Neurovascular Devices Market Forecasts to 2028 – Global Analysis By Disease Pathology (Arteriovenous Malformation and Fistulas, Carotid Artery Stenosis), Therapeutic Application, Process, Product, End User, and By Geography

Neurovascular Devices Market Forecasts to 2028 – Global Analysis By Disease Pathology (Arteriovenous Malformation and Fistulas, Carotid Artery Stenosis), Therapeutic Application, Process, Product, End User, and By Geography

According to Stratistics MRC, the Global Neurovascular Devices Market is accounted for $2.41 billion in 2021 and is expected to reach $4.56 billion by 2028 growing at a CAGR of 9.5% during the forecast period. Neurological devices/Interventional neurology is the non-surgical specialty that uses minimally invasive, image guided techniques for the treatment of most complex and dangerous diseases of neck, brain, and spine. Neurovascular devices are extensively used for the treatment of neurovascular diseases like brain aneurysm, arteriovenous malformations (AVMs), and others. A variety of material such as nitinol, cobalt, platinum can be used in neurovascular devices to achieve the specialized characteristics for aneurysm repair and ischemic stroke prevention.

Market Dynamics:

Driver:

Rising R&D activities in the pharmaceutical sector

With a growing number of patients suffering from neurovascular diseases (such as epilepsy, brain stroke, and cerebral aneurysm) and rising severity of medical conditions (such as hemorrhage and local infections) in target patients, the demand for effective neurovascular treatments is continuously rising across key markets such as the US, Germany, Japan, China, and India. Neurosurgeons and medical professionals are increasingly looking at therapeutic alternatives that can effectively reduce the risk of fatality or severity of neurovascular diseases in patients. For example, a cerebral aneurysm is a common neurovascular disorder across the globe. This condition has a significant risk of hemorrhage or permanent neurological damage associated with it.

Restraint:

High cost of procedure

High cost of neurovascular surgical procedures and devices is a major factor restraining the global neurovascular devices market, especially in developing countries with poor reimbursement policies. In addition, maintenance costs and other associated indirect expenses increase the total cost of ownership of these devices, thereby limiting their adoption. Small hospitals and standalone ASCs are less inclined to invest in costly and sophisticated technologies due to budgetary constraints; this is more prominent in developing countries. As a result, healthcare facilities are reluctant to invest in new or technologically advanced systems, thus limiting the neurovascular devices market. Owing to high costs and a poor reimbursement scenario, a very limited pool of patients in developing countries can afford neurological treatment.

Opportunity:

Increasing geriatric population

Geriatric individuals are more susceptible to neurological & neurovascular diseases and prefer treatment procedures that offer easy diagnosis, easy procedures, higher safety, the least possible hospital stay, better efficacy, and reasonable prices. Rise in demand for minimally invasive neurosurgical procedures minimally invasive medical procedures offer significant clinical advantages over conventional surgical procedures, such as shorter hospital stay, faster patient recovery, higher procedural safety & efficacy, and greater affordability. Thus, the market acceptance and demand for endoscopic and other minimally invasive surgical procedures is growing among medical professionals across the world. Additionally, aging also increases the incidence of adverse thrombotic events such as pulmonary embolism, stroke, and epilepsy, which can require neurosurgical interventions. Moreover, arteriovenous malformations also lead to hemorrhages and seizures, commonly reported among individuals aged 40 years and above (Source: Medscape). Thus, the rising geriatric population and demand for minimally invasive procedures are expected to offer significant growth opportunities for the market growth.

Threat:

Stringent regulations

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. Also, 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. For instance, the 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

The neurothrombectomy devices segment is expected to be the largest during the forecast period

The neurothrombectomy devices segment is estimated to have a lucrative growth. Neurothrombectomy devices are utilized to destroy blood clots in the cerebral microvasculature. The neurothrombectomy surgery is the most preferred treatment for acute ischemic stroke because it improves functional results and lowers the death rate. Additionally, increasing number of product launches by the key players will also propel the market growth. For instance, in 2019, Medtronic announced the launch of the Solitaire X revascularization device. This device is useful in removing the blood clots present in brain. Furthermore, the use of clot retrievers has increased in elderly patients (aged 55 to 65) due to the growing incidence of stroke. Such scenarios will positively promote the market outlook.

The ambulatory care centers segment is expected to have the highest CAGR during the forecast period

The ambulatory care centers segment is anticipated to witness the fastest CAGR growth during the forecast period. Growing patient preference for minimally invasive medical procedures, rising number of ambulatory surgery centers across developed countries, along with the ease of scheduling, the focused clinical staff, the improved productivity, and the increased safety, and efficacy of these centers, are the major factors that are expected to drive the growth of ambulatory care centers segment in the coming years.

Region with highest share:

North America is projected to hold the largest market share during the forecast period due to the factors such as the growing target patient population for neurovascular diseases, rising awareness among neurosurgeons regarding the benefits offered by interventional neurology devices, and ongoing government initiatives to modernize & expand healthcare infrastructure. In addition, the rising adoption of these devices has increased due to falling product prices, thereby further supporting the market growth in this region.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period owing to the surge in awareness related to use of neurovascular devices. For instance, in December 2020, Terumo Corporation launched the WEB Embolization System (Product name in Japan: Woven EndoBridge Device), an intravascular aneurysm treatment device. The device is a first-of-its-kind intravascular flow disruptor device available for the market in Japan. With the commercial launch, Terumo aims to provide new treatment options for brain aneurysm cases that were challenging to treat in currently approved approaches. The other factors that boost neurovascular devices market growth include surge in healthcare expenditure.

Key players in the market

Some of the key players profiled in the Neurovascular Devices Market include Abbott Laboratories, Asahi Intecc CO., LTD, Boston Scientific Corporation, Integer Holdings Corporation, Integra Lifesciences, Johnson & Johnson, Kaneka Medix Corp, LivaNova PLC, Medtronic PLC, Merit Medical Systems, Inc, Microport Scientific Corporation, Penumbra, Inc, Stryker Corporation, Terumo Corporation, and W.L. Gore & Associates, Inc.

Key Developments:

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 August 2020, Stryker Corporation launched the Surpass Evolve Flow Diverter following approval from the U.S. Food and Drug Administration (FDA). It is the first 64-wire cobalt-chromium flow diverter in the United States, and it is intended to aid aneurysms to heal.

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.

Disease Pathologies Covered:
Arteriovenous Malformation and Fistulas
Carotid Artery Stenosis

Therapeutic Applications Covered:
Brain/Cerebral Aneurysm
Cerebral Artery Stenosis
Hemorrhagic Stroke
Ischemic Strokes
Other Therapeutic Applications

Processes Covered:
Carotid Endarterectomy
Cerebral Angiography Technique
Coiling Procedure Technique
Flow Disruption Technique
Microsurgical Clipping
Neurothrombectomy Procedure
Stenting Technique

Products Covered:
Aneurysm Coiling & Embolization Devices
Cerebral Balloon Angioplasty and Stenting Systems
Support Devices
Revascularization Devices
Neurothrombectomy Devices
Other Products

End Users Covered:
Ambulatory Care Centers
Hospitals & Surgical Centers
Clinics
Research Laboratories & Academic Institutes

Regions Covered:
North America
US
Canada
Mexico
Europe
Germany
UK
Italy
France
Spain
Rest of Europe
Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
South America
Argentina
Brazil
Chile
Rest of South America
Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

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All the customers of this report will be entitled to receive one of the following free customization options:
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Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking
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