Neurovascular Devices Market Research Report: By Product (Aneurysm Coiling & Embolization Devices, Support Device), Therapeutic Application (Hemorrhagic & Ischemic Strokes) and End-User (Hospitals, Ambulatory Surgical Units) - Forecast till 2027
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Market Research Future (MRFR) expects the Neurovascular Devices Market size to touch over USD 3.1 Billion by 2023. MRFR also anticipates the global market’s growth to be at a rate of 8.8% during the review period (from 2014 to 2023).
Neurovascular Devices Market Scope
The global neurovascular devices market is expected to grow at a CAGR of 8.8% during forecast period. It is driven by the rise of neurovascular diseases and development of minimally invasive procedures. According to the Brain Aneurysm Foundation, cerebral aneurysms are accountable for close to a million deaths annually. Progress in neurovascular management and innovations in microsurgical devices and treatments can drive market growth in a positive direction.
Investments by government organizations for management of neurological conditions can bode well for the market. This is exemplified by the use of funds amounting to USD 6.6 billion by the NHS in the U.K. Clinical trials being conducted for new methods and procedures can encourage market growth. Endovascular treatments are gaining traction with many patients opting it as a method for acute ischemic stroke.
However, high procedural costs and lack of skilled physicians can dampen the market growth prospects.
Neurovascular Devices Market Segmentation
The global neurovascular devices market is segmented by product, therapeutic application, and end-user.
On the basis of the product, the market is segmented into, aneurysm coiling & embolization devices, neurothrombectomy devices, cerebral balloon angioplasty and stenting systems, and support device. Aneurysm coiling & embolization devices are sub-segmented into liquid embolic, embolic coils, and flow diversion devices. Embolic coils, a part of aneurysm coiling & embolization devices segment, are further segmented into detachable coils and pushable coils. Similarly, neurothrombectomy devices segment is sub-segmented into suction and aspiration devices and retrieval systems. The support device segment is sub-segmented into microcatheters and microguidewires. The cerebral balloon angioplasty and stenting systems segment is sub-segmented into carotid artery stents and embolic protection systems. Embolic protection systems are further divided into distal filter devices and balloon occlusion devices.
By therapeutic application, the global neurovascular devices market is categorized into hemorrhagic stroke and ischemic strokes.
By end-users, the market is segmented into hospitals & clinics and ambulatory surgical units.
Neurovascular Devices Market Regional Analysis
The Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa are regions considered for measuring the value and volume of the global neurovascular devices market.
The Americas are touted to dominate the global neurovascular devices market owing to high prevalence of neurovascular diseases. According to a study by the Methodist DeBakey Cardiovascular Journal in 2014, close to 1 million strokes occur annually due to intracranial atherosclerotic disease. The large healthcare expenditure of nations in the region and presence of major players can further regional market growth.
APAC is predicted to exhibit a stellar growth rate during the forecast period owing to the growth of economies of China and India. Demand for minimally invasive surgeries by the geriatric populace can fuel the demand in the global neurovascular devices market.
Neurovascular Devices Market Competitive Outlook
Evasc, OxfordEndovascular, Gynesonics, Delaware Corporation, TERUMO CORPORATION, Merit Medical Systems, Inc., Secant Group, LLC, Rapid Medical, Neuravi, Medikit co., ltd., Stryker, Abbott, MicroPort Scientific Corporation, W. L. Gore & Associates, Inc., Medtronic, Penumbra, Inc., Johnson & Johnson Services, Inc., Blockade Medical, LLC., and Sensome are major players of the global neurovascular devices market. Product launches, acquisitions, and distribution agreements are strategies being implemented by players to sustain their position in the market. In 2020, Arterio Medical submitted the results of the clinical trial of Endura Embolization System in bifurcation systems. The results demonstrated the low relapse of coils and provide immediate cerebral aneurysm occlusion.
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