Brain Aneurysm Treatment - Modern Neurovascular Techniques
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However, high cost related with brain aneurysm treatment surgery is projected to obstruct the growth of the brain aneurysm treatment market during the forecast period. The developing healthcare infrastructure and extensively increasing screening tests in Asia Pacific for brain aneurysm are expected to create lucrative opportunity for the growth of the market.
The brain aneurysm treatment market was valued at US$ 2,184.15 million in 2019 and is expected to grow at a CAGR of 14.1% from 2020to 2027 to reach US$ 6,222.47 million by 2027.
Rise in Research and Development Activities
Several healthcare organizations and industry players are implementing constructive strategies to boost the research and development programs pertaining to the treatment of brain aneurysm. For instance, in August 2019, Fujitsu Australia, Macquarie Medical Imaging, Macquarie University, and GE Healthcare announced a new research collaboration to find advanced techniques to improve the diagnosis of brain aneurysm. The association announced the focus on utilization and adoption of artificial intelligence to identify and analyze brain aneurysms.
Other companies in this space are also focusing on collaborative efforts to introduce new technologies and medical devices for the treatment of brain aneurysm. For instance, in December 2018, Medtronic received FDA approval for its Pipeline Flex, a permanent mesh cylinder (stent) for the treatment of brain aneurysm. Additionally, in January 2020, MicroVention, Inc. got FDA approval for its FRED (Flow Re-Direction Endoluminal Device) device for the treatment of brain aneurysms. An increasing number of such research and development activities are accelerating the growth of the market.
Based on Type, the Brain Aneurysm Treatment market is segmented into medication and surgery. In 2019 medication held the largest share of the market. However, surgery segment is expected to register the highest CAGR in the market during the forecast period.
Based on condition, the brain aneurysm treatment market is segmented into unruptured aneurysm and ruptured aneurysm. The unruptured aneurysm held the largest share of disease segment in the global market. However, ruptured aneurysm is expected to grow at the faster rate during the forecast period. Increasing prevalence of ruptured aneurysm is projected to drive the ruptured aneurysm segment growth during the forecast period.
End User Insights
Based on end user, the brain aneurysm treatment market is segmented into hospitals and clinics. The hospitals held the largest share of end user segment in the global market. However, clinics segment is expected to grow at the fastest rate during the forecast period.
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Product launches and FDA approvals strategy is commonly adopted by companies to expand their footprint worldwide and meet the growing demand. This strategy is most commonly adopted by the market players in order to expand its product portfolio.
The market players operating in the brain aneurysm treatment market adopt the strategy of collaborations to enlarge customer base across the world, which also permits the players to maintain their brand name globally.
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