Intracranial Aneurysm Market Size, Share & Trends Analysis Report By Type (Surgical Clipping, Endovascular Coiling, Flow Diverters), By End Use (Hospitals, Clinics), By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global intracranial aneurysm market size was valued at USD 1.06 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.9% from 2021 to 2028. The increasing number of patients suffering from cerebrovascular disorder and the rising adoption of minimally invasive intracranial aneurysm procedures are expected to drive the market in the coming years. An intracranial aneurysm is a bulging in the wall of an artery in the brain. It results in an abnormal ballooning, widening, or bleb. This majorly occurs in an artery located in the front part of the brain, which supplies oxygen-rich blood to the tissues. Factors contributing to the formation of a brain aneurysm are smoking, hypertension, injury/trauma to blood vessels, and genetic predisposition. The treatment of brain aneurysms includes medical therapy, surgical clipping or endovascular therapy, or coiling without or with adjunctive devices.

The increasing number of patients suffering from high blood pressure and trauma to blood vessels is another factor driving the overall market. Hypertension significantly increases the risk of a brain aneurysm and other diseases. At present, a large percentage of the population is at risk of developing brain aneurysm as a result of high blood pressure and smoking. For instance, according to the WHO facts 2019, around 1.13 billion people worldwide have hypertension. In addition, the global population at present is aging at an accelerating pace. According to the NCBI research studies, the prevalence rate of unruptured brain aneurysms in elderly patients is rapidly increasing, especially among patients aged 70 years or older. As per the WHO report 2018, the world base of population pertaining to the age group of 60 and older is expected to reach up to 2 billion by 2050 from 900 million in 2015. Therefore, such a large geriatric patient base is anticipated to be one of the key success factors for the growth of the market over the forecast period.

Furthermore, nowadays, minimally invasive surgeries are gaining popularity owing to the reduced risk and trauma associated with these procedures. Smaller incisions decrease postoperative pain and facilitate speedy recovery leading to high adoption of these procedures and triggering the growth of R&D in this field. Numerous key players are continuously investing in R&D for the launch of innovative minimally invasive endovascular coiling instruments. The endovascular coiling used for the treatment of intracranial aneurysms is one of the minimally invasive procedures that is widely recommended by physicians. In this procedure, a microcatheter is inserted in the groin area through the artery consisting of an aneurysm. Platinum coils are then released as the coil promotes the clotting of an aneurysm and prevents blood from entering other regions of the brain. Therefore, such advantages are anticipated to boost the demand for minimally invasive procedures, thereby propelling market growth.

Countries such as the U.S. and Canada have witnessed a high prevalence of intracranial aneurysms in recent years. According to the 2017 report published by Neuro Intervention India, approximately 6.0 million people in the U.S. develop an unruptured intracranial aneurysm. It is also reported that every year, around 30,000 deaths in the U.S. are due to the rupture of intracranial aneurysms. Similarly, according to the Brain Aneurysm Foundation, around 2,800 to 3,500 people in Canada suffer from a ruptured brain aneurysm every year. Therefore, a high prevalence of intracranial aneurysms in these countries is anticipated to boost the market growth over the forecast period.

Moreover, the increasing incidence of intracranial aneurysms in some of the developed and developing countries has driven the launch of technologically advanced products in the market. Endovascular coiling, surgical clipping, and flow diverters are some of the notable treatment modalities used for treating intracranial aneurysms. Market players are taking constant efforts to introduce technologically advanced products in the market. For instance, in May 2019, Stryker received the FDA premarket approval for Neuroform Atlas Stent System for treating intracranial aneurysms. It is the second aneurysm adjunctive stent that was granted by PMA approval for treating wide-neck brain aneurysms in combination with embolic detachable coils. Such developments, therefore, are anticipated to propel the market growth over the forecast period.

Type Insights

Based on type, the market for intracranial aneurysm is segmented into surgical clipping, endovascular coiling, flow diverters, and others. The endovascular coiling segment dominated the market with a share of 85.25% in 2020. It is a minimally invasive technique that makes use of a catheter to locate the intracranial aneurysm. Endovascular coiling offers advantages such as easy access to the vertebrobasilar system and multiple aneurysms in distant areas and shorter recovery time as compared to endovascular coiling clipping procedure. Thus, benefits offered by the endovascular coiling technique are expected to fuel the segment growth.

The flow diverters segment is expected to expand at the highest CAGR of 12.3% from 2021 to 2028. The rise in the number of product approvals and an increase in demand for minimally invasive procedures are driving the segment. For instance, in August 2020, in the U.S., Stryker announced the launch of the first 64 – wire chromium flow diverter-Surpass Evolve Flow Diverter. It is designed for redirecting the blood flow and promoting the healing of aneurysms. Furthermore, in July 2018, Balt received the CE Mark approval for Silk Vista flow diverting stent for the treatment of unruptured brain aneurysms. This is projected to strengthen the growth of the segment in the coming years.

End-use Insights

On the basis of end use, the market is segmented into hospitals, clinics, and others. The hospital segment dominated the overall market with a share of 88.95% in 2020 and is expected to expand at the highest CAGR from 2021 to 2028. This is attributed to the use of technologically advanced equipment in operation theaters and intensive care units, the increasing number of hospitals worldwide, and rising government funding to the hospitals. Technologically advanced devices are being used extensively in hospitals to provide better treatment. These devices are not only simplifying treatment procedures but are also helping provide better, faster, and accurate results.

In addition, intracranial aneurysm procedures are among the most critical and complicated surgeries that are dependent on high quality and durable equipment found in hospitals. Hospitals are also better equipped to handle any post-operative complications and they include facilities for physical rehabilitation post surgeries. Thus, these factors are significantly boosting segment growth.

Regional Insights

North America dominated the market with a share of 27.17% in 2020 owing to the presence of well-established healthcare facilities, a growing aging population, and a high incidence of hypertension and stroke. Furthermore, an increase in the prevalence of intracranial aneurysms and a rise in the demand for minimally invasive procedures are contributing to the market growth in the region.

Asia Pacific is expected to expand at the highest CAGR of 12.8% from 2021 to 2028. This is attributed to factors such as the growing aging population, lifestyle stress, rising incidence of hypertension, large population, improvement in the quality of diagnosis, and increasing patient affordability. All the above-mentioned factors have together resulted in a significant number of intracranial aneurysm procedures in Asia Pacific. Moreover, lucrative growth opportunities in developing countries, such as Japan, India, and China, are likely to contribute to the regional market growth.

Key Companies & Market Share Insights

Manufacturers in the market are focusing on the introduction of innovative medical devices, growth strategies, and technological advancements. For instance, in 2019, Medtronic received the U.S. FDA approval for a Pipeline Flex Embolization Device used for the treatment of giant or wide-necked intracranial aneurysms (IAs). These advancements are anticipated to boost the cerebral aneurysm market growth over the forecast period.

Moreover, market players are focused on adopting strategies, such as marketing and promotions, and broadening product portfolio to increase awareness about the benefits of intracranial aneurysm and expand the availability and outreach of their product offerings. For instance, in October 2017, Johnson and Johnson completed the divestiture of its Codman Neurosurgery business segment to Integra LifeSciences Holding Corporation. As a result, Johnson and Johnson focus majorly on its new business unit CERENOVUS (launched in June 2017), which is involved in developing devices used for the treatment of stroke and cerebral aneurysm. Some prominent players in the global intracranial aneurysm market include:

• Medtronic

• Microport Scientific Corporation

• B. Braun

• Stryker

• Johnson and Johnson Services Inc.

• MicroVention Inc. (Terumo Corporation)

• Codman Neuro (Integra Lifesciences)

Intracranial Aneurysm Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global intracranial aneurysm market report on the basis of type, end use, and region:

• Type Outlook (Revenue, USD Million, 2016 - 2028)

  • Surgical Clipping

  • Endovascular Coiling

  • Flow Diverters

  • Others

• End-use Outlook (Revenue, USD Million, 2016 - 2028)

  • Hospitals

  • Clinics

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE