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Intracranial Stents Market to Achieve US$705.5 Million by 2026, Noted TMR
ALBANY, New York, March 19, 2019 /PRNewswire/ -- As said in the report of TMR, the global intracranial stents market was valued at US$298.7 mn in 2017. It is projected to achieve US$705.5 mn by 2026 by stretching out at a CAGR of 10.4% for the duration of 2018 and 2026. Based on the product type, the intracranial stents market is categorized into self-expanding intracranial stents, and embolization coil support intracranial stents. Of these product types, the embolization coil support intracranial stents will lead the market in terms of size, in the forthcoming years. On the basis of disease indication, the global intracranial stents market is segmented into brain aneurysm and intracranial stenosis.
Geographically, North America held the largest share in the intracranial stents industry in 2017, followed by Europe. The intracranial stents market North America is primarily driven by an increase in the adoption of technologically advanced intracranial stents, along with presence of key established players in the region. According to the Brain Aneurysm Foundation, it is estimated that almost 6 mn people in the U.S. have an aneurysm disorder. These rising numbers of patients require stenting, which in turn is expected to boost growth of the regional market.
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Technically Advanced Treatment is factoring the Global Intracranial stents Market
Increasing number of neurological disorders and traumatic accidents is propelling demand of the global intracranial stents market. Introduction of technically advanced intracranial stents to treat brain aneurysms is directly contributing to growth of the global intracranial stent market. The growing prevalence of high blood pressure is considered as a high-risk factor for cerebral aneurysm and stroke boosts the market. Growing aging population and technological advancements are some of the significant factors driving the global intracranial stents market.
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According to 2011 data of the U.N., almost 1 bn people, i.e., 1 in every 6 of the world's population suffers from neurological disorders. Major neurologic disorders are epilepsy, Alzheimer's strokes, multiple sclerosis, and migraines. Furthermore, according to Centers for Disease Control and Prevention data of 2014, around 2.5 mn cases of traumatic accidents are registered in U.S. These traumatic accidents led to brain infection, meningitis, and aneurysm, which in turn are propelling the global intracranial stents market's growth.
Stringent Government Regulations, the Biggest Challenge for the Market
However, the intracranial stents market appears to be highly concentrated due to the presence of few vendors in the market. Moreover, the product is facing lesser acceptance among surgeons due to the risks of complications such as improper stent movement and bleeding in the brain after surgery. Furthermore, stringent government regulations regarding the use of intracranial stents to a specific age group of patients and severity of the condition of the patient, could delay entry of product in this market.
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The global intracranial stents market consists of a few global and local players. The market is considerably fragmented says Transparency Market Research (TMR) in a report. The global intracranial stents market share is evenly categorized among a few major companies. There are some noteworthy players heading the global intracranial stents market to deliver quality products to end-users. The most important enterprises operating in the global intracranial stents market are Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson Services, Inc., Terumo Corporation, and Cook Medical.
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This review is based on Transparency Market Research's report, titled "Intracranial Stents Market (Product Type - Self-expanding Stents, Balloon Expanding Stents, Stent-assisted Coil Embolization; Disease Indication - Intracranial Stenosis, Brain Aneurysm; End user - Hospitals, Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026."
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