09 Jun 2021
Posted in Medical Devices
Aortic stent grafts market in Australia to grow at 15% CAGR over next five years, says GlobalData
The aortic stent grafts market in Australia witnessed a decline in 2020 as patients suffering from COVID-19 took precedence in treatment over others except in cases of emergency. However, the market is expected to rebound and grow at a compound annual growth rate (CAGR) of 15% over the next five years, according to GlobalData, a leading data and analytics company.
GlobalData’s latest report, ‘Aortic Stent Grafts (Cardiovascular) – Global Market Analysis and Forecast Model (COVID-19 Market Impact)’, reveals that the Australian aortic stent grafts market was dominated by W.L. Gore & Associates Inc in 2020, followed by Medtronic Plc. Together, these two companies accounted for more than 70% of the market in 2020.
Shweta Yadav, Medical Devices Analyst at GlobalData, comments: “Abdominal aortic stent grafts account for more than 95% of the total Australian aortic stent grafts market in 2020 and this is due to increasing prevalence of abdominal aortic aneurysms and rising demand for endovascular repair procedures.”
The demand for aortic stent graft procedures performed using the endovascular approach is increasing as compared to open approach as they allow aneurysms to be treated through minimally invasive methods which reduces hospital stay, patient recovery time and post surgery trauma.
Ms Yadav concludes: “The COVID-19 curve in Australia has finally flattened now and the country’s healthcare infrastructure has improved in their fight against the pandemic as a result of which surgical procedure volumes have increased in healthcare facilities. Additionally, the availability of the COVID-19 vaccine is expected to further increase the number of procedures performed leading to higher number of aortic stent graft procedures in Australia.”