The Neurovascular Devices Market is estimated to reach USD 3.60 Billion, from USD 2.35 Billion in 2021, delivering a CAGR of 5.6% through 2030. The market growth is primarily driven by a rise in the number of neurovascular surgeries, favorable medical reimbursements, expansion of healthcare infrastructure across emerging economies, along with the technological advancement of neurovascular devices.
Neurological disorders are the second leading cause of death after heart disease across the globe. Nearly 78,000 people were diagnosed with central nervous system tumors (including non-malignant and malignant brain tumors) in 2016 in the U.S. alone. According to the World Health Organization, approximately 50 million patients had epilepsy across the world in 2015. Estimates suggest that a larger proportion of the population is at risk of developing neurovascular/ neurological diseases due to the growing prevalence of lifestyle disorders like high blood pressure, obesity, and aging-related physiological changes in the geriatric population. A rise in the prevalence of neurological disorders will boost neurovascular devices market growth over the coming years.
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One of the key high impact rendering driver is the development and advancement in neurovascular therapy by industry players, such as the development and Medtronic distal filter embolic protection device SpiderFX, and GORE TIGRIS by W L Gore. Moreover, the growing preference for minimally invasive surgery in brain aneurysm and stroke treatments will foster neurovascular devices market revenue share.
The increasing spending on neurovascular therapy research and growing patient awareness of minimally invasive surgical procedures may provide significant market growth opportunities. However, the dearth of skilled neurosurgeons and the strict regulatory scenario may hamper industry growth in the forecast period.
Based on type, the cerebral embolization & aneurysm coiling devices segment is estimated to contribute significantly to the global neurovascular devices market share at a CAGR of 6.5% through the forecast period. The robust growth can be attributed to the growth of the geriatric population and the prevalence of the cerebrovascular disorder. Cerebral angiography involves using contrast colors and X-rays to monitor blood flow through the brain. The products for neuro thrombectomy are extensively used in patients unfit for activator therapy for tissue plasminogen.
Based on application, the stroke segment is anticipated to hold a major chunk of the global neurovascular market revenue share, delivering a growth rate of 6.1% through the forecast period. Estimates suggest that stroke was the most common therapeutic application for neurovascular devices in 2021. Stroke is the fourth-leading cause of death in the U.S. and is a leading cause of serious, long-term disability. Nearly 800,000 people have a stroke in the U.S. annually, and quick treatment is necessary to prevent disability or death. The global incidence of stroke is increasing at an alarming rate, along with an increasing patient preference for minimally invasive surgeries, which is anticipated to boost segmental growth over the analysis period.
In the regional landscape, Asia Pacific is expected to grow at the highest CAGR of 6.4% through the forecast period. The major contributor to revenue in this region is Japan, which is expected to maintain dominance over the projected timeframe due to increased awareness and management of neurovascular diseases. Other key factors such as ongoing government initiatives to modernize as well as expand healthcare infrastructure, the presence of a large patient population base for target diseases, and increased awareness of the benefits offered by interventional neurological devices among neurosurgeons may bolster regional industry growth.
Key players operating in the global neurovascular devices market are W. L. Gore & Associates, Inc. (U.S.), Abbott Laboratories (U.S.), Terumo Corp. (Japan), Merit Medical Systems, Inc. (U.S.), Penumbra, Inc. (U.S.), Medtronic Plc (Ireland), Stryker Corp. (U.S.), MicroPort Scientific Corp. (China), Johnson & Johnson (U.S.), and others.
On 14th September 2020, a subsidiary of Johnson & Johnson Medical Devices Companies, CERENOVUS, launched its CERENOVUS Stroke Solutions™, which consists of 3 devices designed to aid physicians in clot removal procedures.
On 17th July 2020, Avicenna, a medical imaging A.I. specialist, announced that it had received clearance for its CINA Head triage A.I. solution for neurovascular emergencies from the U.S. Food and Drug Administration. The FDA’s approval covers the automatic detection capabilities of CINA for both large vessel occlusion and intracranial hemorrhage from CT-scan imaging.
Segments Covered in the report:
This report forecasts volume and revenue growth at a global, regional & country level, and provides an analysis of the industry trends in each of the sub-segments from 2021 to 2030. For the purpose of this study, has segmented the Neurovascular Devices Market on the basis of type, application, and region.
Type Outlook (Revenue, USD Million; 2021-2030)
- Cerebral Embolization & Aneurysm Coiling
- Embolic Coils
- Flow Diversion
- Liquid Embolic Agents
- Cerebral Angioplasty & Stenting Systems
- Carotid Artery Stents
- Embolic Protection Systems
- Clot Retrieval
- Vascular Snares
- Micro Catheters
- Micro Guidewires
Application Outlook (Revenue, USD Million; 2021-2030)
- Cerebral Artery Stenosis
- Cerebral Aneurysm
Regional Outlook (Revenue, USD Million; 2021-2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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