased business opportunities support the growth of the aortic aneurysm market in Latin America.

The Middle East and African region are expected to witness significant growth in the thoracic aortic aneurysm market in the next ten years, primarily due to increased awareness among the population and the large patient population above 60 years of age living with thoracic aortic aneurysm. Major factors driving market growth are the increased prevalence of endovascular diseases, technological advancements, improved healthcare infrastructure, increased understanding of minimally invasive surgeries among the population, and the requirement for more efficient endografts with fewer post-surgical complications for reduced morbidity. On the contrary, a strict regulatory framework and strong ethical beliefs against surgical procedures are major challenges faced by the aortic aneurysm market in the region.

Segmental Analysis

The global thoracic aortic aneurysm market is bifurcated based on treatment type.

Based on treatment, the global thoracic aortic aneurysm market is bifurcated into open repair endovascular aneurysm repair (EVAR).

The EVAR segment dominates the global market and is projected to exhibit a CAGR of 9.19% over the forecast period. A typical endovascular aneurysm repair coupled with an endovascular aneurysm sealing procedure takes up to 1 to 2 hours, and patients are often discharged within a day or two. Once discharged, most patients return to normal activity within two weeks. Reduced hospital stays, short recovery times, minimally invasive procedures, and more efficient treatment resulting in lower mortality rates when compared with open surgical repair are major factors driving the endovascular aneurysm repair segment.

Endologix says that 75% of all treatments done in the United States in 2017 were endovascular aneurysm fixes. The treatment cost of an endovascular aneurysm repair procedure and the added expense associated with this procedure for high-risk patients are major factors hindering the segment's growth. Patients treated with EVAR require regular imaging studies and hospital visits for intervention to correct endoleak, which adds to the overall treatment cost. Technological advancements and increased R&D investment by companies to develop innovative products to address the limitations of existing products are anticipated to boost the demand for EVAR.

Open-surgeonal repair is anticipated to exhibit a CAGR of 6.07% over the forecast period. Preference for open surgical repair is decreasing as it is a highly invasive procedure involving the removal of a damaged part of the aorta and placing a synthetic graft in its place. OSR typically takes about 2 to 4 hours. After the surgery, it usually takes a month or more for patients to recover. In recent years, with the development of EVAR, open-chest surgery has become the second option for surgical treatment of thoracic aortic aneurysms. According to Endologix, it was observed that out of all patients treated for an aneurysm in 2017, only 25% of them were treated via open surgical procedures. Open repair, being highly invasive, has become a primitive treatment option compared to endovascular repair. Open repair is preferred for treating simple and uncomplicated cases in low-risk patients and for many anatomies of thoracic aortic aneurysms where very limited endovascular options are available.

Recent Developments

• May 2023: Boston Scientific Corporation announced the US launch of their EnVeo thoracic stent graft. The EnVeo thoracic stent graft is a balloon-expandable, self-expanding stent graft developed to treat TAAs.
• February 2023: Cook Medical announced the European launch of their Zenith Alpha thoracic endovascular graft (TEG). The Zenith Alpha TEG is a balloon-expandable, self-expanding stent graft used to treat thoracic aortic aneurysms (TAAs).