June 26, 2020
As per the report titled ‘Brain Aneurysm Treatment Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type; Condition; End User, available with Market Study Report LLC, global brain aneurysm treatment market was valued at USD 2184.15 million in 2019 and is projected to reach USD 6222.47 million by the year 2027, registering a CAGR of 14.1% throughout.
As per the report, rising prevalence of brain aneurysm and other associated risks, coupled with increasing R&D activities in the field are driving the growth of global brain aneurysm treatment market.
For the uninitiated, brain aneurysm is the swelling of blood vessels in the brain, which leads to stress on the nerves and brain tissues. If this bulge ruptures or bruises, it can cause brain hemorrhage and consequently lead to the patient’s demise. Brain aneurysm is caused by certain genetic conditions, untreated high blood pressure, arteriovenous malformations, and smoking.
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As per the Brain Aneurysm Foundation, the condition claims 500,000 lives each year globally. In addition to this, escalating number of risk factors causing brain aneurysm is expected to augment the industry growth. For instance, approximately 14 out of 100 individuals in the US smoke cigarettes, as stated by the CDC in 2018. Also, according to WHO in 2019, globally, about 1.13 billion individuals were suffering from hypertension. Increasing tobacco consumption and prevalence of hypertension are impelling the risk of brain aneurysm among the population, further augmenting the market outlook.
Besides, emergence of new diagnostic procedures for brain will propel the industry growth in the coming years. However, expensive nature of surgical procedures may negatively impact the business outlook over the study period.
Based on the type, medication segment dominated the global brain aneurysm market in the recent past, however, surgery segment is anticipated to grow rapidly during the analysis period.
Elaborating on the condition scope, unruptured aneurysm segment accounted for the majority market share in past year. Ruptured aneurysm segment, on the contrary, is slated to register the highest growth over the analysis timeline.
Speaking of the end user spectrum, hospitals segment led the industry growth in the past, but clinics segment is expected to be the prime contributor in the forthcoming years.
As per the regional analysis, brain aneurysm treatment market in North America is expected to record substantial growth over the estimated timeframe, owing to a well-established healthcare infrastructure and high prevalence of brain aneurysm in the United States. Brain Aneurysm Foundation in 2020, revealed that 1 in every 50 individuals in the US suffer from unruptured brain aneurysm, totaling to nearly 6.5 million patients in need of treatment.
Key players operating in global brain aneurysm treatment market are MicroPort Scientific Corporation, Stryker Corporation, Terumo Corporation, Medtronic, Penumbra, Inc., Johnson & Johnson Services, Inc., Mizuho Medical Co., Ltd., Kaneka Corporation, Evasc Medical Systems Corp., and adeor medical AG.