The Story So Far and Further
Neurovascular devices are extensively utilized for the treatment of neurovascular diseases like a brain aneurysm, arteriovenous malformations (AVMs), and others. There are various types of neurovascular devices that include aneurysm coiling & embolization devices, flow diversion devices, liquid embolic, cerebral balloon angioplasty and stenting systems, neuro thrombectomy devices, and support devices. Minimal invasive procedures have played a major role in the growth of the neurovascular device market. Endovascular embolization, or coiling is an effective minimally therapeutic procedure for the treatment of previously defined inoperable brain aneurysms. In a geriatric population the neurovascular diseases like brain aneurysms can be amalgamated with other serious medical conditions. In such scenarios coiling is the most preferred treatment. The technique involves filling the aneurysm with embolic coils, which results in the closing of the sac and, thus, reduces the risk of rupturing and re-bleeding. In this endovascular procedure a steerable catheter is inserted into the bloodstream at the groin and guided to the brain. As the catheter reaches aneurysm, a very thin platinum wire is inserted into it. On reaching the aneurysm, the thin platinum wire gets coiled and blocks the aneurysm and gets further detached from the catheter. Moreover, glue, or mesh stents can be used to promote clotting and prevent the aneurysm. According to a study published in the Neurologia Medico-Chirurgica Journal in 2017, the prevalence of unruptured cerebral aneurysms (UCAs) was estimated to be about 2.6%. Moreover, the study suggested that the prevalence of UCAs increases with age, reporting to be highest in the patients of age 80 years or more, i.e., ~4.8%.
Neurovascular devices are used in therapeutic applications such as hemorrhagic stroke, and ischemic strokes. Ischemic strokes occur when the blood supply the brain is interrupted. This deprives the brain tissues of oxygen and nutrients. Some of the common complication for ischemic strokes are inclusive of paralysis of the face, arm or leg. There are two types of ischemic strokes, namely cerebral thrombosis and cerebral embolism. Hemorrhagic strokes are either a brain aneurysm burst or a weakened blood vessel leak. Blood spills into or around the brain and creates swelling and pressure, damaging cells and tissue in the brain. There are two types of hemorrhagic stroke called intracerebral and subarachnoid. Hemorrhagic strokes are less common, and accounts for only 15% of all the reported strokes. However, the severity of these strokes can be concluded on the fact that they correspond to 40% of all the stroke deaths.
Factors Driving the Market
With the increasing global burden of the neurovascular diseases and rising demand for minimally invasive procedures, the market for neurovascular diseases was developed. The market continues to expand on these suitable platforms. Additionally, factors such as growing geriatric population, favorable reimbursement policies, and ongoing product development & commercialization favor the market growth. Thus, the global market for neurovascular devices is expected to grow at an exponential rate during the forecast period. Majority of the market players are focusing on the acquisitions, product launches, and distribution agreements.
The global market for neurovascular devices is expected to reach USD 3177.8 million by 2023 from USD 1759.2 million in 2016, at a CAGR of 8.8% from 2017 to 2023.
Globally there various players operating in this market. With the well-established market in the Americas region, major companies have their home in the region generating maximum market share. These companies have expanded their operating unit in various other regions as well. Moreover, there are other small and medium scale players that generate revenue from the local market.
Mergers and Acquisitions have played a major role in the global neurovascular devices market. In 2014, Medtronic acquired Covidien one of the leaders in the neurovascular devices market. Further, in 2015, the company acquired Medina Medical a privately held medical device company involved in commercializing treatments for vascular abnormalities of the brain, including cerebral aneurysms. These acquisitions helped Medtronic the leader for the neurovascular devices market, surpassing Stryker that was the leader in the year 2015. Stryker in 2011 acquired Boston Scientifics neurovascular business to enter the neurovascular devices market. Stryker with its minimal invasive products and services for ischemic and hemorrhagic stroke, is on the second position for neurovascular devices market. Likewise the following acquisition like Terumo acquiring MicroVention, J&J acquiring DePuy helped these companies to hold a stable base for the neurovascular devices market.
The increasing development in minimally invasive procedures will enhance the growth of the neurovascular devices market. Furthermore, Mergers and Acquisition a competitive strategy, adopted by various significant players to increase the revenue for neurovascular devices segment.