Flow Diverters Market Size Worth $874.10 Million By 2028
Flow Diverters Industry Overview
The global flow diverters market size was valued at USD 252.92 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 16.9% from 2021 to 2028. The rising prevalence of brain aneurysm and risk factors associated with it and the growing inclination towards minimally invasive procedures are among the key factors driving the market. In addition, growing awareness among people regarding the treatment and initiatives taken by the government to prevent the rate of intracranial aneurysm are few other factors contributing to the market growth. Flow diverters have observed greater traction in 2020 as numerous products have been approved by the FDA for use in the intracranial aneurysm. This recent approval for flow diverters is expected to devour the market of embolic coils, which were earlier considered the gold standard for intracranial aneurysm treatment. Moreover, the surgical procedure for flow diverters is less complicated than embolic coils and requires a shorter inpatient time. Therefore, the COVID-19 pandemic had a favorable effect on the manufacturers of flow diverters in terms of product demand.
Gather more insights about the market drivers, restrains and growth of the Global Flow Diverters market
The increasing incidence of brain aneurysm globally is expected to positively impact the market growth over the forecast period. A brain aneurysm is also known as intracranial or cerebral aneurysm, which is a bulge or ballooning in a blood vessel inside the brain. This aneurysm can rupture and cause bleeding in the adjacent subarachnoid space, thereby leading to a stroke or brain hemorrhage. Flow diverters are mainly used to treat untreatable intracranial aneurysms and are placed in the parent artery to divert blood flow.
In addition, the presence of 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. For instance, as per the research study published in NCBI 2017, the prevalence rate of unruptured cerebral aneurysms in elderly patients is rapidly increasing, especially among patients aged 70 years or older. According to the World Ageing report, in 2019, it is estimated that there were approximately 703 million people aged 65 years or over globally. Hence, as the elderly population increases, the demand for flow diverters is also expected to increase.
Furthermore, the increasing incidence of brain aneurysm in some of the developed and developing countries has driven the launch of technologically advanced products in the market. Key companies are making continuous efforts for introducing technologically advanced products in the market. For instance, in August 2020, in the U.S., Stryker Corporation launched the Surpass Evolve Flow Diverter. It is a 64-wire cobalt chromium flow diverter designed for the treatment of unruptured giant and large wide-neck cerebral aneurysms. This approval is likely to help the company expand its neurovascular unit as well as its geographical presence.
Countries such as the U.S. and Canada have witnessed a high incidence rate of intracranial aneurysm in recent years. As per the Neuro Intervention Report 2017, more than 6.0 million people in the U.S. have developed an unruptured intracranial aneurysm. It is also reported that the geriatric population and individuals aged 35-60 are at a higher risk of developing an intracranial aneurysm.
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Flow Diverters Market Segmentation
Grand View Research has segmented the global flow diverters market on the basis of diameter size and region:
Flow Diverters Diameter Size Outlook (Revenue, USD Million, 2016 - 2028)
- 2-3 mm Flow Diverters
- 3-4 mm Flow Diverters
- 4-5 mm Flow Diverters
- >5 mm Flow Diverters
Flow Diverters Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies profiled:
Some prominent players in the global Flow Diverters market include
- Medtronic
- Stryker Corporation
- MicroVention, Inc. (Terumo Corporation)
- BALT Extrusion SA
- MicroPort Scientific Corporation
- Penumbra Inc.
- Phenox GmbH
- Acandis
Order a free sample PDF of the Flow Diverters Market Intelligence Study, published by Grand View Research.
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