The Neurovascular Devices Market primarily includes devices and accessories used for treatment and diagnosis of neurovascular diseases such as aneurysms, arteriovenous malformations, carotid artery stenosis and ischemic strokes. The increasing incidence and recurrence of neurovascular disorders and growing demand for minimally invasive surgical procedures are driving the market growth. Neurovascular devices find wide applications in treating complex diseases of brain and spinal cord vasculature and aid clinicians in delivering better treatments for strokes, aneurysms, arteriovenous malformations and carotid artery disease.
The global neurovascular devices market is estimated to be valued at US$ 2.64 Bn in 2023 and is expected to exhibit a CAGR of 4.1% during the forecast period (2023-2030).
Key Takeaways
Key players operating in the Neurovascular Devices Market are Stryker Corporation, Medtronic PLC, Johnson & Johnson, Terumo Corporation, Penumbra Inc., Integer holdings corporation.
Neurovascular Devices Market opportunities in the market includes rising cases of hemorrhagic strokes, increasing demand for minimally invasive procedures, and technological advancements in the field of neurovascular devices. Various companies are continuously investing in the development of advanced neurovascular technologies like flow diversion stents, aneurysm sealing devices, and intrasaccular flow disruptors to provide effective treatment options for complex neurovascular diseases.
The major players in the Neurovascular Devices Market are expanding their geographic presence globally in high growth markets through acquisitions and collaborations. For instance, in 2020, Terumo Corporation acquired Avon, Ohio-based MicroVention, Inc., a developer and manufacturer of neurological interventional devices. This allowed Terumo to strengthen its global market position and expand its presence in the fast-growing neurovascular segment.
Market Drivers
Growing geriatric population prone to neurovascular diseases- The rising aging population is increasing the risk of developing neurovascular disorders like strokes and brain aneurysms. This is a key factor driving the demand for neurovascular devices used in diagnosis and treatment of these conditions.
Technological advances - Continuous innovation and product launches catering to unmet needs have boosted the adoption of neurovascular devices. Advancements like flow diverters, coil assisted thrombectomies, and 3D visualization systems are replacing conventional open neurosurgeries resulting in better patient outcomes.
Market Restraints
High cost of neurovascular procedures- Treatment of neurological disorders using neurovascular devices involves high costs which many people cannot afford, especially in developing nations. This acts as a restraint for the market growth.
Lack of reimbursement policies- Uncertainty over reimbursement schemes for neurovascular procedures in many regions poses financial challenges and discourage the uptake of new and advanced devices in the market.
Segment Analysis
The global neurovascular devices market can be segmented based on device type, application, and end user. The device type segment includes aneurysm coils, cerebral balloon devices, support devices, and neurothrombectomy devices. Among these, the aneurysm coils segment dominates the market as it has emerged as the standard treatment for cerebral aneurysms. It has higher adoption rates owing to good clinical outcomes and lower risk of complications as compared to neurosurgery.
The application segment includes cerebral aneurysms, intracranial atherosclerotic disease (ICAD), and others. Here, the cerebral aneurysms application holds a major share due to the increasing prevalence of unruptured brain aneurysms and rising number of aneurysmal subarachnoid hemorrhage cases across the world. Early detection and treatment of cerebral aneurysms helps prevent devastating complications like stroke.
Global Analysis
Regionally, North America leads the global neurovascular devices market and is expected to maintain its dominance over the forecast period. This can be attributed to the rising prevalence of cerebrovascular diseases and technological advancements in the region. Moreover, growing demand for minimally invasive neurosurgical procedures, availability of reimbursement, and presence of major market players in the US and copyright are fueling market growth in North America.
Asia Pacific region is poised to witness the highest growth during the forecast period owing to large patient pool, developing healthcare infrastructure, and increasing healthcare expenditure in countries like China, India, and Japan. Additionally, growing medical tourism in Asia Pacific region for neurovascular treatments is anticipated to propel the regional market.
Get More Insights On Neurovascular Devices Market
Get this Report in Japanese Language
Get this Reports in Korean Language
About Author:
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91 )
copyright src="chrome-extension://fpjppnhnpnknbenelmbnidjbolhandnf/content_script_web_accessible/ecp_regular.js" type="text/javascript">