The market size of the Global Endovascular Treatment Devices market in the year 2019 is valued at 2.83 billion and is predicted to reach 5.77 billion by the year 2030 at an 8.52% CAGR during the forecast period.
Endovascular surgery is a cutting-edge, minimally invasive operation used to treat medical disorders affecting the blood vessels, such as an aneurysm, a bulging or "ballooning" of the blood vessel. The procedure begins with a bodily incision to allow access to the blood vessels. A flexible, plastic tube, stents, or catheter is put into the damaged blood vessel to allow medication withdrawal or delivery from the patient's bloodstream. Endovascular treatment devices are utilized in various therapies, including intravenous antibiotic treatment, long-term intravenous nutrition, chemotherapy, and blood transfusions. The endovascular treatment devices market is expected to grow during the forecast period, owing to factors such as an increasing geriatric population base, an increase in the prevalence of cardiovascular diseases, technologically advanced endovascular products, and increased expenditure on research and development by market participants. However, the high expense of endovascular operations, a lack of awareness in economically underdeveloped nations, and a shortage of competent surgeons to execute the surgeries stifle market growth.
Due to the medical field's focus on treating COVID-19, funding for R&D efforts connected to endovascular therapy has been curtailed, and this segment has been neglected, resulting in a negative impact on the endovascular treatment devices market. Rising healthcare spending is accelerating research and development, and breakthrough product launches in endovascular treatment devices have increased the usage of these devices.
The Endovascular Treatment Devices market is segmented on the product, procedure, and indication. Based on product, the market is segmented into percutaneous endovascular aneurysm repair (EVAR), fenestrated EVAR, aortic stents biodegradable stents, self-expanding nitinol stents, thoracic aortic aneurysm grafts and other devices. Based on procedure, the Endovascular Treatment Devices are segmented into balloon angioplasty, stent replacement, drug-eluting stents, renal artery angioplasty and stenting carotid artery, thrombosis, renal artery angioplasty and stenting, transfemoral carotid artery revascularization and intravascular brachytherapy and carotid artery stenting. Based on the application, the Endovascular Treatment Devices are segmented into pulmonary, vascular, cardiology surgery, neurology and radiology.
Based on product, the percutaneous endovascular aneurysm repair (EVAR)segment is accounted as a major contributor to the Endovascular Treatment Devices market.
Based on product, the market is segmented into percutaneous endovascular aneurysm repair (EVAR), fenestrated EVAR, aortic stents biodegradable stents, self-expanding nitinol stents, thoracic aortic aneurysm grafts and other devices. The percutaneous endovascular aneurysm repair (EVAR) segment dominated the market. Endovascular Aneurysm Repair (EVAR), a popular, safe, and effective procedure, is frequently used to repair abdominal aortic aneurysms. The surgical cutdown that is commonly employed to treat this problem over the common femoral arteries has been replaced by percutaneous access methods in several recent studies. By learning more about different percutaneous procedures, including dangers, issues, adjuncts, and alternative approaches, one can improve the results and accessibility of EVAR.
The cardiology segment witnessed growth at a rapid rate.
Based on the application, the Endovascular Treatment Devices are segmented into pulmonary, vascular, cardiology surgery, neurology and radiology. The cardiology segment dominated the market. The prevalence of cardiovascular disorders is rising worldwide, which helps this market grow. Cardiovascular diseases (CVDs) are the major reason for death worldwide. Endovascular therapy, which treats cardiovascular disease from within the blood artery, changes how heart attacks, strokes, and other cardiovascular disorders are treated. Many cardiac and vascular conditions that once needed invasive surgery can now be treated internally. These are the main elements influencing the segment's expansion.
In the region, the North American Endovascular Treatment Devices market holds a significant revenue share.
The North American Endovascular Treatment Devices market is expected to register the highest market share in revenue in the near future. The expansion of the market is attributable to an increase in surgical procedures and a rise in the preference for these devices among medical professionals, which has prompted large companies to concentrate on the creation of cutting-edge medical devices in these nations. The obesity and diet epidemics in the area, together with the introduction of new products as a result of the presence of top manufacturers there, will all contribute to the region's Endovascular Therapy Devices market expansion. The endovascular treatment device market is anticipated to develop in response to a favourable reimbursement environment for endovascular operations. In addition, Asia Pacific is projected to grow rapidly in the global Endovascular Treatment Devices market. Increased medical advancements have contributed to the endovascular treatment devices market revenue growth in this area, leading to continuing industry expansion. Increased R&D efforts and medical improvements made by significant participants in the region's nations can also be credited with growth.
The key players in the Endovascular Treatment Devices market have shifted their focus toward product manufacturing and are initiating significant strategies such as mergers, acquisitions, and joint ventures of major and domestic players to enhance their product portfolio and strengthen their global market footprint. Some major key players in the Endovascular Treatment Devices market are Cardinal Health, Endospan, Geting AB, Bosten Scientific Corporation, Inspire MD, Japan Lifeline Co., Ltd., Medtronic, Lombord Medical, Penumbra, Inc. and Terumo Corporation.