Neurovascular devices market size to hit USD 6.51 billion by 2030
The global neurovascular devices market size was gauged at USD 3.15 billion in 2022. The market is slated to expand from USD 3.43 billion in 2023 to USD 6.51 billion by 2030, exhibiting a CAGR of 9.6% during the forecast period. Leading companies of neurovascular devices are investing in R&D to launch new products and focus on underpenetrated areas of neurovascular interventions. Some examples include the development of aspiration catheters, embolic coils, and revascularization devices. Industry leaders are focused on conducting clinical trials to ensure the efficiency of their products, which will also contribute to market augmentation. This information is provided by Fortune Business Insights, in its report titled, “Neurovascular Devices Market, 2023-2030.”
Key industry development:
September 2022: Penumbra, Inc., a medical device manufacturer, announced the launch of RED reperfusion catheters for stroke care in Europe.
Drivers and restraints:
Rising government initiatives to boost awareness of neurovascular diseases to augment market
Neurological disorders that need interventional treatment often do not showcase any physical symptoms in the beginning. As a result, they are often diagnosed late, which makes the nature of these disorders critical. Moreover, in some cases, people are not aware about the early signs of neurological disorders owing to which treatment gets delayed. Several national and global agencies and non-profit organizations are focusing on spreading awareness of neurovascular disorders such as strokes and brain aneurysms to ensure they can be effectively managed and patients get the right treatment. For example, in May 2021, a declaration for the Stroke Action Plan was signed by the Ukrainian MoH for Europe to fight against stroke. This action plan was supported by the European Stroke Organization (ESO).
On the other hand, delayed or misdiagnosis of brain aneurysms in developing countries due to lack of awareness regarding neurological disorders and poor healthcare infrastructure will act as challenges for businesses operating in this domain.
Covid-19 impact:
Decline in the number of non-essential surgeries amid Covid-19 hindered market expansion
The spread of Covid-19 worldwide resulted in the temporary closure of neurovascular clinics. This, in turn, decreased the number of visits to these clinics and hindered market proliferation. Supply chains were disturbed and sales decreased significantly. Moreover, the rising cases of Covid-19 forced healthcare providers to focus on the ongoing crisis. The decline in the number of non-essential surgeries hampered product sales and overall revenues generated by leading players. The above-mentioned factors acted as challenges amid the pandemic and inhibited the neurovascular devices market growth.
Segments:
Embolization devices segment to lead backed by rising incidences of cerebral aneurysms
As per device type, the market is divided into stenting systems, embolization devices, neurothrombectomy devices, and support devices. Among these, the embolization devices segment dominated the market in 2022. The increasing patient pool undergoing treatment for cerebral aneurysms and the rising number of new devices with advanced features are the factors aiding the segment growth in the forthcoming years.
Availability of advanced dvices to treat cerebral aneurysms to contribute to segment expansion
According to application, the market is split into cerebral aneurysms, ischemic stroke, and others. Among these, the cerebral aneurysms segment captured the largest market share in 2022 stoked by the increasing incidences of cerebral aneurysms globally and the availability of new devices for treating this condition.
Hospitals segment to dominate owing to increasing adoption of cutting-edge technology
By end-user, the market is arrayed into hospitals, specialty clinics, and others. Among these, the hospitals segment leads the market in 2022. The rising number of hospitalizations of patients suffering from neurovascular disorders and the adoption of cutting-edge technology-based neurovascular solutions in hospitals are the factors responsible for growth of this segment.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report coverage:
The report includes:
- Drivers, restraints, opportunities, and challenges impacting market dynamics
- Latest developments undertaken by key players
- Impact of Covid-19 on the global market
- Valuation, growth rate, and revenue estimates
Regional insights:
North America to hold dominant share backed by high diagnosis and treatment rates
North America captured majority of the neurovascular devices market share in 2022 due to rising incidences of neurological disorders and high diagnosis and treatment rates for the same. Furthermore, rising healthcare expenditure on neurological care in the region and availability of reimbursement programs for various neurological disorders will propel market growth in the region.
The Asia Pacific market is slated to register the highest CAGR across all regions during the forecast period owing to increasing geriatric population and their vulnerability to neurovascular conditions. Moreover, rising awareness regarding new and recent treatments among patients will also contribute to market augmentation in this region.
The Europe market is likely to capture a substantial market share. Product launches by industry leaders and their increasing efforts to improve their geographical reach are the factors credited for market progression in this region.
Competitive landscape:
Launch of new products by industry leaders to aid market progression
Leading players of neurovascular devices are focused on research and development activities to launch advanced products to meet rising consumer requirements. This move will also help them improve product portfolio, maximize profits, and gather larger revenues. For instance, in September 2020, Cerenovus, part of Johnson & Johnson Medical Devices Companies, announced the launch of Cerenovus Stroke Solutions. It includes three devices designed to help physicians in clot removal procedures.
List of key players mentioned in the report:
- Medtronic (U.S.)
- Penumbra, Inc. (U.S.)
- Stryker (U.S.)
- Johnson and Johnson Services, Inc. (CERENOVUS) (U.S.)
- MicroPort Scientific Corporation (China)
- Acandis GmbH (Germany)
- MicroVention, Inc. (U.S.)
- NeuroVasc Technologies, Inc. (U.S.)
- Asahi Intecc USA, Inc. (U.S.)
- Perflow Medical Ltd. (Israel)
Fortune Business Insights™
