Singapore: The global aortic stent grafts market will increase in value from an estimated $1.2 billion in 2013 to just over $1.9 billion by 2020, representing a compound annual growth rate (CAGR) of 6.7 percent, according to research and consulting firm GlobalData.

According to the analysis, among the countries including US, France, Germany, Italy, Spain, the UK, Japan, India, China, and Brazil, the growth will occur fastest in Japan, at a CAGR of 8.8 percent.

While there will be a slower CAGR of 5.9 percent in the US, the country's global market share will only fall from approximately 44 percent to 42 percent during the forecast period.

Ms Priya Radhakrishnan, GlobalData's director of Medical Devices, explained, "The US will continue to have the largest share in the global aortic stent grafts market by 2020, but there remain concerns about the availability of devices, especially for treating challenging indications.

"Many devices that are already approved in other countries, such as fenestrated and branched stent grafts, are currently undergoing clinical trials in the US, preventing physician access to systems that can expand the treatment of a wide range of anatomies."

Despite the high product price, physicians still see a significant benefit in providing endovascular options ahead of performing open surgery.

Ms Radhakrishnan commented, "The economic downturn has been a source of continued concern for high-priced medical devices across the global market and aortic stent grafts are no exception.

"However, as physician education improves and access to clinical trial data increases, the outlook for aortic stent grafts appears strong, with much room for product improvement."