PUBLISHER: Allied Market Research | PRODUCT CODE: 1193067
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193067
The global intracranial aneurysm market was valued at $1,301.89 million in 2021, and is projected to reach $2,709.79 million by 2031, registering a CAGR of 7.6% from 2022 to 2031.A cerebral or intracranial aneurysm is an abnormal focal dilation of an artery in the brain that results from weakening of the inner muscular layer (the intima) of a blood vessel wall. The vessel develops a "blister-like" dilation that can become thin and rupture without warning. This results in bleeding into the space around the brain, which is called a subarachnoid hemorrhage (SAH). This kind of hemorrhage can lead to a stroke, coma, and/or death.
Aneurysms are usually found at the base of brain, just inside the skull, in an area called subarachnoid space. In fact, ruptured cerebral aneurysms are responsible for 90% of subarachnoid hemorrhage (SAH). However, a number of factors are believed to contribute in formation of cerebral aneurysms, including hypertension, smoking, congenital predisposition, injury, or trauma to blood vessels and complications from some types of blood infections.
Key factors that drive growth of the market include rise in number of patients suffering from cerebrovascular disease and surge in geriatric population suffering from hypertension. For instance, according to a report published by the Brain Aneurysm Foundation, it has been estimated that 6.5 million people in the U.S. have an unruptured brain aneurysm i.e., 1 in 50 people. The annual rate of rupture is approximately 8-10 per 100,000 people and around 30,000 people in the U.S. suffer a brain aneurysm rupture each year. Moreover, it has been reported that women are more likely than men to have a brain aneurysm (3:2 ratio), particularly those over the age of 55 have a higher risk of brain aneurysm rupture than men (about 1.5 times the risk). There are almost 500,000 deaths worldwide each year caused by brain aneurysms, and half the victims are younger than 50. The reason behind rise in prevalence of cerebrovascular disease are hypertension, cigarette smoking, and unhealthy lifestyle which leads to injury or trauma to blood vessels causing brain aneurysm. Furthermore, rise in the demand for minimally invasive surgeries, as smaller incisions decrease postoperative pain and facilitate speedy recovery leading to high adoption of these procedures for craniotomy surgery boost the market growth. Numerous key players are continuously investing in R&D activities for the launch of innovative minimally invasive endovascular coiling instruments are anticipated to fuel the market growth.
However, high management cost of aneurysm subarachnoid hemorrhage and high health risk during surgeries hamper the market growth. Conversely, emerging healthcare markets in developing countries and low-income countries lacking access to basic healthcare and increase in risk of pandemic and hypertension related disorders is expected to provide the lucrative opportunity for the growth of market during the forecast period.
The intracranial aneurysm market is segmented on the basis of type, end user, and region. By type the market is segmented into surgical clipping, endovascular coiling, flow diverters, and others. By end user, it segmented into hospitals, clinics, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
North America accounted for a majority of the intracranial aneurysm market share in 2021, and is anticipated to remain dominant during the forecast period, owing to the presence of well-established healthcare facilities, a growing geriatric population, and a high incidence of hypertension and stroke. Moreover, increase in prevalence of intracranial aneurysms and rise in demand for minimally invasive procedures contribute toward the market growth in the region. Furthermore, increase in number of initiatives undertaken by various organizations to spread awareness and reduce number of deaths due to cerebral aneurysms through innovative research is expected to fuel the market growth.
Asia-Pacific is expected to register fastest CAGR during the forecast period. This is attributed to presence of high unmet medical needs and constantly improving healthcare infrastructure. In addition, rapidly growing geriatric population, lifestyle stress, rise in incidences of hypertension, large population, improvement in quality of diagnosis, and increase in patient affordability are expected to drive the market in Asia-Pacific. This helps several market players to invest in Asia-Pacific countries, which further contributes toward growth of the market.
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 Benefits For Stakeholders
By Type
By End User
By Region