Intracranial Stents Market Focusing Long-Term Professional Industry and Making New Commitments to the Sustainable Future 2018-2026
Intracranial stents are used for intracranial stenosis and brain aneurysms to open the blocked arteries. This procedure is relatively new for these conditions and long-term enhanced results for placement of these stents alone is still under investigation. However, various studies accepted the potential of placement of stents to reduce the risk of stroke in patients with symptomatic intracranial stenosis as compared to medical therapy alone. Thus, boosting the growth of the market over the forecast period.
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Factors such as increasing prevalence of brain aneurysms and stroke, government programs to decrease the burden of traumatic brain injury, technological advancements plugging treatment gaps and availability of reimbursement are propelling demand for intracranial stents. However, high cost and stringent government regulations is negatively impacting growth of the market. Companies are therefore, adopting different strategies such as providing FDA approved on-site training, strategic collaborations, and technology upgrades in order to increase their market presence and engage with customers. For instance, in January 2018, Stryker announced the positive results of WEAVE, the post market surveillance study of the company’s Wingspan stent system, for the patients suffering from intracranial atherosclerotic disease (ICAD). Thus, providing more opportunities in procedural approach with significant results.
Intracranial Stents Market Dynamics
Increasing incidence of stroke and brain aneurysm is propelling demand for intracranial stents. According to the Brain Aneurysm Foundation (BAF), brain aneurysm accounts for around 500,000 deaths worldwide annually. Moreover, BAF estimates that aneurysm is predominant in the age group of 35–60 years. Furthermore, high prevalence of stroke among geriatric population worldwide is also expected to propel demand for intracranial stents in the near future. According to the data published in the Medscape, 2010, around 75-89% of strokes occur in individuals aged > 65 years. Of these strokes, 50% occur in people who are aged ≥ 70 years and nearly 25% occur in individuals who are aged > 85 years.
Integration of advanced software with existing products are gaining significant traction among various market players of intracranial stents with affordable costs thus, expected to drive intracranial stents market growth. For instance, in September 2016, Medtronic plc received the U.S. Food and Drug Administration (FDA) approval for its StealthStation, which is integrated with Medtronic’s latest O-arm Imaging System, enabling clinicians to place the deep brain stimulation (DBS) leads with high level of accuracy during the cranial procedures.
Major companies operating in the global intracranial stents market include Medtronic Plc, Balt Extrusion S.A., MicroPort Scientific Corporation, Abbott Laboratories, Stryker Corporation, Admedes Schuessler GmbH, Cardiatis, S.A, DePuy Synthes, Acandis GmbH, and Penumbra, Inc.
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- Global Intracranial Stents Market, By Product Type:
- Self-Expanding Intracranial Stents
- Embolization Coil Support Intracranial Stents
- Global Intracranial Stents Market, By Disease Indication:
- Brain Aneurysms
- Intracranial Stenosis
- Global Intracranial Stents Market, By End User:
- Ambulatory Surgical Centers
Intracranial Stents Market Regional Outlook
On the basis of geography, the global Intracranial Stents Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is expected to hold dominant position in this market, owing to increasing geriatric population who are more prone to brain diseases and adoption of technologically advanced products such as adoption of cranio maxillofacial implants. Emerging economies are also projected to witness significant growth in market over the forecast period, owing to high prevalence of intracranial strokes. For instance, according to the American Journal of Neuroradiology, 2011, intracranial cerebral atherosclerosis disease (ICAD) accounts for around 8%–10% of all ischemic strokes with a higher reported incidence in the Asian, African, and Hispanic descent populations. The factors responsible for disease prevalence in these regions includes cigarette smoking, hypertension, insulin-dependent diabetes mellitus, and hypercholesterolemia. Thus, emerging economies such as Asia Pacific and Latin America is likely to be the fastest growing region throughout the forecast period.