Neurovascular Devices Market - By Product (Embolic Coils, Carotid Stents, Intracranial Stents, Catheters, Embolic Protection Devices, Flow Diverters, Stent Retrievers, Guidewires), By Process (Neurothrombectomy, Cerebral Angiography, Carotid Endarterectom

Neurovascular Devices Market - By Product (Embolic Coils, Carotid Stents, Intracranial Stents, Catheters, Embolic Protection Devices, Flow Diverters, Stent Retrievers, Guidewires), By Process (Neurothrombectomy, Cerebral Angiography, Carotid Endarterectomy, Stenting, Coiling, Flow Diversion), By Therapeutic Applications (Brain Aneurysm, Stenosis, Ischemic Strokes), By End-use (Hospitals, Clinics) & Global Forecast, 2023 - 2032

Neurovascular Devices Market is anticipated to depict strong growth during 2023–2032, owing to the constant technological innovations across neurovascular devices. In recent times, neurotechnologies have evolved to be more effective with closed-loop therapeutic control systems that deliver stimulation with optimal spatial resolution for better clinical outcomes.

Ongoing product launches and marketing strategies by leading market behemoths is speculated to influence the overall business landscape through the coming years. For instance, Medtronic plc in 2022, launched Medtronic Neurovascular Co-Lab Platform developed to expedite the innovation in stroke treatment and care.

Overall, the neurovascular devices industry is segmented in terms of product, process, therapeutic application, end-use, and region.

Based on the product, the neurothrombectomy devices segment will gain momentum from 2023 to 2032. The segmental growth will be attributed to the rising incidences of acute ischemic stroke globally. As per the WHO statistics, approximately 15 million people are likely to suffer from stroke each year globally. In addition, the neurothrombectomy procedure offers better outcomes and lowers the mortality rate in patients making it one of the most preferred treatments for acute ischemic stroke.

Considering the process, the neurothrombectomy procedure segment will depict over 6% CAGR between 2023-2032. Increasing product advancements offering enhanced neurothrombectomy procedures will favor segmental growth over the forecast period.

By therapeutic application, the stenosis segment was valued at over USD 567 million in 2022. Intracranial stenosis supports narrowing of a brain artery. Increasing incidences of spinal stenosis will positively stimulate segment expansion by 2032. For instance, several studies using the International Classification of Diseases codes revealed that the prevalence of spinal stenosis was between 7% and 23% in 2022.

In terms of end-user, the clinics segment is slated to exhibit over 6% CAGR through 2032. The segmental expansion would be ascribed to the growing patient influx in clinics for neurovascular illness treatments such as aneurysms and hemorrhagic strokes and cost-effective primary care. Also, several clinics are being outfitted with cutting-edge neurovascular equipment, which will fuel the market development.

Regionally, Europe neurovascular devices market held over 29.5% market share in 2022. The regional market growth would come from the rising burden of chronic neurological disorders across countries such as Germany, the UK, and France. As per a study, neurological disorders in the EU ranked third after CVDs and cancers depicting more than 13% prevalence in 2020. In addition, the presence of the leading industry participants across the region will benefit the overall industry.