Global Neurovascular Devices Market Size By Product(Embolic coils, Intracranial stents, Carotid stents), By Therapeutic Application(Brain aneurysm, Ischemic strokes), By Geographic Scope And Forecast
Global Neurovascular Devices Market Size By Product(Embolic coils, Intracranial stents, Carotid stents), By Therapeutic Application(Brain aneurysm, Ischemic strokes), By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Neurovascular Devices Market size was valued at USD 3.07 billion in 2021, and it is projected to reach USD 6.09 billion by the end of 2030 at a CAGR of 7.9% from 2023 to 2030.
As the global population ages, the incidence of neurological disorders such as strokes, aneurysms, and other brain injuries is on the rise. This is driving demand for innovative neurovascular devices that can help in the early detection and treatment of these conditions. The Global Neurovascular Devices Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Neurovascular Devices Market Definition
So, the neurovascular device market is all about the companies making and selling gadgets to treat brain and nerve problems. We're talking about devices that help doctors figure out what's wrong and then fix things like aneurysms, AVMs (that's arteriovenous malformations), strokes, and other similar issues. Think of things like embolization coils, flow diverters, and all sorts of stents – carotid, intracranial, you name it! These are used in procedures like neurovascular embolization and thrombectomy, all aimed at making folks with neurological problems feel better. What's fueling this market? Well, more people are getting these kinds of disorders, the technology is getting better all the time, and both patients and doctors are more aware of the options. Plus, everyone wants less invasive surgery if they can get it. It's a competitive field, too, with companies constantly trying to outdo each other with new and improved devices.
The neurovascular device market is expected to continue to grow in the coming years, driven by the increasing prevalence of neurological disorders and an aging global population. The market is also expected to benefit from advancements in technology, which are making these devices more effective, efficient, and safer. However, the market is also faced with challenges such as high cost of these devices, strict regulatory requirements, and limited reimbursement policies, which are likely to limit growth in some regions.
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Neurovascular devices Market Overview
COVID-19's impact on the neurovascular device market? It's been a real mixed bag. On one hand, we've seen a surge in demand for these devices. Sadly, that's because there's been an uptick in strokes and other neurological issues linked to the virus. Think of it this waymore patients needing thrombectomy devices and flow diverters. That's where the demand really jumped. And it hasn't stopped there! All this need has fueled a wave of innovation and research, with manufacturers working hard to create even better and more effective devices.
Think about itmore and more people are dealing with neurological issues like strokes and aneurysms. The world's getting older, lifestyles are changing, and things like obesity and high blood pressure are becoming more common. All this means a greater need for neurovascular devices to help treat these problems. And it's not just about need; new tech is making a big difference! We're seeing better imaging, improved surgical methods, and smarter materials. These advancements mean doctors can do complicated surgeries with more precision, leading to better results for patients. However, there are some roadblocks. These devices can be pricey, putting them out of reach for many, especially in poorer countries or for those without good insurance. Getting new devices approved is also a long and costly process, requiring lots of research. Plus, you need specially trained doctors to use them, and unfortunately, those skills aren't always available everywhere, which can slow down adoption.
The neurovascular devices market presents several opportunities for growth and development. The increasing prevalence of neurological disorders in emerging markets represents a significant growth opportunity for neurovascular device manufacturers. These regions are expected to experience significant growth in demand for these devices as the healthcare infrastructure continues to improve and the population continues to age. Advances in imaging technologies, surgical techniques, and materials science are expected to continue driving innovation in the neurovascular devices market. This will create opportunities for manufacturers to introduce new and improved devices with better patient outcomes.
Neurovascular Devices MarketSegmentation Analysis
The Neurovascular Devices Market is segmented into product, therapeutic application, and geography.
The embolic coils segment is the market leader in the neurovascular devices market. It has the highest market share in most developed countries. Besides this, the other segments are expected to grow with technological developments. In addition, the demand for the embolization segment is also expected to grow in the forecast period.
Neurovascular Devices Market, By Therapeutic Application
The ischemic stroke segment of the neurovascular market holds the largest portion of the global market. This is because of the increasing demand for minimally invasive procedures. However, the other segments are also expected to grow more due to increasing demand in these segments.
Neurovascular Devices Market, By Geography
• North America• Europe• Asia Pacific• LAMEA
An increase in the number of chronic neurological disorders has also increased the demand for neurovascular devices in countries including Germany, the UK, and France. Moreover, the key players are also benefitting the market of neurovascular devices in these regions.
Key Players
The key players of the Neurovascular Devices Market are Medtronic PLC, Johnson & Johnson, Penumbra Inc., Kaneka Corp., Stryker Corporation, Phenox GmbH, Terumo Corporation, Perflow Medical, Integer Holdings Corporation, MicroPort Scientific Corporation, and BALT.
Most of the key players are concentrating on collaborating and developing more advanced neurovascular devices with technological integration.
Key Developments
• In September 2022, Medtronic decided to launch a platform based on neurovascular co-lab that can provide required innovation for treatment and stroke care.
• In September 2022, Shionogi & Co. Ltd, entered into partnership with the Shionogi Healthcare & Co. Ltd., and Pixie Dust Technologies Inc. to launch a business based on brain activation with the help of sound stimulation.
By Product, By Therapeutic Application, and By Geography.
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