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

Neurovascular Devices Market Size and Forecast

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

The neurovascular device market refers to a segment of the medical device industry that focuses on the development, manufacturing, and distribution of devices used in the treatment of neurological disorders and conditions. These devices are designed to diagnose, treat, and manage various types of neurological diseases and conditions such as aneurysms, arteriovenous malformations, strokes, and other related disorders.Neurovascular devices can be classified into various types such as embolization coils, flow diverters, carotid stents, intracranial stents, neurovascular stents, and other related devices. These devices are used for various procedures such as neurovascular embolization, neurovascular thrombectomy, and other procedures aimed at treating neurological conditions. The global neurovascular device market is driven by factors such as the increasing prevalence of neurological disorders, technological advancements in medical devices, growing awareness among patients and healthcare providers, and increasing demand for minimally invasive surgeries. The market is also characterized by intense competition among key players in the industry, which is driving innovation and technological advancements.

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.

Neurovascular devices Market Overview

The impact of COVID-19 on the neurovascular device market has been mixed, with some positive and negative effects on the industry. On the positive side, the pandemic has led to an increase in demand for neurovascular devices due to an increased incidence of strokes and other neurological disorders associated with COVID-19. This has led to an increase in demand for devices such as thrombectomy devices and flow diverters, which are used in the treatment of these conditions. The need for these devices has also led to increased innovation and research in the field, as manufacturers strive to develop more effective devices.

One of the primary drivers is the increasing prevalence of neurological disorders such as strokes, aneurysms, and other related conditions. The global burden of these conditions has been on the rise due to factors such as an aging population, changing lifestyles, and the increasing incidence of risk factors such as obesity and hypertension. This has created a growing demand for neurovascular devices for the treatment of these conditions. Another driver of growth in the neurovascular devices market is technological advancements in medical devices. Advances in imaging technologies, surgical techniques, and materials science have led to the development of more effective and safer devices. These innovations are allowing physicians to perform complex procedures with greater precision, accuracy, and success rates, leading to improved patient outcomes.However, there are several key restraints that are limiting the growth of the neurovascular devices market. Neurovascular devices can be expensive, which limits their accessibility to patients and healthcare providers in lower-income countries or those without adequate insurance coverage. The regulatory approval process for neurovascular devices can be lengthy and expensive, requiring significant investment in clinical trials and other studies. This can limit the ability of manufacturers to introduce new devices to the market quickly. The use of neurovascular devices requires specialized training, and the availability of skilled healthcare professionals can be limited in some regions. This can limit the use and adoption of neurovascular devices in those areas.

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.

Neurovascular Devices Market, By Product

• Embolic coils• Intracranial stents• Carotid stents• Embolization• Flow diverters• Stent retrievers

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

• Brain aneurysm• Ischemic strokes• Stenosis

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.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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