The global flow diverters market size is poised for remarkable growth, as indicated by a recent report from Future Market Insights. The report forecasts a substantial rise in revenues, reaching US$ 1.3 billion between 2022 and 2032, showcasing a compelling Compound Annual Growth Rate (CAGR) of 15.3%.
In 2021, the market is estimated to have generated revenues of US$ 273 million, setting the stage for an impressive ten-year trajectory. The market’s absolute revenue potential over the next decade is projected at a staggering US$ 992.9 million, reinforcing the robust growth prospects.
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Intracranial aneurysms are a serious hazard to patients’ lives in the field of neurovascular disorders. However, the introduction of flow diverters has transformed the treatment industry and provided a promising replacement for traditional approaches. In order to guide blood flow away from the aneurysm, promote natural healing, and lower the risk of rupture, mesh-like devices called Flow Diverters Market are implanted in blood vessels.
Technology developments, an increase in the occurrence of cerebral aneurysms, and more awareness among healthcare professionals have all contributed to the market’s impressive recent expansion. Comparing these devices to conventional therapies like surgical clipping or endovascular coiling, these technologies have demonstrated improved clinical results.
Key Takeaways from the Market Study:
- Global Flow Diverters market is expected to reach a valuation of US$ 1.3 Billion by growing at a CAGR of 3% for the next 10 years.
- The current worth of Global Flow Diverters Market is US$ 273 Million and is expected to offer an absolute dollar opportunity of US$ 992.9 Million 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 Million 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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What Factors Are Driving The Growth Of Flow Diverters Market?
The growth of the flow diverters market can be attributed to several factors. Here are some key factors driving its growth:
- Increasing prevalence of cerebral aneurysms: Cerebral aneurysms are abnormal bulges in blood vessels of the brain that can potentially rupture, leading to serious health complications. The rising prevalence of cerebral aneurysms is driving the demand for flow diverters, which are specifically designed to treat these conditions.
- Minimally invasive treatment options: Flow diverters offer a minimally invasive alternative to traditional surgical procedures for treating cerebral aneurysms. Compared to open surgical methods, flow diverters can be inserted into blood vessels using catheters, reducing the need for large incisions and enabling quicker recovery times. The growing preference for minimally invasive treatments is fueling the demand for flow diverters.
- Technological advancements: The field of flow diverters has witnessed significant technological advancements, leading to the development of more efficient and safer devices. Manufacturers are constantly innovating to improve the design, delivery systems, and compatibility of flow diverters. These advancements are enhancing their efficacy and expanding their application in complex aneurysms, thus contributing to market growth.
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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Market Segments Covered In Flow Diverters Market Analysis:
By Product Type:
- 2-3 mm Flow Diverters
- 3-4 mm Flow Diverters
- 4-5 mm Flow Diverters
- >5 mm Flow Diverters
By Region type:
- North America
- Latin America
- Europe
- APAC
- MEA
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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