Intracranial Aneurysm Market Expected to Reach $2.7 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Intracranial Aneurysm Market," TheIntracranial Aneurysm Market Size was valued at $1.3 billion in 2021, and is estimated to reach $2.7 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031.

A brain aneurysm (also called a cerebral aneurysm or an intracranial aneurysm) is a ballooning that arises from a weakened area in the wall of a blood vessel in the brain. If the brain aneurysm expands and the blood vessel wall becomes too thin, the aneurysm will rupture and bleed into the space around the brain. This event is called a subarachnoid hemorrhage (SAH) and may cause a hemorrhagic (bleeding) stroke.

Intracranial Aneurysm Market Trends are increase in incidences of brain aneurysms as well as rise in adoption of minimally invasive intracranial aneurysms procedures. Moreover, increase in geriatric population, increase in adoption of technologically advanced intracranial aneurysm products such as endovascular coils, surgical clipping, and surge in investments in R&D by pharmaceutical companies propel growth of the intracranial aneurysm market. For instance, in April, 2021, Medtronic plc. announced it has received approval from the U.S. Food and Drug Administration (FDA) for Pipeline Flex Embolization Device with Shield Technology. Medtronic developed Shield Technology to advance flow diversion therapy by introducing the surface-modified implant device which demonstrates reduction in material thrombogenicity. Furthermore, increase in number of people suffering from hypertension and surge in cases of road accidents or injury or trauma to blood vessels are the factors that propel growth of the Intracranial Aneurysm Market Size in upcomin years.

However, high cost of disease management and complications occurring during the craniotomy surgery are major barriers for growth of the market. Emerging economies such as India, China, Mexico, and Brazil are anticipated to create new opportunities during the Intracranial Aneurysm Market Forecast period. For instance, increasing medical tourism in India, owing to relatively low cost of intracranial surgery in comparison with other developed countries such as the U.S. is expected to provide lucrative opportunities for the market growth.

On the basis of type, the intracranial aneurysm market is segmented into surgical clipping, endovascular coiling, flow diverters and others. In 2021, the endovascular coiling segment accounted for the largest share of the market. The dominance of this segment is attributed to rise in number of patients suffering from cerebrovascular disease and increase in adoption of minimally invasive surgical procedures to treat aneurysm.

By end user, the Intracranial Aneurysm Industry is segmented into hospitals clinics, and others, the hospitals segment exhibited highest Intracranial Aneurysm Market Share in 2021, and is anticipated to lead during the forecast period, owing to increase in number of patients visiting hospitals for intracranial surgery and use of technologically advanced surgical equipment in operation theaters and intensive care units for brain aneurysm.

North America accounted for majority of the intracranial aneurysm market share in 2021, and is anticipated to remain dominant during the forecast period, owing to high adoption rate of technologically advanced surgical devices for intracranial aneurysm, increase in healthcare expenditure, presence of major key players in the country, and strategies they adopt for development of intracranial devices such as endovascular coiling, surgical clipping, and flow diverters.

Asia-Pacific is expected to register the fastest CAGR during the forecast period. The market growth in Asia-Pacific is supplemented by growing demand for minimally invasive therapies, healthcare reforms, highly populated countries along with high birth rate, and high prevalence of hypertension. In addition, increasing patient awareness and presence of high unmet needs in these nations, especially in countries such as India and China, are expected to further drive the Intracranial Aneurysm Industry growth.

Key players that operate in the intracranial aneurysm market are B. Braun, Delta Surgical, Evonos GmbH & Co. KG, Integra Lifescience Holding Corporation, Medtronic PLC, Microport Scientific Corporation, Mizuho Medical Incorporation, Spiegelberg, Stryker Corporation, and Terumo Global (Microvention).

Key findings of the study

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