Market Trends of Intracranial Aneurysm Industry
This section covers the major market trends shaping the Intracranial Aneurysm Market according to our research experts:
Endovascular Coiling Segment is Expected to Hold a Significant Share in the Intracranial Aneurysm Market
Endovascular coiling is estimated to witness healthy growth in the future. It is a minimally invasive technique wherein a catheter is used to treat the brain aneurysm by preventing blood from getting into arteries. Benefits associated with this procedure, such as easy access to the vertebrobasilar system, multiple aneurysms in distant areas, and shorter recovery time compared to other procedures, propelling the segment's growth.
In addition, the growing number of strokes worldwide has a high chance of rupturing blood vessels and leading to intracranial aneurysms, thus promoting revenue growth in the market.
For instance, according to data published by World Stroke Organization (WSO) in 2022, About 12 million (12,224,551) people experienced a stroke. The organization stated that there are more than 12.2 million new strokes each year, and globally, one in four people after 25 years of age experiences a stroke in their lifetime. Hence, the increasing burden of patients with stroke globally is expected to drive the market's growth.
Moreover, increasing product launches by key players are expected to boost the market. For instance, in June 2022, Rapid Medical announced the expansion of its portfolio in the United States and the first Numen coil embolization procedure. Rapid Medical has an exclusive distribution agreement with MicroPort NeuroTech, a subsidiary of MicroPort Scientific Corporation. Thus, product launches are expected to boost the market segment's growth over the forecast period.
Thus, all factors mentioned above are expected to boost the segment over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a significant market share in the intracranial aneurysm market due to the increasing aging population, increasing prevalence of intracranial aneurysms, rising demand for minimally invasive procedures, and incidences of hypertension and stroke.
Stroke is a condition where treatment must be given as early as possible after the onset of symptoms. Hence, the availability of quick treatment is a key factor responsible for the high survival rate in the United States. According to the statistics published by the CDC in April 2022, more than 795,000 Americans have strokes. Of this, 610,000 are found to be new cases each year. Statistics revealed stroke is one of the causes of death in the United States; every 40 seconds, people from the United States have a stroke. The increasing number of patients suffering from stroke is expected to increase the demand for its treatment, driving the market for intracranial aneurysms.
North America is expected to observe the same dominance during the forecast period due to the development of innovative therapies, major industry players' local presence, and new therapies' entry. In September 2022, Vesalio announced the Food and Drug Administration's approval of the NeVa VS to treat cerebral vasospasm after aneurysmal rupture.
Thus, all factors above are expected to boost the market over the forecast period.
