Intracranial Aneurysm Industry Overview
The global intracranial aneurysm market size is anticipated to reach USD 2.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to witness a CAGR of 9.0% from 2022 to 2030. The increasing incidence rate of brain aneurysms worldwide and the growing number of patients suffering from hypertension are expected to drive the market in the coming years. The COVID-19 outbreak in the year 2020 have a negative impact on the market as the majority of elective neuro procedures were suspended to free-up limited space in healthcare settings to treat COVID-19 patients.
Intracranial Aneurysm Market Segmentation
Grand View Research has segmented the global intracranial aneurysm market based on type, end-use, and region:
Based on the Type Insights, the market is segmented into surgical clipping, endovascular coiling, flow diverters, others.
The endovascular coiling segment dominated the market for intracranial aneurysms and accounted for a revenue share of 85.1% in 2021. It is a minimally invasive technique that makes use of a catheter to locate the aneurysm in the brain.
The catheter is passed from the groin area through the artery having an aneurysm. Coils that induce embolization (coils or liquids) are placed for preventing blood flow into the aneurysm.
Endovascular coiling offers advantages such as easy access to the vertebrobasilar system and multiple aneurysms in the distant area and shorter recovery time as compared with surgical clipping procedures. Thus, the benefits offered by the endovascular coiling technique are driving the segment growth.
The flow diverters segment is expected to witness the highest CAGR of 12.2% from 2022 to 2030. The rise in the number of product approvals and increase in demand for minimally invasive procedures are driving the segment growth.
Rise in the number of product approvals and increase in demand for minimally invasive procedures is projected to strengthen the growth of the segment growth in the coming years.
Based on the End-use Insights, the market is segmented into hospitals, clinics, others.
The hospital segment dominated the market for intracranial aneurysms and accounted for a revenue share of 89.5% in 2021 and is expected to expand at the highest CAGR of 9.1% over the forecast period.
This is attributed to the use of technologically advanced equipment in operation theaters and intensive care units, the increasing number of hospitals worldwide, and rising government funding to the hospitals.
Technologically advanced devices are being used extensively in hospitals to provide better treatment. These devices are not only simplifying treatment procedures but are also helping provide better, faster, and more accurate results.
Intracranial aneurysm procedures are among the most critical and complicated surgeries that are dependent on high-quality and durable equipment found in hospitals.
Hospitals are also better equipped to handle any post-operative complications and they include facilities for physical rehabilitation post surgeries.
Hospitals are widely preferred by patients in comparison to emergency clinics owing to improving health care facilities and the availability of advanced equipment. Thus, these factors are significantly boosting the market growth.
Intracranial Aneurysm Regional Outlook
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Manufacturers in the market for an intracranial aneurysms are focusing on the introduction of innovative medical devices, growth strategies, and technological advancements. For instance, in 2019, Medtronic received the U.S. FDA approval for the Pipeline Flex Embolization Device used for the treatment of giant or wide-necked Intracranial Aneurysms (IAs).
Some prominent players in the global intracranial aneurysm market include:
Medtronic
MicroPort Scientific Corporation
Braun
Stryker
Johnson and Johnson Services Inc.
Microvention Inc.
Codman Neuro (Integra Lifesciences)
Market Industry Development
January 2018: Cerenovus, (part of Johnson & Johnson) launched the softest and smallest embolic finishing coil- Galaxy G3 mini coil. It is used in the treatment of hemorrhagic stroke and intracranial aneurysms.
March 2018: MicroPort Scientific Corporation received CFDA approval for its Tunbridge Flow diverter.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.