Global Intracranial Stents Market To Reach US$ 705.5 Mn By 2026
Global Intracranial Stents Market - Snapshot
The global intracranial stents market has expanded significantly over the last two decades, and the market has been characterized by technological innovation and increase in preference for intracranial stents for the treatment of intracranial stenosis and management of stroke. Rapid rise in the geriatric population, increase in incidence of chronic neurological diseases, and high research and development activities in the field of stroke management and chronic neurological diseases are major environmental factors that drive the intracranial stents market. However, tight budgetary constraints faced by intracranial stents manufacturers and healthcare service providers are key factors that, currently, restrain the market.
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High demand for minimally-invasive procedures, availability of embolic devices, and rising prevalence of intracranial atherosclerosis disease across the world, due to increase in risk factors such as hypertension, diabetes, and obesity, are likely to drive the market during the forecast period. Technical advances, such as rapid innovation in the field of self-expanding stents and improvement in flexibility of the stents, are primary influences of the intracranial stents market. Increase in health care expenditure and expansion of the medical devices industry propel the intracranial stents market globally. Changing health care reforms, increase in government initiatives, and rise in the number of product manufacturers targeting the emerging regions are expected to drive the intracranial stents market in various regions during the forecast period.
The global intracranial stents market was valued at US$ 298.7 Mn in 2017 and is anticipated to reach US$ 705.5 Mn by 2026, expanding at a CAGR of 10.4% from 2018 to 2026. Increasing prevalence of chronic diseases in the geriatric population, favorable reimbursement scenario, and increasing government initiatives toward geriatrics are expected to boost the intracranial stents market during the forecast period.
The global intracranial stents market has been segmented based on product type, disease indication, end-user, and region. In terms of product type, the intracranial stents market has been divided into self-expanding stents, balloon expanding stents, and stent-assisted coil embolization. In terms of disease indication, the market has been segregated into intracranial stenosis and brain aneurysm. The self-expanding stents segment accounted for a prominent share of the market, in terms of revenue, in 2017. The segment is also expected to expand at a CAGR of 11.7% during the forecast period.
In terms of region, North America accounted for a leading share of the global intracranial stents market, in terms of revenue, followed by Europe. High prevalence of neurological diseases coupled with the presence of sophisticated healthcare infrastructure and rising per capita healthcare expenditure are boosting the market in the region. Moreover, strong research and development activities in the region promoting the development of new neurology devices have contributed to the significant market share held by the region in the global intracranial stents market. Contribution of revenue from the developed countries in Western Europe, such as the U.K., Germany, France, and Italy, is responsible for the prominent share held by Europe in the global market. The amplifying base of the target patient population, i.e., geriatric people (over the age of 65 years), is anticipated to drive the intracranial stents market in Europe during the forecast period.
The intracranial stents market in Asia Pacific is expected to expand at a significant pace due to developing healthcare infrastructure and increasing government support for people. Other regions, such as Middle East & Africa and Latin America, are expected to be lucrative markets for intracranial stents in the near future, due to the high rate of adoption of advanced medical devices coupled with the rapid expansion of the health care industry in these regions.
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Prominent players operating in the global intracranial stents market include Penumbra, Inc., Medtronic plc, Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson Services, Inc., Terumo Corporation, and Cook Medical.
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