Rapid advancements taking place in the healthcare sector in North America are pushing revenues across medical devices markets. The region has witnessed a growth in the adoption of aneurysm clips to treat aneurysm, leading to a steady rise in revenue in the North America aneurysm clips market. Asia Pacific Excluding Japan (APEJ) is the second most prominent region in the aneurysm clips market, with China anticipated to be the most lucrative regional market within APEJ. According to a new research released by Persistence Market Research (PMR), the market for aneurysm clips in matured economies will record comparatively lesser growth than in emerging markets.
PMR forecasts indicate a steady growth in revenue in the global aneurysm clips market at a sluggish rate of 1.7% during 2018–2028. Global revenue is slated to reach US$ 21.5 Mn by the end of 2018.
The report identifies key factors responsible for revenue growth of the aneurysm clips market across key geographical regions. The availability of safe and effective aneurysm clips in an assortment of sizes and shapes is fueling adoption across the healthcare sector globally. Evolution in healthcare technology is backing the manufacture of advanced aneurysm clips. Product evolution in the form of advanced raw materials used to manufacture aneurysm clips is making waves in the global aneurysm clips market. Conventional raw material used in aneurysm clips such as Silver has been replaced by metals such as Cobalt and Titanium. Innovations in technology and raw material have resulted in the launch of advanced aneurysm clips that are easy and convenient to use and offer enhanced patient comfort.
Increasing cases of brain aneurysm at a global level is another factor boosting the adoption of aneurysm clips across hospitals and healthcare facilities. Aneurysm is common among people in the age bracket 35 to 60 years and a significant increase in the global geriatric population is fueling the demand for neurointerventional devices such as aneurysm clips. Technologically advanced aneurysm clips are used by healthcare practitioners to treat brain aneurysm and this is fueling sales of aneurysm clips across the world.
“The significant contribution of the internet and social media has led to a structured dissemination of information pertaining to aneurysm and effective ways to treat the condition, such as the use of aneurysm clips. Information on clinical management of aneurysm, availability and pricing of aneurysm clips, product feedback from physicians, R&D in product development, and defects in material compatibility is easily available to the general population on open source medical websites as well as on aneurysm clips manufacturer websites. This has created increasing awareness and confidence among patients of aneurysm leading to widespread product and treatment adoption; and is one of the key factors boosting growth in revenue of the global aneurysm clips market.” — Practice Head – Medical Devices, Persistence Market Research
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Key Insights from PMR’s Report on the Aneurysm Clips Market
- The global aneurysm clips market is witnessing an increasing adoption of temporary aneurysm clips over permanent clipping. Temporary clipping helps reduce the risk of blood loss and obscuration of the operative area in the event of a rupture and hence is preferred by physicians in certain cases.
- Another trend being witnessed is the growing adoption of titanium aneurysm clips over plastic and cobalt clips, despite the high pricing associated with titanium aneurysm clips.
- The global market for aneurysm clips is highly consolidated at the top level with massive fragmentation being observed at the bottom of the pyramid – leading to competitive product pricing. Prices of aneurysm clips in the U.S are relatively high while the pricing structure in emerging markets is fairly low owing to the availability of branded as well as locally manufactured aneurysm clips. A competitive pricing structure is largely defined by the availability of a wide range of aneurysm clips in different sizes and shapes manufactured using different types of raw material and incorporating the latest technological innovations.