Flow Diverters Market Expected to Reach $1 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Flow Diverters Market," The flow diverters market size was valued at $251.50 million in 2021, and is projected to reach $1,041.90 million by 2031, growing at a CAGR of 15.3% from 2022 to 2031. A cerebral artery or vein wall weakness that results in a localized inflating of the blood vessel is referred to as an intracranial aneurysm, also known as a brain aneurysm. An endovascular device called a flow diverter is used to treat brain aneurysms. It is positioned in the aneurysm's parent artery, which covers the neck, to change the course of blood flow and monitor the sac's developing thrombosis. Flow-rerouting stents are made of flexible braids made of radiopaque wires woven together with structural Cobalt-chrome or Nitinol alloy wires.

Factors that drive the flow diverters market trends include rise in number of flow diverters industry to manufacture flow diverters, rise in the research activities which enhances demand of flow diverters, and increase in number of medical device company. For instance, some of the key industry players operating in the flow diverters market include Acandis, BALT Extrusion SA, InspireMD, Johnson and Johnson, Medtronic, MicroPort Scientific Corporation, Microvention, Penumbra Inc., Phenox, Stryker Neurovascular.

Moreover, rise in the prevalence of hypertension is anticipated to fuel the growth of flow diverters market. It is understood that hypertension poses a significant risk for the emergence, growth, and rupture of cerebral aneurysms. High blood pressure can cause hemodynamic stress and inflammation, which can damage and enlarge the artery wall and cause a brain aneurysm to form and burst. Thus, increase in the prevalence of hypertension leads to rise in the prevalence of brain aneurysm. Thus, this factor is anticipated to fuel the demand for flow diverters. and drive the flow diverters market growth. For instance, in 2019, as per the report shared by WHO (World Health Organization), around 1.1 billion people worldwide were reported to have been suffering from hypertension.

In addition, increase in the number of product launch and product approval for flow diverters is anticipated to drive the growth of flow diverters market. For instance, in July 2020, Balt Extrusion, medical equipment manufacturing company, announced CE mark approval for its Silk Vista flow diverting stent used to treat small or medium-sized intracranial aneurysms (unruptured). This product will be commercialized in over 30 European Moreover, rise in the adoption of minimally invasive procedure for treatment of cerebral aneurysm drive the growth of flow diverters market.

Moreover, geriatric population is more susceptible to cerebral aneurysm. Thus, rising geriatric population is anticipated to increase in prevalence of cerebral aneurysm. Thus, this factor fuels the demand of flow diverters and drives the market growth. For instance, according to the World Health Organization (WHO) in October 2021, by 2030, 1 in 6 population in the world will be aged 60 years or over. Therefore, increase in the number of geriatric populations anticipated to boost the market growth.

On the basis of type, the market is classified into pipeline embolization device, silk flow diverter, surpass flow diverter, flow redirection endoluminal device and others. The pipeline embolization device segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to technological advancement in the development of flow diverters and wide of application of pipeline embolization device for treatment of cerebral aneurysm.

On the basis of application, the market is classified into cerebral aneurysms, multiple intracranial aneurysms and others. The Cerebral aneurysms segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to increase in the prevalence of hypertension and rising frequency of brain aneurysm.

On the basis of end user, the market is classified into hospitals and clinics and ambulatory surgical center. The hospitals and clinics segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to rise in the number of hospitals, increase in the expenditure by government to develop healthcare infrastructure and rise in the number of chronic diseases.

North America accounted for a majority of the global flow diverters market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to increase in the number of research activities, technological advancement in the healthcare sector and rise in the prevalence of chronic diseases. Asia-Pacific is anticipated to witness lucrative growth, owing to owing rise in expenditure by government organization to develop healthcare sector, increase in prevalence of chronic diseases and rise in the number of key players who manufactures flow diverters devices.

In addition, decline in the number of consultations of geriatric population, as geriatric population was more susceptible to COVID-19 infection also attributes to restrain the growth of flow diverters market. In addition, decreased disposable income and decline in consultations hinder the market growth. On the other hand, post pandemic impact of COVID-19 on flow diverters market is positive owing to rise in the number of consultations. Moreover, increase in research activities after pandemic foster positive impact on market. In addition, increase in the number of surgeries after the pandemic anticipated to have significant impact on flow diverters market.

Key Findings of The Study

• By type, the pipeline embolization device stimulation segment was the highest contributor to the market in 2021.
• By application, the cerebral aneurysms segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• By end user, the hospitals and clinics segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.