Market Trends of Intracranial Stents Industry
This section covers the major market trends shaping the Intracranial Stents Market according to our research experts:
Brain Aneurysm Segment Expects to Register a Highest CAGR Over the Forecast Period
The brain aneurysm segment is expected to witness significant growth in the intracranial stenting market over the forecast period. The factors attributing to the segment growth are the rising incidence of brain aneurysms and the increasing geriatric population who are at greater risk of having this disease.
The increasing geriatric population is more prone to develop brain aneurysms which are anticipated to fuel the market growth. For instance, as per an article published in the Annals of Medicine, in October 2021, it has been observed that the incidence of unruptured cerebral aneurysms is highest in patients over 60 years. Also, from an article published in NLM, in September 2021, it has been observed that unruptured aneurysms were more common in elderly women with a peak prevalence of 14.5% in Japanese women aged between 60-69 years. Also, according to the data published by WHO, in October 2022, about 1 billion people living globally were aged 65 years or above, in 2021. In addition, this number is projected to increase to 1.4 billion by 2030. Thus, the high burden of brain aneurysms among the population along with the growing elderly population is expected to raise the need for brain surgeries to remove blood clots. This is anticipated to propel the market growth.
Moreover, growing research and development activities in the field of brain and neurological disorders and the increasing number of therapeutic procedures associated with the brain as well as rising product launches and approvals are also expected to implicitly accelerate the growth of the market during the forecast period. For instance, in February 2022, MicroPort NeuroTech Limited received marketing approval from China's National Medical Products Administration (NMPA) for its self-developed Neurohawk Stent Thrombectomy Device. The device is a self-expandable clot stent retriever used in endovascular invasive thrombectomy procedures to remove large clots in blood vessels. Thus, owing to the aforementioned factors such as the rising burden of brain aneurysms and associated risk factors as well as increasing product approvals, the studied segment is expected to grow significantly during the forecast period.
North America is Expected to Dominate the Intracranial Stents Market Over the Forecast Period
North America is expected to dominate the intracranial stent market over the forecast period owing to the factors such as the rising incidences of intracranial stenosis and brain aneurysms among the population, and the presence of a well-structured healthcare system. Also, the increasing demand for minimally invasive procedures as well as growing technologically advanced intracranial stents is expected to increase the market growth in the region.
The growing prevalence of neurological disorders, idiopathic intracranial hypertension, and brain aneurysm is the key factor driving the market growth. For instance, according to 2022 data published by the Brain Aneurysm Foundation, about 6.5 million people in the United States have an unruptured brain aneurysm, annually. The annual rate of rupture is approximately about 8 - 10 per 100,000 people. According to the same source, about 30,000 people in the United States suffer a brain aneurysm rupture each year. Thus, the high number of people suffering from brain aneurysms is expected to increase the demand for intracranial stents hence boosting the market growth.
Additionally, as per the article published in May 2022, intracranial large artery stenosis (ILAS) is an important contributor to ischemic stroke in the United States. Thus, the burden of diseases related to stroke is increasing in the country and this is expected to drive the demand for intracranial stents used for stroke-related surgeries in the country.
Furthermore, the rising company focus on adopting various business strategies such as financing, collaborations, and others are also expected to increase the market growth. For instance, in August 2021, Fluid Biotech raised USD 4.7 million in the seed funding round. This fund is used to engage contract manufacturers to initiate production, complete regulatory milestones, and plan for the first-in-human implantation of its innovative stent, a hybrid polymer-metal flow-diverting brain stent, for treating brain aneurysms. Thus, owing to the aforementioned factors, the studied market is expected to grow significantly during the forecast period.
