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Endovascular Treatment Devices Market size is anticipated to experience significant revenue between 2023 and 2032 driven by higher application potential in the treatment of acute ischemic stroke.
The notable rise in the prevalence of abdominal aortic aneurysms (AAA) worldwide, has propelled the demand for minimally invasive procedures, such as endovascular surgery. In the U.S., nearly 200,000 people are diagnosed with AAA each year. The adoption of harmful lifestyle habits and excessive smoking is expected to contribute to the rising number of AAA patients worldwide, highlighting the importance of procedures, like endovascular aneurysm repair (EVAR).
The ongoing technological advancements in minimally invasive surgeries and the increasing R&D activities will also complement the industry outlook in the near future. For instance, in April 2022, a group of engineers from the Massachusetts Institute of Technology (MIT) unveiled a telerobotic system designed for endovascular interventions to remotely treat patients suffering from aneurysms or strokes.
Endovascular treatment devices market experienced a massive setback due to the COVID-19 outbreak as it aggravated the fear regarding the risk of getting infected by the virus. This resulted in a shared decline in progress for cardiovascular care at medical facilities. However, the resumption of elective surgeries in the post-pandemic era will offer lucrative prospects for the business expansion.
In terms of application, the cardiology segment is expected to emerge as a prominent revenue pocket for the endovascular treatment devices industry through 2032 owing to the increasing burden of heart attacks across the globe. The rising instances of research activities will also add impetus to the segment landscape. The Journal of American College of Cardiology published a study in August 2021, projecting the prevalence of cardiovascular diseases between 2025 and 2060.
The rate of strokes and heart failures in the U.S. is estimated to experience a 33.8% and 33.4% surge respectively, followed by a 30.7% rise in ischemic heart diseases and 16.9% jump in heart attacks. Therefore, the growing burden of cardiovascular diseases is expected to accelerate the value for endovascular treatment for cardiology-related health issues.
Europe endovascular treatment devices market size is poised to record significant revenue outlook over 2032 led by a rise in the mortality rate associated with acute ischemic strokes. Countries, such as Hungary, Romania, Bulgaria, Poland, and the Czech Republic account for the highest rate of diseases, representing a significant need for effective endovascular treatment in Europe. The influx of extensive R&D projects in the field of cardiovascular treatment, including the DEEP (Devices for Augmented Endovascular Navigation in Complex Pathways), implemented by the French institute Agence Nationale de la recherche will also influence industry gains.
Leading companies in the endovascular treatment devices market comprise Endospan, Boston Scientific, InspireMD, Orchestra BioMed, Cardinal Health, LifeTech Scientific, Terumo Corporation, and Lombard Medical Technologies, among others. These firms are focusing on strategic ventures, partnerships, and collaborations along with new product development initiatives to consolidate competitive lead in the market.