Neurovascular Devices Market Research Report – Forecast till 2030

Neurovascular Devices Market Research Report Information By Product (Aneurysm Coiling & Embolization Devices, Support Device), Therapeutic Application (Hemorrhagic & Ischemic Strokes) and End-User (Hospitals, Ambulatory Surgical Units) - Forecast till 2030

ID: MRFR/MED/4096-CR | 173 Pages | Author: Rahul Gotadki | February 2018         

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Neurovascular Devices Market Overview


Market Research Future (MRFR) expects the Neurovascular Devices Market size to touch over USD 4.2 Billion by 2030. MRFR also anticipates the global market’s growth to be at a rate of 5.7% during the review period (from 2022 to 2030).


COVID-19 Analysis of Neurovascular Devices Market

Following the COVID-19 outbreak, the medical and healthcare sectors have been striving to continue with their operations even as the lockdown situation persists. The neurovascular devices market has been preparing to tackle the issues caused post the SARS-CoV-2 pandemic, some of which include economic downfall, slacked demand for these devices and massive revenue loss. The demand for neurovascular devices has gone down significantly since the advent of the novel coronavirus, considering the high costs associated with them.

However, top firms are trying to ramp up their manufacturing capacity, while exploring new ways to maintain their business, including collaborations with other players, open-source development of equipment, and deploying of skilled medical workers to meet with the changing needs. These initiatives by the industry participants in the wake of the pandemic can ensure a bright and optimistic future of neurovascular med devices.


Neurovascular Devices Market Trends


Drivers


Expanding Patient Pool Fosters Demand for Neurovascular Devices


The consistently rising consumption of advanced neurovascular devices can be accredited to the rapidly burgeoning patient population base with respect to the target diseases across various countries. Increase in technological innovations in terms of neurovascular devices also propels the global market’s growth potential to a large extent.


Given their high clinical efficacy, interventional therapies are witnessing massive growth in their demand for better monitoring and diagnosis of neurological conditions. This has been one of the key reasons for the surging adoption rate of interventional neurovascular devices among neurosurgeons as well as medical professionals in the U.K., France, the U.S., Japan and Germany.


Opportunities


Massive Demand for Minimally Invasive Procedures to Present Opportunities


Heightened demand for minimally invasive neurosurgical procedures, escalating knowledge level of neurosurgeons regarding minimally invasive procedures and the surge in the number of researches in the neurovascular therapy field can offer lucrative opportunities to the key contenders in the forthcoming period.


Restraints


Significant Cost of Neurovascular Devices to Restrain Growth


Expensive neurovascular devices and unfavorable reimbursement scenarios across a few countries could restrain the neurovascular devices market development rate in the near future.


Challenges


Lack of Proficient Neurosurgeons to Challenge Growth


The efficacy and emergence of complications during neurovascular surgeries and treatments are largely dependent on the neurosurgeon’s ability to accurately place or remove the neurovascular device from the patient’s body. Therefore, a surgeon’s skills and efficiency while using a neurovascular device are extremely important. However, mature markets including Germany, Japan and the U.S. face a dearth of skilled neurosurgeons that have experience for performing endoscopy or surgical clipping to treat complex neurovascular diseases. This has been a major cause of concern across countries and can even challenge the neurovascular devices market growth in the following years.


Neurovascular Devices Market Segmentation


Neurothrombectomy Devices to Witness Strong Demand


On the basis of the product, the neurovascular devices market is segmented into aneurysm coiling & embolization devices, neurothrombectomy devices, support device, cerebral balloon angioplasty, and stenting systems. The neurovascular thrombectomy devices market in recent years has gained high prominence, as these devices are increasingly be used encouraged by the guidelines given by the American Heart Association/American Stroke Association for treating ischemic stroke and other conditions. Moreover, the extensive clinical data available exhibiting the high efficiency of neurothrombectomy devices could bolster the market size in the coming years.


Ischemic Strokes to Capture the Biggest Share in the Global Market


Depending on therapeutic application, the neurovascular devices market can be categorized into ischemic strokes and hemorrhagic stroke. Substantial prevalence of ischemic strokes worldwide, owing to surging blood pressure and cholesterol levels among people, has led to a higher need for treatment and advanced neurovascular devices. Therefore, the segment is projected to capture the highest share in the global neurovascular devices market.

Hospitals & Clinics to be the Top End-User

Top end-users mentioned in the MRFR report are hospitals & clinics as well as ambulatory surgical units. Hospitals & clinics lead the worldwide industry owing to their rising number across developing countries and the availability of a vast range of medical devices for treatment and surgeries.


Neurovascular Devices Market Regional Analysis


America Thrives as the Market Leader


The Americas remains the market leader, in view of the significant uptake of several types of neurovascular medical devices in line with the rising cases of arteriovenous malformations (AVMs) and brain aneurysm, among others. The extensive R&D activities carried out backed by substantial investments by leading manufacturers and a host of government initiatives aimed at spreading the awareness level also benefit the American market. Growth in the prevalence rate of hypertension combined with the high preference for non or minimally invasive procedures could also favor the regional neurovascular devices market in subsequent years.


Europe Emerges as the Second Highest Gainer


Europe has emerged as the second-biggest gainer in the global neurovascular devices market, thanks to the presence of advanced healthcare industry and the rising incidence rate of several neurovascular diseases. The European market is also strongly influenced by the growing use of innovative devices as a result of optimistic clinical data as well as the soaring preference for neurovascular surgeries among the expansive aging population.


The APAC Market Accelerates at the Fastest Rate


Asia Pacific seems to be making the fastest progress in the global neurovascular devices market, primarily on account of the exploding population base in India and China and also the rising demand for minimally invasive surgeries among the expanding geriatric pool. Other encouraging factors can the escalating cases of acute ischemic stroke, improving healthcare schemes in Japan and the rising awareness due to the initiatives undertaken by non-government and government organizations. Increasing healthcare spending along with the surging entry of global firms in the region also contribute to market expansion.


Neurovascular Devices Market Competitive Landscape


Players Launch Advanced Devices with Added Features to Gain Competitive Advantage


With the escalation in cases like brain aneurysm, arteriovenous malformations and various other neurovascular diseases along with the mounting preference for minimally invasive procedures, vendors are increasingly carrying out extensive R&D activities to launch new innovative devices with extra features.


Medtronic is one of the most affluent neurovascular medical device companies, known for its vast range of cost-effective neurovascular devices that are developed primarily for the treatment of patients with acute ischemic strokes, brain aneurysms and hemorrhagic stroke, among others.


List of Key Companies Covered in Neurovascular Devices Market Report



  • Stryker

  • Medtronic

  • Johnson & Johnson Services Inc.

  • TERUMO CORPORATION

  • Abbott

  • Merit Medical Systems Inc.

  • Medikit Co. Ltd.

  • Penumbra Inc.

  • MicroPort Scientific Corporation

  • Evasc

  • Rapid Medical

  • Neuravi

  • L. Gore & Associates Inc.

  • OxfordEndovascular

  • Sensome

  • Blockade Medical LLC.

  • Delaware Corporation

  • Secant Group LLC

  • Gynesonics


Recent Developments



  • May 2020:Control Medical Technology’s Aspire MAX 7 – 11F Mechanical Thrombectomy platform has received FDA approval. These devices help remove blood clots present in peripheral vessels. The FDA clearance will help the company bolster its offering and also elevate its position in the neurovascular thrombectomy devices market in the process.



  • August 2020:Stryker’s new Neuroform Atlas Stent System has been granted clearance from the FDA. Neuroform Atlas Stent System can now be used in the posterior circulation and will find applications in a long term treatment. With this approval, the firm has further bolstered its presence in the neurovascular stent market.


Neurovascular Devices Market Segmentation


Neurovascular Devices Product Outlook



  • aneurysm coiling & embolization devices

  • neurothrombectomy devices

  • support device

  • cerebral balloon angioplasty

  • stenting systems


Neurovascular Devices Therapeutic Application Outlook



  • hemorrhagic stroke

  • ischemic strokes


Neurovascular Devices End-users Outlook



  • hospitals & clinics

  • ambulatory surgical units

Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 4.2 Billion
  CAGR   5.7% (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Product, Therapeutic Application, End User
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Stryker, Medtronic, Johnson & Johnson Services Inc., TERUMO CORPORATION, Abbott, Merit Medical Systems Inc., Medikit Co. Ltd., Penumbra Inc., MicroPort Scientific Corporation, Evasc, Rapid Medical, Neuravi, L. Gore & Associates Inc., OxfordEndovascular, Sensome, Blockade Medical LLC., Delaware Corporation, Secant Group LLC, Gynesonics
  Key Market Opportunities   Massive Demand for Minimally Invasive Procedures to Present Opportunities
  Key Market Drivers   Expanding Patient Pool Fosters Demand for Neurovascular Devices




Frequently Asked Questions (FAQ) :

Neurovascular Devices Are Extensively Used for The Treatment Of Neurovascular Diseases Like Brain Aneurysm, Arteriovenous Malformations (Avms), And Others.

Leading Players in The Neurovascular Devices Market Include Stryker, Medtronic, And Terumo, Among Others.

The Market Is Expected to Reach A Strong Valuation Of More Than  USD 4.2 Billion By 2030.

The Americas Dominate the Global Neurovascular Devices Market Followed By Europe.

The Increasing Global Burden of Neurovascular Diseases And The Growing Demand For Minimally Invasive Therapies Are The Major Drivers For The Market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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