Neurovascular Devices/Interventional Neurology Market Analysis And Forecast To 2031: By Product (Embolic Coils, Carotid Stents, Intracranial Stents, Catheters, Embolic Protection Devices, Flow Diverters, Neurothrombectomy Devices, Intrasaccular Devices, B

Neurovascular Devices/Interventional Neurology Market Analysis And Forecast To 2031: By Product (Embolic Coils, Carotid Stents, Intracranial Stents, Catheters, Embolic Protection Devices, Flow Diverters, Neurothrombectomy Devices, Intrasaccular Devices, Balloon Systems, Stent Retrievers, Guidewires), By Process (Neurothrombectomy, Cerebral Angiography, Carotid Endarterectomy, Stenting, Microsurgical Clipping, Coiling, Flow Diversion), By Therapeutic Applications (Brain Aneurysm, Stenosis, Ischemic Strokes), By End-use (Hospitals, Ambulatory Surgical Centers, Clinics) And Region

The global Neurovascular Devices/Interventional Neurology Market was valued at USD 2.9 billion in 2021 and it is anticipated to grow up to USD 5.4 billion by 2031, at a CAGR of 6.5% during the forecast period.

Neurovascular devices are used to treat neurological disorders. These include coils, stents, and clips that are used to treat neurovascular disorders such as brain aneurysm. These devices are widely used in the treatment and diagnosis of various types of peripheral and central nervous system disorders and ailments. Various neurovascular illnesses, such as cerebral aneurysms and intracranial atherosclerotic disease, are treated with neurovascular implants.

Market Trends and Drivers

A rise in the number of neurovascular disorders in the developed countries is expected to boost market growth. An increase in the prevalence of neurological and cerebrovascular conditions such brain aneurysms and ischemic strokes will have a positive impact on market demand. Additionally, the rapidly growing aging population and large population base suffering from ischemic stroke is another major factor driving the market statistics. Another major factor such as rapidly ageing population and large population base suffering from ischemic stroke will drive the industry growth. For instance, according to the American Association of Neurological Surgeons, approximately 700,000 people suffer from stroke each year, with approximately 500,000 of these being first attacks and 200,000 being victims of repeated attacks. Almost a quarter of people who recover from their first stroke will have another within five years. Such a scenario is expected to drive demand for neurovascular devices in the United States.

An ischemic stroke occurs when the blood supply to a part of the brain is cut off. A blood clot that becomes lodged in a narrow blood vessel usually causes the block. The loss of body functions controlled by that area of the brain is caused by the blood clot. To avoid such situations, neurosurgeons employ a variety of neurovascular devices, such as the neurovascular thrombectomy device. This device is useful for removing blood clots that have formed in the neurovascular vessels during an acute ischemic stroke. Such scenarios will drive market trends.

Market Restraints and Challenges

Stringent government regulations for medical device approval may hinders the market progression. Several key neurovascular device manufacturers such as Stryker and Medtronic Plc. have been successful in the development and subsequent commercialization of their respective products during the last decade. These products were primarily intended for interventional use during neurovascular surgeries. However, across the mature markets (particularly in the US), the developmental pipeline for interventional neurology products is affected mainly by pricing pressure faced by the key product manufacturers as a result of unsupportive government reforms undertaken in the last three years. Some of these unsupportive government regulations and reforms include the Patient Protection and Affordable Care Act that was suspended for a two-year period commencing January 1, 2018, got reinstated in 2020. The law imposes a 2.3% excise tax on the sale in the US of certain medical devices by a manufacturer, producer, or importer. Regulatory laws in the US require substantial scientific evidence for clinical trials conducted on human subjects to confirm the safety, efficacy, & risk profile of specific medical devices intended for a particular therapeutic application including for neurovascular intervention.

Global Neurovascular Devices/Interventional Neurology Market Segmental Overview

The report analyses the global Neurovascular Devices/Interventional Neurology Market based on product, process, therapeutic application, end-use, and region.

Global Neurovascular Devices/Interventional Neurology Market by Product

Based on the product, the neurovascular devices market is categorized into embolic protection devices, embolic coils, intracranial stents, intrasaccular devices, catheters, carotid stents, flow diverters, neurothrombectomy devices, balloon systems, stent retrievers, guidewires, and others. Out of these, embolic coils segment accounted for largest market share in 2021 due to the rising prevalence of brain aneurysms and ischemic stroke in developed countries Furthermore, an increase in demand for minimally invasive procedures such as coil embolization will drive future demand for embolic coils. Moreover, in adults who are at high or prohibitive surgical risk, embolization coils and occlusion devices are also used to successfully eliminate the residual central aorta to pulmonary artery. Embolic coiling can also be used to treat a condition known as arteriovenous malformation (AVM). AVMs are abnormal connections between arteries and veins. It can occur in the brain, spinal cord, or anywhere else in the body. As a result, increasing the use of embolic coils will benefit the industry's growth.

Global Neurovascular Devices/Interventional Neurology Market by Process

By process, the neurovascular devices market is segmented into stenting, neurothrombectomy, cerebral angiography, microsurgical clipping, carotid endarterectomy, coiling, flow diversion and others. Among them, the neurothrombectomy segment accounted significant revenue share in 2021. Blood clots in the cerebral microvasculature are destroyed using neurothrombectomy devices. Because it improves functional outcomes and reduces mortality, neurothrombectomy surgery is the most preferred treatment for acute ischemic stroke. Furthermore, the increasing number of product launches by key players will drive market growth. For example, Medtronic announced the release of the Solitaire X revascularization device in 2019. This device is useful for removing blood clots from the brain. Furthermore, due to the rising incidence of stroke, the use of clot retrievers in elderly patients (aged 55 to 65) has increased. Such scenarios will boost the market growth.

.Global Neurovascular Devices/Interventional Neurology Market by Therapeutic Application

Based on therapeutic applications, the neurovascular devices industry is categorized brain aneurysm, stenosis, ischemic strokes, and others. The brain aneurysm segment accounted for lucrative market share in 2021. This is owing to the rising cases of brain aneurysm in geriatric population. In addition to smoking, high blood pressure, and a family history of aneurysms, there are other significant risk factors for brain aneurysms. There are a number of invasive treatments for this medical problem, including flow diverters and tubular implants resembling stents. By redirecting blood flow away from the aneurysm sac, these neurovascular devices help. The divert encourages arterial reconstruction in the patient and prevents blood flow within the aneurysm, which causes the body to heal the wound. Flow diverters may be useful for treating larger aneurysms that are unsafe to treat using other techniques. Such events will encourage market expansion.

Global Neurovascular Devices/Interventional Neurology Market by End-use

The neurovascular devices market, based on end-use, is segmented into hospitals, ambulatory surgical centers, clinics, and others. The neurovascular devices market, based on end-use, is segmented into hospitals, ambulatory surgical centers, clinics, and others. hospitals and imaging centers segment is expected to grow with the highest CAGR during the forecast period due to the increased awareness about nuclear medicine therapies, increased investment in research and development of nuclear imaging equipment, increased number of diagnostic institutions, and high volume of nuclear imaging procedure. Similarly, presence of skilled healthcare professionals in hospitals to accurately treat and diagnose patient’s surge the demand of medical imaging in hospitals. Additionally, rising cases of chronic diseases and increasing number of admissions in hospitals will further accelerate the nuclear imaging equipment market progression.

Geographical Analysis of Global Neurovascular Devices/Interventional Neurology Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America neurovascular devices market captured significant market share in 2021 and is poised to grow substantially during the forthcoming years. The high regional growth is attributed to an increase in the prevalence of ischemic strokes as well as an increase in the number of surgeries. Furthermore, increased funding for advanced healthcare research, rising per capita healthcare expenditure, and the implementation of favourable reimbursement policies will boost regional market statistics. Furthermore, the region is witnessing several industry hospital collaborations, and the presence of major players in this industry leads to easy availability of neurovascular devices. The aforementioned factors promote regional industry expansion.

Major Players in the Global Neurovascular Devices/Interventional Neurology Market

COVID-19 Impact

The COVID-19 pandemic has moderate impact on the market. During the pandemic, the vast majority of elective brain surgeries were postponed to make room for people being treated for the virus. Furthermore, as hospitals postponed elective admissions and treatments, hospital admissions began to fall in March 2020. In addition, physicians' focus has shifted from in-person care to telemedicine, and many people have put off seeking medical help.

Recent Developments

• In July 2022, Boston Scientific launches Neuroform EZ™ Stent System in U.S. and Europe. Company expands market-leading family of neurovascular stents.
• In July 2021, Terumo Medical Corporation (TMC) announced the launch of AZUR Vascular Plug. It is the first and only plug compatible with a microcatheter to occlude arteries up to 8mm in diameter. Such advanced product launches helped company in strengthening its market position.
• In January 2021, Penumbra partnered with Genesis MedTech to expand the neurovascular market in China.
• In October 2020, Johnson & Johnson launched Cerenovus Stroke Solutions, which includes a suite of three devices designed to aid physicians in clot removal procedures. The devices include the Cerenovus Large Bore Catheter, Cerebase DA Guide Sheath, and Embotrap III Revascularization Device
• In December 2020, MicroPort Scientific Corporation, received China’s National Medical Products Administration (NMPA) a registration certificate for Bridge Vertebral Drug-Eluting Stent for the treatment of symptomatic vertebral artery stenosis. This product launch helped the company in enhancing its overall product range.

Frequently Asked QuestionsQ1. How big is the Neurovascular Devices/Interventional Neurology Market?Ans. The global Neurovascular Devices/Interventional Neurology Market size was USD 2.9 billion in 2021 and is anticipated to reach USD 5.4 billion in 2031, growing at a rate of 6.5% from 2022 to 2031.Q2. What is the Neurovascular Devices/Interventional Neurology Market growth rate?Ans. The growth rate of the Neurovascular Devices/Interventional Neurology Market is 6.5%.Q3. Which region holds a major market share for the market?Ans. North America holds a major market share of the Neurovascular Devices/Interventional Neurology Market in 2021.Q4. Which segment accounted for the largest Neurovascular Devices/Interventional Neurology Market share?Ans. By end user, the healthcare segment accounted for the largest Neurovascular Devices/Interventional Neurology Market share.Q5. Who are the key players in the Neurovascular Devices/Interventional Neurology Market?Q6. What are the factors driving the Neurovascular Devices/Interventional Neurology Market growth?Ans. The major factors driving the growth of the market are the increasing demand for optical imaging across the globeQ7. What are the key growth strategies of Neurovascular Devices/Interventional Neurology Market players?Ans. The key growth strategies of Neurovascular Devices/Interventional Neurology Market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Neurovascular Devices/Interventional Neurology Market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Neurovascular Devices/Interventional Neurology Market during the forecast period.

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