The Neurovascular Devices Market is poised for significant growth in the coming years, fueled by a multitude of factors. The rising prevalence of neurological conditions, coupled with advancements in minimally invasive procedures and technological innovation, is expected to propel the market towards a valuation of USD 4.81 Billion by 2031. This translates to a compound annual growth rate (CAGR) of 6.05% during the forecast period from 2024 to 2031.
List of Neurovascular Devices Market Companies Profiled in Report:
- Abbott
- Blockade Medical LLC.
- Codman Neuro (Integra Lifesciences)
- Delaware Corporation
- Evasc
- Gynesonics
- Johnson & Johnson Services Inc.
- Gore & Associates Inc.
- Medikit Co. Ltd.
- Medtronic
- Merit Medical Systems Inc.
- Microport Scientific Corporation
- Microvention Inc (Terumo Corporation)
- Neuravi
- OxfordEndovascular
- Penumbra Inc.
- Rapid Medical
- Secant Group LLC
- Sensome
- Stryker
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A Growing Need for Neurovascular Devices
The neurovascular devices market encompasses a wide range of instruments used to diagnose and treat vascular disorders of the central nervous system and brain. These disorders include cerebral aneurysms, strokes, arteriovenous malformations (AVMs), and intracranial stenosis. Interventional neurology procedures utilize catheter-based techniques, angiography, and fluoroscopy for diagnosis and treatment. Catheter angiography, a mainstay imaging technique, is employed to diagnose a variety of neurological diseases.
The increasing incidence of neurological disorders like brain aneurysms, strokes, and epilepsy is a key driver of the market. For instance, NHS England reports that around 1 in 12,500 people in England experience a ruptured brain aneurysm annually. Additionally, the Brain Aneurysm Foundation estimates that 6 million Americans are impacted by brain aneurysms each year. With a mortality rate of nearly half a million people globally every year, and significant morbidity associated with these conditions, the growing patient population necessitates a rise in neurovascular device utilization.
Furthermore, the field of neurovascular intervention is witnessing a surge in technological advancements. New technologies are constantly emerging, and mergers and acquisitions are paving the way for further innovation. For example, Medtronic established the Neurovascular Co-Lab Platform in October 2022 to accelerate stroke treatment innovation. This platform fosters collaboration between entrepreneurs, physicians, and researchers, aiming to expedite the development of breakthrough stroke treatment solutions. The influx of new treatment options and evolving techniques is expected to bolster demand for neurovascular devices in the years to come.
Neurovascular disorders pose a significant health and economic burden globally
These conditions, including AVMs, brain aneurysms, and carotid artery disease, can lead to a spectrum of neurological complications, ranging from subarachnoid hemorrhage and stroke to permanent disability and even death. A 2021 study revealed that migraines, seizures, and neurological emergencies like meningitis frequently mimic stroke symptoms. This highlights the substantial need for effective diagnostic and treatment solutions in the neurovascular space.
Recognizing this need, key players in the market are actively engaged in research and development to create innovative devices. Additionally, strategic initiatives such as product launches, regulatory approvals, and technological advancements are propelling market growth. Similarly, Terumo Medical Corporation launched the AZUR Vascular Plug in July 2021, one of the first microcatheter-compatible plugs for occluding arteries up to 8 mm in diameter. These developments, along with a continuous stream of new neurovascular devices entering the market, are expected to fuel market expansion throughout the forecast period.
Key Market Segments
By Device Type
- Cerebral Embolization and Aneurysm Coiling Devices
- Embolic Coils
- Liquid Embolic Agents
- Flow Diverters
- Cerebral Angioplasty and Stenting Systems
- Embolic Protection Devices
- Carotid Artery Stents
- Neurothrombectomy Devices
- Clot Retrieval Devices
- Vascular Snares
- Suction Devices
- Support Devices
- Micro Guidewires
- Micro Catheters
By Therapeutic Application
- Stroke
- Cerebral Artery Stenosis
- Cerebral Aneurysm
- Aneurysmal Subarachnoid Hemorrhage
- Others
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Segment Analysis: Dominating Sectors and Growth Opportunities
Within the neurovascular devices market, cerebral embolization and aneurysm coiling devices held the largest market share of around 35% in 2023
Coil embolization is a minimally invasive procedure that utilizes coils to close the aneurysm sac and reduce bleeding risk. A steerable catheter is inserted via the groin and navigated to the brain for this procedure. The rising prevalence of aneurysms is expected to propel this segment’s growth during the forecast period. Embolic coils, flow diversion devices, and liquid embolic agents are further classifications within this segment.
In terms of therapeutic applications, the stroke segment held the largest market share of around 58% in 2023
This dominance can be attributed to the growing prevalence of stroke risk factors such as hypertension and other neurological disorders. According to the CDC, 1 in 6 people globally will experience a stroke in their lifetime, with over 795,000 strokes occurring annually in the United States alone. Strokes are the second leading cause of death worldwide, claiming approximately 140,000 lives in the U.S. each year. Governments worldwide are actively implementing stroke prevention initiatives. For example, the Udall Center at the University of Minnesota Medical School received a USD 11.3 million grant from the National Institute of Neurological Disorders and Stroke in October 2021 to support stroke prevention research.
Key Regional Developments: North America Takes the Lead
North America is anticipated to maintain a significant share of the neurovascular devices market throughout the forecast period.
This dominance is driven by several factors, including:
- High prevalence of neurovascular diseases in the region
- Well-developed healthcare infrastructure with advanced technologies
- Strong patient awareness about treatment options
The high prevalence of strokes in North America is a significant driver. According to the CDC, over 795,000 strokes occur annually in the U.S. alone. This substantial patient population necessitates a robust neurovascular device market. Furthermore, advancements in technology and ongoing research and development activities are fostering innovation and market growth. For instance, Rapid Medical received FDA approval for their TIGERTRIEVER device for treating large vessel occlusions during ischemic stroke in July 2022. This minimally invasive device offers a less traumatic approach compared to traditional methods. These developments are expected to propel market growth in North America by providing advanced treatment options.
Key Takeaways from the Neurovascular Devices Market Study
- The neurovascular devices market is projected to reach USD 4.81 Billion by 2031, driven by a rising prevalence of neurological disorders and technological advancements.
- Minimally invasive procedures and increasing demand for effective treatment solutions are propelling market growth.
- The cerebral embolization and aneurysm coiling devices segment currently holds the largest market share, but the neurothrombectomy devices segment is anticipated to witness the highest growth rate.
- North America is expected to lead the market due to the high prevalence of neurovascular diseases, advanced healthcare infrastructure, and strong industry presence.
- The ongoing Russia-Ukraine war and potential economic slowdowns pose challenges to the market, but the demand for critical neurovascular interventions is likely to remain stable.
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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Neurovascular Devices Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Neurovascular Devices Market Segmentation, By Device Type
Chapter 9 Neurovascular Devices Market Segmentation, By Therapeutic Application
Chapter 10 Regional Analysis
Chapter 11 Company profile
Chapter 12 Competitive Landscape
Chapter 13 Use Case and Best Practices
Chapter 14 Conclusion
Continued…
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