ID: MRFR/HC/7675-HCR | June 2021 | Region: Global | 120 pages
The cerebral vascular stent market is expected to register a CAGR of ~9.0% during the forecast period of 2021-2027. Cerebral vascular stents are small mesh-like tubes that are not coated or covered in any way. Stents are put into the brain arteries to treat brain aneurysms, intracranial stenosis, and keep blood flowing through narrowed blood vessels. Brain stents are also used to remove blood clots that have formed in the brain.The major factors driving the cerebral vascular stent market include the rising prevalence of cerebral vascular diseasesand the growing geriatric population. However, post-surgery complications may hamper the cerebral vascular stent market growth.
The government regulatory bodies keep a close watch on the approved product performance, ensuring that the products are working as expected and no adverse effects are found. The product approvals take place after careful considerations about the risks and benefits involved with the product. When a technology designed for a specific patient population is utilized in other ways, the benefit-risk paradigm can shift negatively. For instance, the Wingspan Stent System by Stryker (US), for example, is only approved for use in a small group of individuals with a life-threatening neurological disease was found to be more lethal with higher stroke risks when used in patients outside the FDA approved indication. In another instance, in March 2020, FDA recalled all Medtronic’s Pipeline Flex stent system products citing the products have the potential to fracture during the implantation procedure. Hence, the regulatory bodies play a significant role in approvals andafter-sales monitoring.
COVID-19 has severely impacted the world with disruptions in the supply chain, research & development, and cerebral vascular stent market growth. According to our database, in May 2021, it is estimated that the global GDP was at a loss of 4.5%, amounting to about USD 3.94 trillion is lost in economic output. The effects were also felt in the global cerebral vascular stent market. During the COVID-19 pandemic, many players in the global cerebral vascular stents market saw a sharp drop in sales. Furthermore, most players have ceased their production activities. As a result, vendors in the global cerebral vascular stent market are increasing their focus on strategizing business moves in response to the recent COVID-19 pandemic.
Many companies in the cerebral vascular stents sector start production with skeleton employees and adhere to all government restrictions. However, the worldwide cerebral vascular stents market is predicted to resume normal operations in a short amount of time, with promising growth in the years ahead. The subsequent relaxations in the government regulations in several countries supplement the fact.
According to the American Association of Neurological Surgeons (AANS), stroke, carotid stenosis, vertebral stenosis &intracranial stenosis, aneurysms, and vascular malformations are some cerebrovascular diseases caused by the restricted blood flow to the brain. Blood artery constriction (stenosis), clot development (thrombosis), blockage (embolism), and blood vessel rupture can all cause blood flow restrictions (hemorrhage). Ischemia (lack of blood supply to the brain) damages brain tissue and can lead to a stroke.
According to the World Stroke Organization (WSO)’s Global Stroke Fact Sheet 2019, 13 million new cases of stroke are diagnosed globally every year, and over 80 million people have experienced stroke currently living. According to the report, one in four people will experience a stroke in their lifetime. Cerebral vascular stents are placed appropriately to improve blood flow in the brain and treat or prevent strokes from happening. Therefore, the high prevalence of cerebral disorders is likely to drive the cerebral vascular stent market significantly.
Even though cerebrovascular disorders can occur at any age, from infants to old age people, the risk of getting such a disorder increases with age. Aging causes vascular morphological and functional changes in the brain, making it more vulnerable to cerebrovascular disorders.According to a report published by Mayo Clinic, the US, in May 2019, the most powerful non-modifiable risk factor for incident stroke is aging, and the risk doubles every ten years after the age of 55. Around three-quarters of all strokes occur in those over the age of 65. The frequency of incident strokes in older persons is likely to increase with the growing population crossing 65 years of age.
According to a report published by United Nations (UN) in December 2020, the older population is growing rapidly due to factors such as increasing levels of life expectancy and decreasing fertility levels; about 727 million peopleaged 65 years or over were living in 2020, and this number is projected to increase to 1.5 billion approximately in 2050. Globally, the population aged 65 years or over is expected to increase from 9.3 per cent in 2020 to around 16.0 per cent in 2050.Hence, the increasing geriatric population will supplement the growth of the cerebral vascular stent market.
The increase in the number of clinical trials for cerebral vascular stents is expected to significantly boost cerebral vascular stent market growth when the regulatory bodies approve the products. Several products are also getting expanded indication approvals. For instance, Stryker’s (US) Neuroform Atlas received expanded indication from the FDAfor use in the posterior circulation applications in the brain.
Several recent product approvals further supplement the cerebral vascular stent market growth. For instance, the Pipeline Flex Embolization Device, by Micro Therapeutics, Inc. (US), a product for treating brain aneurysms, was approved by the FDA in December 2018. FDA approved another product called Neuroform Atlas Stent System by Stryker (US) in May 2019. Furthermore, In December 2019, FRED System, a stent product by MicroVention, Inc. (US), was also approved by FDA for brain aneurysm treatment.
Some of the common issues that can occur during the procedure include an arterial puncture, stent movement, injury to the arterial lining resulting in an arterial dissection, bleeding into the brain, and stroke due to artery obstruction.According to National Heart Lung and Blood Institute, one to two percent of people who undergo stent surgery develop a blood clot at the stent site. However, the benefits of using stents outweigh the risks associated.
Value Chain Analysis
The cerebral vascular stent market is growing steadily due to the rising number of players coming forward with new and better products. The value chain analysis of the cerebral vascular stent market comprises five major components starting with the research & development and designing, followed by manufacturing the products, distribution & sales, and post-sales services.
Research and development start with conceptualizing, followed by design, then development, and lastly, testing. The R&D segment comprises 25-30% of the value chain. After the product designs are final, the manufacturing of the product starts. Manufacturing consists of 45-50% of the value chain.The manufacturing components are sometimes outsourced. Outsourcing eliminates manufacturing process activities of some parts and helps to quicker the process. Then comes distribution and sales, which is essential for any industry. Here, awareness about the products is spread across the market to attain interested customers for the product. It consists of 10-15% of the value chain. And lastly comes post-sales services. The post-marketing monitoring stage begins with a periodic safety update report of the product, which is to be submitted to the FDA after the device comes into the market and accounts for around 5% of the value chain. In this step, sometimes product recalls also occur if some long-term issues related to the products are discovered. For instance, in March 2020, FDA recalled Pipeline Flex brain stent products of Medtronic plc (Ireland),citing fracture reports during the implantation procedure.
Tantalum is a rare metal with an atomic coefficient of 73, a density of 16.65 grams per cubic meter, and a melting point of 2,996 degrees Celsius.Tantalum possesses specific characteristics that make it a viable material for cerebral vascular stents:
However, the stents woven from tantalum wire have a low radial supporting strength, limiting their use in clinical practice.
The most common use of stainless steel is in the preparation of balloon dilatation intravascular stents. A common example is 316L stainless steel. Properties such as good mechanical performance, traceable characteristics, and low cost and have wide applications. However, it also has several limitations such as poor corrosion protection, low biocompatibility, and risks of toxicity from Cr and Ni., which hamper its clinical applications.
Nitinols are alloys of nickel and titanium, which show properties that are perfect for self-expanding stents. The self-expanding properties of nitinol help make it possible to place nitinol stents in position without the use of expanding balloons. Nitinol stents are made slightly larger than the target vessel size and placed in a delivery system. They arrange themselves against the vessel’s wall after deployment with high resistance to outside forces.
Some examples of nitinol cerebral vascular stents are Neuroform and Wingspan stent by Stryker (US) and Codman Enterprise Vascular Reconstruction Device by Johnson and Johnson (US).
By End User
As the number of cerebrovascular disorders increases, the demand for cerebral vascular stents in hospitals is also positively impacted. Hospitals held a majority share in 2020due to the high cerebral vascular stenting procedures carried out in a hospital due to rising stroke cases and other cerebrovascular disorders.
According to the World Stroke Organization (WSO)’s Global Stroke Fact Sheet 2019, 13 million new cases of stroke are diagnosed globally every year, i.e., 13 million new people who need medical assistance in hospitals, which is apart from the patients already getting care in hospitals.
Ambulatory surgery centers are medical care facilities that provide outpatient services. Outpatient services can include an array of services, including carrying out surgeries, minimally invasive therapies, and other procedures. Moreover, ambulatory surgery centers enhance the safety of care transitions and establish patient safety and strategies for clinicians and other medical professionals to improve performance and maintain workflow, thus driving the growth of this segment.
The surging incidence rates of cerebral vascular disorders push for faster treatment access and alternatives. The reduced turnaround time that ambulatory surgical centers provide to the patients and the other factors stated above are driving the growth of this segment.
Risingcerebrovascular disorder cases and increasing R&D expenditure are likely to drive cerebral vascular stent market growth during the forecast period for this region.According to the Brain Aneurysm Foundation data for 2019, an estimated 6.5 million persons in the United States have an unruptured brain aneurysm, or around one in every 50 people. Each year, about 30,000 people in the United States have a brain aneurysm rupture. Furthermore, with an uneven 3:2 ratio, women are more prone than men to get a brain aneurysm.
Key players in the regionfocus on mergers and acquisitions, contractual agreements, new product launches, increasing investments, and partnering with other players to expand their global footprint. For instance, in May 2019, Stryker (US) announced the FDA approval of its brain aneurysm stent system called Neuroform Atlas. In August 2018, Boston Scientific (US) announced an agreement to acquire VENITI, Inc. (US), specializing in venous stent systems products.
The rising prevalence of cerebrovascular diseases in Europe, the presence of advanced medical facilities, and rising healthcare expenditure are driving the cerebral vascular stent market in the region.For instance, according to Stroke Alliance for Europe, there are 88,922 incidences of stroke in the country every year, and is expected to increase by 30% from 2015 to 2035. This is further supplemented by the increasing geriatric population in the region. For instance, according to the AGE UK Organization’s report of 2019, there are nearly 12 million (11,989,322) people aged 65 and above in the UK, out of which more than 5 million people are over 75 years of age. By 2030, they estimated that one in five people wouldbe aged more than 65 years of age.
The large part of the worldwide cerebral vascular stent market owned by Europe is due to revenue contributions from developed countries in Western Europe, such as the United Kingdom, Germany, France, and Italy. During the projected period, the cerebral vascular stents market in Europe is expected to be driven by the increasing base of the target patient population, namely elderly persons (over the age of 65), and increasing cerebral vascular disorders in the region.
Asia-Pacific is projected to be the fastest-growing regional market during the forecast period due to factors such as a large customer base, high prevalence of cerebrovascular disorders, and improving healthcare infrastructure. According to the Chinese Stroke Associationin their report China Stroke Statistics 2019, China accounts for the highest number of stroke cases in the world with 149.49 per 100,000, accounting for 1.57 million deaths in 2018.
Furthermore, the improving healthcare infrastructure and advancing research capabilities will help develop a novel cerebral vascular stent market. Moreover, government support regarding stroke care shall supplement the cerebral vascular stent market growth in the region.
The rest of the world comprises Middle East, Africa, and Latin America. Due to the high rate of acceptance of modern medical devices and the rapid expansion of the health care industry in these regions, the cerebral vascular stent marketis projected to be a lucrative market in the near future. However, the low incidence and prevalence of cerebral vascular disorders in the region might hamper growth in the forecast period.
Stryker (US) is one of the major key players in the cerebral vascular stent market. The company offers several stenting products, including Neuroform EZ, Surpass Evolve, Surpass Streamline, Wingspan Stent System, and its latest offering, Neuroform Atlas, which received FDA approval In May 2019. The Neuroform Atlas received the FDA approval for use in a new indication for posterior circulation in August 2020.
The majority ofcerebral vascular stents are produced by major global companies. Industry leaders have built their position in the market by investing more in research and having a better distribution system. Furthermore, due to increased awareness, some small players are emerging throughout Asia-Pacific. This has also aided the market’s expansion.In addition, the market players are offering mergers and acquisitions, contractual agreements, new product launches, increasing investments, and partnering with other players to expand their global footprint.
List of Key Companies Covered in this Report:
The study covers the existing short-term and long-term market effect, as well as helping decision-makers to draught short-term and long-term plans for businesses by region. The report covers North America, Europe, Asia-Pacific, and the rest of the world. The report analyzes market drivers, restraints, opportunities, challenges, Porter’s Five Forces, Value Chain, and impact of COVID-19 on the market.
|Market Size||2027:~USD 646. 5 million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type,End Use and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||• Stryker Corporation (US) • Boston Scientific Corporation (US) • Johnson & Johnson Services, Inc. (US) • Terumo Corporation (Japan) • Cook Medical (US) • Penumbra, Inc. (US) • Medtronic plc (Ireland) • Acandis GmbH (Germany) • phenox GmbH (Germany) • MicroPort Scientific Corporation (China) • Others|
|Key Market Opportunities||Increasing clinical trials and approvals for cerebral vascular stents|
|Key Market Drivers||Rising prevalence of cerebral vascular diseases and rising geriatric population|
Frequently Asked Questions (FAQ) :
Cerebral vascular stent market is expected to register a CAGR of ~9.0% during the forecast period of 2021-2027
The cerebral vascular stentmarket is driven by several factors, such asthe rising prevalence of cerebral vascular diseases and the boominggeriatric population.
By type, the Cerebral Vascular Stent Market has been segregated into tantalum,stainless steel, and nitinol. The nitinol segment is expected to hold a considerable market share in 2021 due to its superior characteristics and wide applications in stents.
Some of the key players in the cerebral vascular stentmarket are Stryker Corporation (US), Boston Scientific Corporation (US), Johnson & Johnson Services, Inc. (US), Terumo Corporation (Japan), Cook Medical (US), Penumbra, Inc. (US), Medtronic plc (Ireland), Acandis GmbH (Germany), Phenox GmbH (Germany), and MicroPort Scientific Corporation (China)among others.
This table of content is tentative and subject to change as the research progresses.
Please Note: Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.