According to a recent Future Market Insights report, the Flow Diverters market revenue for estimated to be worth US$ 273 Million in 2021; between 2022 and 2032, it is anticipated to develop at a CAGR of 15.3%, reaching a valuation of US$ 1.3 Billion. For the next 10 years, the market will reportedly provide an absolute monetary potential of US$ 992.9 Million.
The anticipated CAGR is marginally greater than the 15.1% historical CAGR. The market segment with the highest share is Flow Diverters of More than 5 mm, and it is anticipated to expand at a CAGR of 13% over the course of the forecast period.
The growing prevalence of brain aneurysms, the inclination for less intrusive procedures, increased public awareness, and government programs are all helping in expanding the market. Flow diverters are expected to grow in popularity in 2020, owing to the FDA’s approval of several products for treatment in cerebral aneurysms. Moreover, the surgical procedure for flow diverters is less complicated than that for embolic coils, resulting in a shorter stay in the hospital. This will reduce demand for embolic coils, which were once thought to be the gold standard for treating cerebral aneurysms.
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Global Flow Diverters Market was moderately affected by the Covid-19 pandemic as various brain surgeries were postponed to make place for people infected with the virus. Furthermore, physician focus has shifted away from in-person care and toward telemedicine, and many patients have delayed seeking medical help. But the demands were just postponed and not avoided because the market drives back to normalcy just after the phased opening of lockdowns.
Key Takeaways from the Market Study
- Global Flow Diverters market is expected to reach a valuation of US$ 1.3 Bn by growing at a CAGR of 3% for the next 10 years.
- The current worth of Global Flow Diverters Market is US$ 273 Mn and is expected to offer an absolute dollar opportunity of US$ 992.9 Mn in coming 10 years.
- Flow Diverters of greater than 5 mm is expected to be the largest contributor in the market. Revenue through this segment is projected to grow at a CAGR of 13% during the forecasted period.
- North America is likely to maintain its dominant position in the market while growing at a CAGR of 7% for the period between 2022 and 2032.
- The US holds the largest market share in the market with the absolute dollar opportunity of US$ 301 Mn during the period between 2022 and 2032.
The COVID-19 epidemic had only a minor influence on the flow diverter industry because a large number of elective brain surgeries were postponed, and demand is expected to pick up once restrictions are lifted. As a result, the pandemic had no long-term impact on the market, comments a Future Market Insights analyst.
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Competitive Landscape
Players in Flow Diverters market are concentrating their research efforts on addressing the shortcomings of present therapy techniques. Their huge success in treating brain aneurysms has motivated them to pay more attention to flow diverters. With the diverse portfolio of products in hand, industry players can capture a considerable percentage of the market. These businesses are strategically forming alliances and making acquisitions to update their clients with cutting-edge technological advancements.
Some of the key players operating in the Global Flow Diverters market are Medtronic, Stryker Corporation, MicroVention, Inc. (Terumo Corporation), BALT Extrusion SA, MicroPort Scientific Corporation, Penumbra Inc., Phenox GmbH, Acandis.
Below mentioned are some recent developments in the Flow Diverters Market:
- In Feb 2022, Stryker Corporation acquired Vocera Communications, a leader in digital care coordination, to accelerate its digital aspirations, advance its innovations and enable safer patient care.
- In April 2021, Medtronic received US FDA approval for the Pipeline Flex Embolization Device, an advanced Flow Diversion Therapy with shield technology.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Flow Diverters market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (2-3 mm, 3-4 mm, 4-5 mm, >5 mm Flow Diverters) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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