India Aneurysm Coiling and Embolization Devices Market: Trends&Outlook

The India Aneurysm Coiling and Embolization Devices Market was valued 184.5 USD Mn in 2018 and is expected to grow at a CAGR of 5.1% during the forecasting period (2020-2027) to reach  USD XX Mn by 2027.

The aneurysm coiling & embolization devices are the ones in which the Embolization Device (PED) is specified for the endovascular action of adults (22 years of age or grown-ups) with giant wide-necked intracranial aneurysms (lAs) in the inner carotid vein from the petrous to the larger hypophyseal sections. Aneurysm clips are small clips made of material such as titanium that performs permanent occlusion of the aneurysm. These clips block the blood flow to the aneurysm by coiling or clipping the structure, gluing the vessel or diverting the blood flow. Embolization coils are soft metal coils that are placed in the aneurysms to block the blood flow in the region and isolate the region from normal blood flow.

By product type, the embolization coils market segment is estimated to grow significantly over the forecast period owing to several factors such as, technological advancements, rising patient preference toward minimally invasive surgeries, and the increasing number of endovascular coiling procedures. The India aneurysm coiling and embolization devices market is highly concentrated. Some of the major players are: Acandis GmbH, Johnson & Johnson, Medtronic, Penumbra, Inc., Stryker, TERUMO CORPORATION, among others.

Market Dynamics

Drivers

• Technological advancement in aneurysm coiling and embolization devices
• Increasing frequency of UIAs detection
• Growing aging population

Restraints

• Lack of awareness on neurological disorders
• High Cost of Devices

Aneurysm Repairs Expected To Increase With Aging Indian Population

Interventional neuroradiologists typically perform a detachable coil embolization process to alleviate dangers associated with aneurysms. The coils are used to block blood flow or fill the aneurysm.  Aneurysm repairs are expected to increase with the aging Indian population. According to the Brain Aneurysm Foundation, there is a high prevalence of cerebral aneurysms among elderly citizens. The median age for an aneurysmal stroke is 50. 

Most aneurysms are small, and an estimated 50–80% of all aneurysms do not rupture during a patient’s lifetime. However, brain aneurysms are fatal in about 40% of cases, and 66% of surviving patients suffer some form of permanent neurological damage. According to the CIA World Factbook, India had an estimated population of 1.2 billion in 2012. About 5.6% of the population was aged 65 years or older.  In the future, the number of cerebral aneurysm cases is expected to increase with the growth of the aging population in India.

Region Analysis

The South India market is estimated to grow at a CAGR of 5.0% during the forecast period (2020-2027)  to reach a market value of USD 87.4 million by 2027. South India segment is estimated to account for a share of approximately 30.5% of the India aneurysm coiling and embolization devices market by 2018 and is anticipated to grow to 30.1% by 2027. The regions of South India consisting of the Indian states of  Andhra Pradesh, Karnataka, Kerala, Tamil Nadu and Telangana as well as the union territories of Andaman and Nicobar, Lakshadweep and Puducherry.  South India has the robust economy and  developed itself in the health care sector. The medical facilities in South India is one of the leading in South-east Asia.  South Indian doctors and the affiliate hospitals are all professionals and treat patients on priority basis. Chennai the capital of Tamil Nadu has become the most preferred medical hub in India.  Chennai is sometimes referred to as the Health Capital of India, having attracted International patients and  often less expensive than getting any type of medical treatment. World class hospitals equipped with the latest medical equipment's and facilities have given rise in the heath care sector. 45% of health tourists from abroad and 30-40% of domestic health tourists visit every year Chennai for treatment.  

There are “Medical Device Parks” developing in south Indian states which have committed to set-up industrial parks where efficient domestic manufacturing at lower costs. In 2019, Andhra Pradesh, Telangana, Tamil Nadu, and Kerala have got in-principle approval from Government of India for new medical devices parks.

Currently, India has 750-800 medical device manufacturers, with an average investment of Rs 170-200 million and an average turnover of Rs 450-500 million. And maximum have there production plant in Tamil Nadu and Andhra Pradesh. Therefore the prices of medical device in South India is very much affordable.

The City Hyderabad the capital of Telangana, has many reputed hospitals that have qualified surgeons and team of supportive paramedics who areperforming aneurysm surgery. Since Aortic aneurysm treatment is a surgically complicated process, it requires an experienced cardiothoracic surgical team, therefore these hospitals  have good reputation in the state. The hospitals whom are performing aneurysm surgery are Care Hospital, Medicover Hospital, Omega Hospital.  Hence, these factors are driving the growth of aneurysm coiling and embolization devices market  in this region over the forecast period.

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