Global TEAR Market to Exceed USD 3 Billion by 2020, According to Technavio

According to Technavio’s latest report, the global TEAR market is likely to grow at a CAGR of over 8% through 2020 and is expected to reach USD 606 million.

The global thoracic endovascular aneurysm repair (TEAR) market has significant opportunity to grow during the forecast period because of the growing incidence of aortic aneurysms and the rising older population (60 years and older), which is prone to age-related heart diseases. Also, the increase in the market penetration of heart-lung machines and oxygenators, especially in South America and APAC, will positively influence the market.

In this report, Technavio covers the present scenario and growth prospects of the global TEAR market for the period 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top three vendors operating in the market. The market is segmented into the following regions:

• Americas
• EMEA
• APAC

Americas: TEAR market to grow at a CAGR of over 9%

The market in the Americas is among the major markets for TEAR, with the US and Canada being major revenue contributors to the region. The Center for Disease Control and Prevention (CDC), estimates 610,000 people die of cardiac-related disorders and 735,000 have heart failure in the US every year. Heart disease and stroke are the leading causes of death in Canada and Latin America.

According to Barath Palada, a lead research analyst for cardiovascular devices, at Technavio, “The strong reimbursement policies and rising older population in countries such as Canada and the US will increase the demand for thoracic surgeries, thereby creating a demand for related devices.”

Most companies are focused on expanding their market in Latin America, especially Brazil, through strategic alliances with local vendors to distribute products in the market, which will contribute to the growth of the market during the forecast period.

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EMEA: favorable reimbursement policy boosts growth

EMEA is the second largest market for TEAR, with the UK, Belgium, France, Germany, Italy, the Netherlands, and Spain being major revenue contributors to the region. The high expenditure on healthcare for older people in this region and advancements in minimally invasive surgery (MIS) will propel market growth in these countries.

The availability of reimbursements and rising public awareness about heart diseases and their treatment are among the factors propelling market growth. The increase in medical tourism to countries such as Belgium and awareness about the latest surgical techniques in the market will also contribute to market growth. In addition, the increase in healthcare spending and favorable reimbursement policies are expected to drive the market in EMEA.

APAC: fastest-growing region for the TEAR market

APAC, growing at a CAGR of over 11%, is the fastest-growing region for the TEAR market. Japan, India, and China are the major contributors to the market in this region. Rapid economic development and improved living standards have resulted in changing lifestyles, leading to an increase in the incidence of diseases such as obesity, high blood pressure, diabetes, and cardiovascular disease.

“Advances and improvements in the healthcare sector, increased expenditure on healthcare by private entities, and availability of low-cost products, are the major factors propelling the growth of the market in this region,” says Barath.

Key Vendors:

• Cook Medical
• Gore Medical
• Medtronic

Some of the other prominent vendors listed in the report are: Bolton Medical, Gamida Cell, JOTEC, Maquet, and MicroPort.

Browse Related Reports:

• Global Transcatheter Aortic Valve Replacement Market 2016-2020
• Global Stent Grafts Market 2015-2019
• Global Endovascular Abdominal Aortic Aneurysm Repair Devices Market 2015-2019

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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