Neurovascular Devices Market
The global neurovascular devices market in terms of revenue was estimated to be worth $3.6 billion in 2023 and is poised to reach $5.5 billion by 2030, growing at a CAGR of 8.7% from 2023 to 2030.
The new research study is an examination of market industry trends. Industry trends, price analysis, patent analysis, conference and webinar materials, important players, and market buying behaviour are all included in the new research report. The increasing prevalence of various neurovascular diseases, rising adoption of minimally invasive surgical procedures, expanding healthcare infrastructure in emerging countries, and strategic collaborations and partnerships between manufacturers and research institutes to stimulate new developments in interventional neurology are driving the growth of this market. The high cost of neurovascular interventional procedures and accompanying equipment, on the other hand, is a barrier to neurovascular therapy uptake, particularly in developing countries with inadequate reimbursement schemes.
Neurovascular Devices Market Dynamics
DRIVER: Growing prevalence of neurovascular diseases
Interventional therapeutic methods with established clinical success are used to improve the diagnosis, monitoring, and treatment of neurological disorders. The broad and quickly rising patient population base for target disorders in major markets is principally responsible for the increased adoption of neurovascular devices. According to the World Stroke Organisation (WSO), there will be roughly 7.6 million new instances of ischemic stroke worldwide in 2022. Because of the rising frequency of obesity, high blood pressure, smoking, and an ageing population, a larger proportion of the global population is at risk of acquiring neurovascular illnesses. After the age of 55, the chance of having a stroke doubles every ten years, according to the CDC. All of these elements are predicted to fuel demand for neurovascular interventional devices.
RESTRAINT: The cost of neurovascular operations and related things is significant.
The high cost of neurovascular surgical treatments and equipment is a significant impediment to the worldwide market, particularly in poorer countries with inadequate reimbursement schemes. Furthermore, maintenance charges and other indirect expenses raise the overall cost of ownership of these gadgets, restricting their adoption. A relatively small number of patients in impoverished nations can afford neurological therapy due to high prices and a poor reimbursement environment. As a result, healthcare institutions are hesitant to invest in new or technologically sophisticated technologies, restricting market opportunities.
OPPORTUNITY: Rising number of research activities for neurovascular therapies
Neurovascular devices are witnessing an increasing demand among the major global players, due to the increase in clinical research activities in the field of neurovascular therapies, which offer credible clinical data related to their safety and efficacy profiles. Additionally, the growing importance placed by patients on effective, accurate and early diagnosis of target diseases is driving the number of industry-academia collaborations, investments in clinical studies aimed at the development and commercialization of innovative and therapeutically diverse neurovascular products. . In 2021, the EIT Health-backed start-up, Oxford Endovascular (UK), raised USD 10 million to stimulate research and development of new neurovascular devices for the treatment of ischemic stroke.
Neurovascular Devices Market Ecosystem
Well-established, financially solid makers of neurovascular device systems, reagent, gel documentation systems, and software dominate this sector. These firms have been in business for a while and have a diverse product range, cutting-edge technology, and powerful global sales and marketing networks. Stryker (US), Johnson & Johnson (US), Medtronic plc (US), Terumo Corporation (Japan), and Penumbra, Inc. (US) are the industry leaders.
According to disease pathology, ischemic stroke will be the fastest expanding segment of the neurovascular devices market in 2023.
The market is divided into cerebral aneurysms, ischemic strokes, carotid artery stenosis, arteriovenous malformations and fistulas, and other disease pathologies. During the projected period, the ischemic stroke sector is expected to increase at the fastest CAGR. This can be attributed to the rising global prevalence of ischemic stroke, an increase in the number of ischemic stroke patients undergoing mechanical thrombectomy procedures, and a growing emphasis on R&D by manufacturers to launch technologically advanced neurovascular interventional devices such as clot retrieval devices and aspiration catheters for the treatment of ischemic stroke.
Hospitals and surgical centres will lead the neurovascular devices market by end user in 2023.
Based on end user, the market is segmented into three segments: hospitals and surgical centres, ambulatory care centres, and research laboratories and academic institutes. Hospitals and surgical centres had the largest market share over the forecast period. This can be attributed to an increase in the number of hospitalised patients suffering from neurovascular disease, the expansion of hospital infrastructure in developing countries, and the rising availability of cutting-edge technologies in hospitals to better neurovascular therapy.
In 2023, North America to dominate in neurovascular devices market
The worldwide market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Because of the large growth in the burden of neurovascular illnesses, continuous development of ambulatory care facilities, increasing volume of minimally invasive treatments, and expanding reimbursement for different neurovascular problems, North America is likely to dominate over the projection period.
The neurovascular devices market is dominated by players such Stryker (US), Johnson & Johnson (US), Medtronic plc (US), Terumo Corporation (Japan), and Penumbra, Inc. (US).
Neurovascular Devices Market Report Scope
This research report categorizes the neurovascular devices market to forecast revenue and analyze trends in each of the following submarkets:
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
By Disease Pathology
- Cerebral Aneurysm
- Embolic coils
- Flow Diversion Devices
- Microcatheters
- Intracranial Stent
- Guidewires
- Ischemic Stroke
- Clot Retrievers Devices
- Suction and Aspiration Devices
- Vascular Snares
- Microcatheter
- Microguidewires
- Balloon Guide Catheters
- Carotid Artery Stenosis
- Carotid Artery Stents
- Embolic Protection Devices
- Balloon Catheters
- Arteriovenous Malformation & Fistulas
- Liquid Embolic Agents
- Microcatheters
- Occlusion Balloon Catheters
- Other Disease Pathologies
By End User
- Hospitals & Surgical Centers
- Ambulatory Care Centers
- Research Laboratories And Academic Institutes
Recent Developments:
- In December 2022, Stryker (US) established a new research & development facility at International Park, Gurgaon, India, intending to accelerate innovations in neurovascular devices for stroke treatment
- In February 2022, Johnson & Johnson (US) launched the EMBOGUARD, a balloon guide catheter for treating acute ischemic stroke.
- In January 2021, Penumbra, Inc.(US) and Genesis Medtech (Australia) collaborated to expand Penumbra’s market capabilities in China by commercializing and producing novel neurovascular products in China.