At 8.57% CAGR, Neurovascular Devices Market Size to hit USD 4519.5 Mn by 2028, Says Brandessence Market Research

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Brandessence Market Research and Consulting Private Limited

Aug 16, 2022, 09:00 ET

LONDON, Aug. 16, 2022 /PRNewswire/ -- Global Neurovascular Devices Market is valued at USD 2541.7 Million in 2021 and expected to reach USD 4519.5 Million by 2028 with the CAGR of 8.57% over the forecast period. Increasing incidences of neurovascular diseases, rising cases of brain aneurysm, and growing geriatric population are some of the major factors driving the growth of the Global Neurovascular Devices Market.

Neurovascular Devices Market Size, Share & Trends Analysis Report By Product (Aneurysm Coiling & Embolization Devices, Cerebral Balloon Angioplasty & Stenting Systems, Support Devices, Neurothrombectomy Devices), By Application (Arteriovenous Malformations And Fistulas, Carotid Artery Stenosis, Ischemic Strokes, Cerebral Aneurysm), By End-User (Hospitals And Surgery Centers, Research Laboratories & Academic Institutes, Ambulatory Care Centres), Based On Region, And Segment Forecasts, 2022 - 2028 - Increasing incidences of neurovascular diseases, rising cases of brain aneurysm, and growing geriatric population are some of the major factors driving the growth of the Global Neurovascular Devices Market. 

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Neurovascular Devices Market: Market Scope  

The global neurovascular devices market is going to be seeing a considerable amount of growth in the coming years. The expansion of the healthcare infrastructure across the developing markets and the growing adoption of the novel neurovascular devices and the greater research in field of neurovascular therapies are the higher growth prospects for the interventional neurology market/neurovascular devices in the coming years.  

Neurovascular Devices Market: Segmentation Analysis 

On the basis of the product, the global neurovascular devices market has been segmented into the cerebral balloon angioplasty aneurysm coiling & embolization devices, stenting systems, neuro thrombectomy devices and support devices. The aneurysm coiling and embolization devices product segment is going to be further segmented into the embolic coils, liquid embolic agents and flow diversion devices. The aneurysm coiling & embolization devices segment will be estimated to hold the biggest share of the market in the coming years. The reason behind this is the growing popularity of the minimally invasive procedures and increase in the market availability of the embolic coils. 

On the basis of end users, the market segmented into academic institutes, ambulatory care centers, hospitals & surgical centers and research laboratories. The largest share of revenue is going to come from the hospitals and surgical centers and that is due to the preference of the consumers needing care from the surgical centers. However, there is also a growth in the number of ambulatory surgery centers across the developed regions. This is because of the increase in the ease of accessing these centers, minimal invasion, safety and the efficacy of the treatment. This is going to grow with the continuous adoption being witnessed in the major developed countries.  

By Product

  • Aneurysm coiling & embolization devices 
  • Cerebral balloon angioplasty & Stenting systems 
  • Support devices
  • Neurothrombectomy devices 

By Application

  • Arteriovenous Malformations and Fistulas 
  • Carotid Artery Stenosis 
  • Ischemic Strokes
  • Cerebral Aneurysm 

By End-User

  • Hospitals and Surgery Centers 
  • Research laboratories & Academic Institutes 
  • Ambulatory Care Centres 

Neurovascular Devices Market: Competitive Analysis  

Some of the major neurovascular devices companies 2021 are Johnson & Johnson, Medtronic PLC, Stryker Corporation, Terumo Corporation, Penumbra, Inc., MicroPort Scientific Corporation, Kaneka Corp., Integer Holdings Corporation, BALT, Perflow Medical, Phenox GmbH, Sensome ,Evas, Rapid Medical, Asahi Intecc Co. Ltd, Acandis GmbH, Medikit Co. Ltd, Imperative Care, Lepu Medical, and Cerus Endovascular among others. The global neurovascular devices key players work towards innovation and mergers and acquisition to provide the customers with the best and most innovative products.  

  • MicroPort Scientific Corporation
  • Penumbra, Inc.
  • Stryker Corporation
  • Terumo Corporation
  • L. Gore & Associates, Inc.
  • Johnson & Johnson
  • Medtronic plc
  • Abbott Laboratories

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Neurovascular Devices Market: Key Drivers 

Neurovascular devices growth drivers suggest that the neurosurgeons and medical professionals are increasingly looking at the alternatives of therapy which can effectively reduce the fatality risk or severity of the neurovascular diseases in the patients. With a growth in the number of patients who suffer from the diseases such as epilepsy, cerebral aneurysm and brain stroke and the rise in severity of the medical conditions in the target patients, the demand for the effective neurovascular treatments is going to rise across the major markets such as China, Japan, Germany, India and the United States.  

The higher cost of the neurovascular surgical procedures as well as devices is a main factor which is restraining the global market of neurovascular devices, particularly in the countries with the poor policies of reimbursements. The average cost of the standard procedures is usually very expensive and the reimbursements are key. Further, the maintenance costs as well as the other associate indirect expenses increase the total ownership costs of the devices therefore limiting the adoption.  

The smaller hospitals and the standalone ASCs are lesser inclined to invest in sophisticated technologies or costly technologies because of the budgetary constraints, this is even more prominent in the developing countries. There is a limited pool of the patients in the developing countries which can afford the neurological treatments which can afford the neurological treatment. Therefore, the healthcare facilities are reluctant in investing in the new or the technologically advanced systems thereby limiting the cardiovascular devices market.  

The rise in demand for the neurosurgical procedures which are minimally invasive offers the significant clinical advantages over the conventional surgical procedures like the shorter hospital stay, higher procedure safety, faster patient recovery as well as efficacy and also greater affordability. Therefore, the market acceptance and the demand for the minimally invasive surgical procedures and endoscopic procedures is going to grow among the medical professionals across the geriatric individuals are a lot more susceptible to the neurovascular diseases and neurological diseases and prefer the treatment procedures that offer the easier procedures, easier diagnosis and higher safety. The aim is to ensure the least possible hospital stay, reasonable prices and better efficacy. Further, the aging also increases the incidences of the adverse thrombotic events like the pulmonary embolism, epilepsy and stroke, which may require the neurosurgical interventions.  

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Neurovascular Devices Market: Key Trends  

Neurovascular devices trends suggest that the impact of the coronavirus has been felt in every aspect of the industry including the interventional devices. In the COVID period, the number of patients who visited the hospitals had also reduced at a significant level. There were variations in the management of the procedures during the pandemic. Patients have avoided the healthcare procedures to avoid the pandemic contraction. Further there was a closure of the manufacturing facilities because of the lockdowns which have also disrupted the supply chains and reduced the recruitments for clinical trials that have impacted growth of the market in the last few years. However, this does auger well for the neurovascular devices 2022 market as people who have delayed their procedures will be looking to get it done now that the coronavirus pandemic is under control.  

Neurovascular Devices Market: Regional Analysis 

Neurovascular devices statistics suggest that the North American region is going to be the largest one for the market in the coming years. the market is driven by the factors like the major disease burden and increased level of procedures which are minimally invasive. Further there is a continuous expansion of the emergency care facilities in the United States. The increase in geriatric population which is going to need these devices is further increasing the growth of the market in the region going forward. The growth will also be witnessed in the European markets.  

On Special Requirement Neurovascular Devices Market Report is also available for below region:

North America

  • U.S., Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA

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