Neurovascular Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Neurovascular Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

During the period of the forecast, the market for neurovascular devices is expected to register a compound annual growth rate (CAGR) of 7.7%.

COVID-19 had a profound impact on the neurovascular devices market owing to the cancellations of elective procedures, including neurosurgery. For instance, an article published in the BMJ Public Health Emergency Collection Journal in August 2022 stated that out of the total of 680 enrolled patients on the waiting list for scheduled neurosurgical procedures, 470 patients (69.1%) were waiting for surgery due to degenerative spine disease, 86 patients (12.6%) due to functional disorders, 58 patients (8.5%) due to brain or spine tumors, 25 patients (3.7%) due to CSF disorders, and 17 patients (2.5%) due to cerebrovascular disease in Spain. However, the market has been recovering post-pandemic since the restrictions have been lifted. The high prevalence of neurological diseases and rising demand for neurovascular devices for the treatment and diagnosis of diseases are expected to propel the market during the forecast period.

The growth of the studied market is also affected by the fact that the number of target patients is growing, that products are still being made and sold, and that research in the field of neurovascular therapies is increasing.

Neurovascular disorders, including arteriovenous malformations (AVMs), brain aneurysms, carotid artery disease, and intracranial atherosclerotic disease, take an enormous health and economic toll on the world population and can result in lots of neurological problems ranging from subarachnoid hemorrhage and stroke to disability and even death. An article from April 2021 said that migraines (17%), seizures (15%), neurological emergencies like meningitis and encephalitis (14%), and tumors (14%) were the most common things that people thought were a stroke.Due to the high number of neurological disorders, neurovascular devices are likely to become more useful over the next few years.

Furthermore, the strategic initiatives adopted by key players, such as research and development to develop an innovative device and rising product launches, approvals, and technological advancements in devices to meet the growing demand for neurovascular devices, are expected to drive the growth of the market. For instance, in February 2021, Cerus Endovascular Ltd., a privately held, commercial-stage medical device company, received Breakthrough Device Designation from the United States Food and Drug Administration for its Contour Neurovascular System. The breakthrough device designation expedites the conventional development, assessment, and review processes, and such devices are marketed early. Also, in July 2021, Terumo Medical Corporation (TMC) announced the launch of the AZUR Vascular Plug. It is one of the first and only plugs compatible with a microcatheter to occlude arteries up to 8 mm in diameter. During the forecast period, the market is expected to grow because there will be so many new neurovascular devices.

Therefore, owing to factors such as the high prevalence of neurological diseases, technological advancements in products, and rising product launches, the studied market is anticipated to witness growth over the analysis period. But strict rules about neurovascular devices and a lack of skilled neurosurgeons are likely to slow the growth of the market as a whole.

Ischemic stroke is a heterogeneous, multifactorial disease characterized by the sudden onset of neurologic signs directly related to the places of injury in the brain where the morbid process occurs. The evaluation of multifaceted neurologic disorders, including stroke, in which a large number of genetic and epigenetic factors interact with even the environmental risk factors to increase the risk, has been revolutionized by the GWAS (genome-wide association studies) approach. Currently, magnetic resonance imaging (MRI) and computer tomography (CT) techniques are considered the gold standard for ischemic stroke detection.

According to the World Stroke Organization's 2022 report, approximately 7.6 million new ischaemic strokes occur each year.In the current year, an estimated 62% of all incident strokes worldwide are ischaemic strokes.As a result of the high incidence and prevalence of ischaemic stroke worldwide, the segment is expected to grow significantly during the forecast period, contributing to market growth.

Furthermore, the research conducted by various institutions to develop a neurovascular device used in the treatment and diagnosis of ischemic stroke is expected to propel market growth. For instance, in September 2022, researchers at the Indian Institute of Technology, Mandi, in collaboration with PGIMER Chandigarh, developed a portable and cost-effective device to detect and diagnose stroke caused by impaired blood flow to the brain. The low-cost diagnostic method can be employed in rural, underdeveloped, and isolated areas for early detection and will aid in precisely detecting ischemic stroke. The high burden of research developments is estimated to propel segment growth during the forecast period.

North America is expected to have a big share of the market because there are a lot of neurovascular diseases there, the healthcare system is better, people know what technologies are out there, and there are a lot of industry players there.

According to CDC facts updated in 2022, every year more than 795,000 people in the United States have a stroke. About 610,000 of these are first or new strokes. In the United States, there is estimated to be at least one stroke every 40 seconds, and every four minutes, someone dies of a stroke. The same source also mentioned that approximately 87% of all strokes are ischemic strokes, in which blood flow to the brain gets blocked. Thus, the high prevalence of strokes in the region is estimated to propel the market for neurovascular devices during the forecast period.

Additionally, the advancements in technology and rising research and development activities leading to product launches and approvals, along with partnerships and acquisitions by key players, are helping in the market's growth. For instance, in July 2022, Rapid Medical, a developer of advanced neurovascular devices, received FDA 510(k) approval for TIGERTRIEVER for large vessel occlusions at the 2022 Society of NeuroInterventional Surgery (SNIS) annual meeting in Toronto. The device is one of the smallest revascularization devices and is designed to remove thrombi from delicate brain blood vessels during an ischemic stroke. These developments are expected to drive market growth in the region during the forecast period because they provide a less traumatic approach than existing devices.

The neurovascular devices market is highly competitive and consists of a few major players. The competitive landscape includes an analysis of global companies that hold significant market shares in the industry, such as Johnson & Johnson, Medtronic, Stryker, Terumo Corporation, and ASAHI INTECC CO., LTD., among others.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support