The key growth factors for the Intracranial Aneurysm Market include advancements in medical technology, increasing awareness, and a rising prevalence of risk factors contributing to the demand for innovative treatment options
New York, Jan. 23, 2024 (GLOBE NEWSWIRE) — The global intracranial aneurysms market is expected to grow at a rate of 8.4%, reaching $2.17 billion by 2030 from $1.23 billion in 2023.
The growth will be fuelled by an increase in brain aneurysm cases and the growing popularity of less invasive treatments. A brain aneurysm is a bulge in a blood vessel in the brain, often caused by factors like vessel injury, smoking, hypertension, and genetics. Treatment options include medication, surgical clipping, or endovascular therapy with coiling, with or without additional devices. The prevalence of brain aneurysms and other health issues is rising due to the expanding elderly population worldwide.
Furthermore, advancements in neurovascular interventions, such as new devices, imaging methods, and minimally invasive procedures, are enhancing diagnosis accuracy and treatment effectiveness. These technological improvements contribute to better patient outcomes, driving progress in the market.
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Market Scope:
Report Coverage | Details | |
Market Revenue 2023 | US$1.23 Bn | |
Estimated Revenue 2030 | US$2.17 Bn | |
Growth Rate – CAGR | 8.4% | |
Forecast Period | 2023-2030 | |
No. of Pages | 191 Pages | |
Market Segmentation | By Type, End Use and Region | |
Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa | |
Key Companies Profiled |
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Latest Trends in the Intracranial Aneurysm Market
The use of endovascular coiling is expected to play a significant role in the intracranial aneurysm market.
Endovascular coiling, a minimally invasive method using a catheter to treat brain aneurysms, is projected to grow. This technique prevents blood from entering arteries, offering benefits like easy access to the vertebrobasilar system, treating aneurysms in distant areas, and shorter recovery times compared to other methods, driving its growth.
Moreover, the increasing global incidence of strokes, with a high risk of ruptured blood vessels leading to intracranial aneurysms, is likely to boost market revenue. In 2022, the World Stroke Organization reported 12 million stroke cases globally, emphasizing the growing burden on stroke patients.
Key players launching new products are anticipated to enhance market growth. For example, Rapid Medical expanded its U.S. portfolio in June 2022 with the first Numen coil embolization procedure. Such launches are expected to fuel growth in this market segment.
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Industry Dynamics:
Growth Drivers
A rising number of individuals with high blood pressure and hypertension is a significant market driver. The prevalence of intracranial aneurysms among older people is increasing, with the World Health Organization estimating a rise in the global elderly population to 2 billion by 2050.
Minimally invasive surgeries are gaining popularity due to lower risks and complications. Smaller incisions reduce post-operative pain and hasten recovery, prompting substantial investments in research and development by market players. For instance, the approval of the endovascular device Woven EndoBridge (WEB) by the USFDA in December 2019 offers a less invasive treatment for challenging intracranial aneurysms, reducing procedure time and minimizing complications.
Market Challenges
The growth of the intracranial aneurysm market is facing obstacles due to the impact of COVID-19, the high health risks associated with surgeries, and the elevated costs of treatment solutions.
The widespread influence of COVID-19 has disrupted supply chains across various markets. Government-imposed bans and logistics restrictions have led to reduced capital generation and increased expenses, negatively affecting multiple sectors.
The intracranial aneurysm market has been particularly hit hard by the pandemic. Healthcare facilities, already overwhelmed with COVID-19 patients, saw a slowdown in research and development activities, especially in areas focused on studying minimally invasive surgeries and their effects. Additionally, the perceived risks associated with surgeries and the availability of alternative medicine options have contributed to hindering the growth of the intracranial aneurysm market.
Segmentation in the Intracranial Aneurysm Market
The intracranial aneurysm market is divided based on type, end user, and region. Regarding type, the market includes surgical clipping, endovascular coiling, flow diverters, and others. The end user segment comprises hospitals, clinics, and others. Regionally, the analysis covers North America, Europe, Asia-Pacific, and LAMEA.
Review of Type Segments
The intracranial aneurysm market categorizes into surgical clipping, endovascular coiling, flow diverters, and others. In 2021, the endovascular coiling segment dominated the market due to an increase in patients with cerebrovascular diseases and a rise in the adoption of minimally invasive surgeries for treating aneurysms. The flow diverters segment is expected to grow significantly in the forecast period, driven by technological advancements, a surge in cerebrovascular disease cases, and increased adoption of advanced flow diverters or embolization devices.
End User Segments
The Intracranial Aneurysm Industry, based on end users, divides into hospitals, clinics, and others. In 2021, the hospitals segment held the largest market share and is expected to lead in the forecast period. This is attributed to the growing number of patients seeking hospital care for intracranial surgery and the use of technologically advanced surgical equipment in operation theaters and intensive care units for brain aneurysm treatment. The clinics segment is anticipated to witness significant growth due to an increase in people with hypertension, a demand for minimally invasive surgical procedures, and more patients visiting clinics for cerebrovascular surgery with the availability of advanced surgical devices.
Region Segments
The intracranial aneurysm market analysis covers North America, Europe, Asia-Pacific, and LAMEA. North America dominated the market in 2021 and is expected to remain dominant due to the high adoption rate of technologically advanced surgical devices for intracranial aneurysm, increased healthcare expenditure, and the presence of major key players with strategies for developing intracranial devices. Asia-Pacific is projected to register the fastest CAGR during the forecast period, driven by the growing demand for minimally invasive therapies, healthcare reforms, large populations, high geriatric populations, and a high prevalence of hypertension, especially in developing countries like China and India.
Competitive Intelligence and Business Strategy in the Intracranial Aneurysm Industry
Key players in the global intracranial aneurysm industry, such as Medtronic plc, Stryker Corporation, Johnson & Johnson, and MicroVention Inc., employ various strategies to maintain and expand their market presence. A significant part of their strategy involves a strong commitment to research and development (R&D), focusing on creating innovative technologies that address unmet clinical needs. These companies invest significantly in developing advanced neurovascular devices, including improved stents, coils, and flow diverters. These devices not only improve treatment outcomes but also contribute to the ongoing advancement of neurointerventional techniques.
Market penetration is achieved by offering comprehensive product portfolios covering all aspects of intracranial aneurysm care, from diagnostic tools to therapeutic options. These companies adopt a holistic approach, providing integrated solutions to healthcare providers for efficient patient management. To solidify their market position, a commitment to regulatory compliance and strict adherence to quality standards are crucial for earning and maintaining the trust of healthcare professionals and regulatory authorities.
Latest Updates in the Intracranial Aneurysm Market
In September 2022, Siemens Healthineers’ CorPath GRX Neurovascular System successfully completed 94% of its robotic-assisted endovascular procedures without the surgeon needing to switch to a manual approach during the operation.
In June 2022, Medtronic in India introduced the fourth-generation flow diverter, Pipeline Vantage with Shield Technology, which received Conformité Européenne (CE) marking. This innovation is designed for the endovascular treatment of brain aneurysms.
Key Questions Answered in the Report:
- What are the contributing factors to the market’s growth trends?
- What is the current market size, and how is it expected to change in the upcoming years?
- What are the key elements exerting influence on the market?
- How is the Intracranial Aneurysm market segmented, considering types, applications, fuels, or other relevant factors?
- Who are the major participants in the Intracranial Aneurysm market?
- What strategies are these players employing to establish a competitive edge?
- What factors are propelling the expansion of the Intracranial Aneurysm market?
- Which regions are anticipated to witness notable growth, and what are the driving factors behind it?
- What recent technological advancements are impacting the Intracranial Aneurysm industry?
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Originally published at https://www.einpresswire.com/article/683232617/intracranial-aneurysm-market-set-to-reach-2-17-billion-by-2030-according-to-persistence-market-research