Neurovascular Devices Market worth $5.5 billion | MarketsandMarkets
04 May 2023
CHICAGO, May 4, 2023 /PRNewswire/ -- The neurovascular devices industry is expected to experience significant growth in the near future, driven by increasing demand for these devices to treat neurological disorders such as stroke, brain aneurysms, and AVMs. Advancements in technology, such as the development of more precise and less invasive devices, are also expected to drive growth. Additionally, the industry is attracting significant investments, leading to the development of new and innovative products. The market is expanding geographically, with increasing demand in developing countries, providing additional growth opportunities. However, challenges such as high costs associated with these devices and the need for skilled healthcare professionals to operate them may impede growth. Overall, the neurovascular devices industry is poised for growth in the near future, as advancements in technology and increasing demand for neurological treatments drive market expansion.
Neurovascular Devices Market in terms of revenue was estimated to be worth $3.6 billion in 2023 and is poised to reach $5.5 billion by 2028, growing at a CAGR of 8.7% from 2023 to 2028 according to a new report by MarketsandMarkets™. The neurovascular devices market is mainly driven by rising incidence of neurovascular diseases, availability of medical reimbursements for neurovascular procedures, expansion of healthcare infrastructure across emerging economies, increased focus of players on boosting the research in novel neurovascular devices, and growing demand for minimally invasive surgical procedures.
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Neurovascular Devices Market
Scope:
However, shortage of skilled neurosurgeons and high procedural cost of neurovascular, stringent regulatory approval process are some of the key challenge faced by the leading players in the global neurovascular devices market.
Cerebral Aneurysms Segment is expected to account for the largest neurovascular devices market share in 2022, by disease pathology
Based on disease pathology, the neurovascular devices market is segmented into cerebral aneurysm, ischemic strokes, carotid artery stenosis, arteriovenous malformations & fistulas, and other disease pathologies (includes cavernous malformations and moyamoya disease). The cerebral aneurysm segment is anticipated to hold the largest market share of neurovascular devices market. The increasing market demand for neurovascular devices for aneurysm treatment can be attributed mainly to the presence of neuro-interventional devices for cerebral aneurysm such as embolic coils, increase in the technological advancement in the neurovascular devices, and rise in the cases of cerebral aneurysm globally.
The ambulatory care centers segment is anticipated to register highest CAGR during the forecast period.
Based on end user, the neurovascular devices market is segmented into hospitals & surgical centers, ambulatory care centers, and research laboratories and academic institutes. The ambulatory care centers segment is projected to register the highest CAGR during the forecast period. Rising number of ambulatory surgery centers across developed countries, along with the ease of scheduling, the focused clinical staff, the improved productivity and the increased safety, and efficacy of these centers, and growing preference of minimally invasive surgical processes are the major factors that are expected to drive the growth of ambulatory care centers segment in the coming years.
North America to dominate the global neurovascular devices market
Based on the region, the neurovascular devices market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America accounted for the largest share of neurovascular devices market. The large share of North America can be attributed to the high adoption of neurovascular devices in the region, the strong presence of device manufacturers, and the availability of significant R&D investments for product development.
Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to the presence of a large target patient population, rising awareness on the advantages of minimally invasive neurosurgical processes., geographical expansion of players in region, and government initiatives to modernize & expand healthcare infrastructure.
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Neurovascular Devices Market Dynamics:
Drivers:
Rising incidence of neurovascular diseases
Availability of medical reimbursements for neurovascular procedures
Expansion of healthcare infrastructure across emerging economies
Rising demand for effective neurovascular therapies
Restraints:
Shortage of skilled neurosurgeons
High procedural cost of neurovascular surgeries and associated products
Opportunities:
Rising R&D activities for neurovascular therapies
Growing preference for minimally invasive neurosurgical procedures
Challenges:
Stringent regulatory approval process for medical devices
Key Market Players:
Major players in neurovascular devices market include Stryker (US), Johnson & Johnson (US), Medtronic plc (US), Terumo Corporation (Japan), and Penumbra, Inc. (US).
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Recent Developments:
In February 2022, Johnson & Johnson (US) launched the EMBOGUARD, a balloon guide catheter for treating acute ischemic stroke.
In January 2021, Penumbra, Inc. (US) and Genesis Medtech (Australia) collaborated to expand Penumbra's market capabilities in China by commercializing and producing novel neurovascular products in China.
Neurovascular Devices Market Advantages:
Improved patient outcomes: Neurovascular devices are designed to diagnose and treat various neurological disorders such as aneurysms, stroke, and arteriovenous malformations (AVMs). These devices have shown to improve patient outcomes by reducing the incidence of complications, minimizing the risk of bleeding, and improving patient recovery time.
Increased demand: The increasing prevalence of neurological disorders such as stroke, brain aneurysms, and AVMs has led to a growing demand for neurovascular devices. This trend is expected to continue as the population ages and the incidence of these disorders increases.
Technological advancements: Neurovascular devices are undergoing continuous technological advancements, resulting in improved safety, efficacy, and ease of use. These advancements have led to the development of devices that are more precise, durable, and less invasive, resulting in better patient outcomes.
Growing investments: The neurovascular devices market has attracted significant investments in recent years due to its potential for growth and profitability. This investment has resulted in the development of new and innovative products, as well as increased research and development activities.
Market expansion: The neurovascular devices market is expanding geographically, with increasing demand for these devices in developing countries. This expansion is expected to provide significant growth opportunities for the market in the coming years.
Neurovascular Devices Market - Report Highlights:
Recession Impact Analysis: The existing report includes an analysis of the impact of recession on the market overview section.
Newer and improved representation of financial information: The new edition of the report provides updated financial information till 2022-2023 (depending on the availability) for each listed company in a graphical representation in a single diagram (instead of multiple tables). This will allow for the easy analysis of the present status of profiled companies in terms of their financial strength, profitability, key revenue-generating country/region, and business segment focus in terms of the highest revenue-generating segment.
Recent Market Developments: Recent developments are helpful to know the market trend and growth strategies adopted by players in the market. The report provides the updated developments in terms of acquisitions, agreements, expansions, and agreements/collaboration etc.
Latest Product portfolio: The new edition of the report provides an updated product portfolio of the companies profiled in the report.
Competitive leadership mapping: The competitive landscape chapter has been updated with the market evaluation matrix. The competitive landscape also includes the market share analysis for 2023, updated competitive leadership mapping, and competitive situation & trends. This report version has added the vendor dive matrix, covering a comprehensive study of the key vendors. Competitive leadership mapping has also been done for start-ups/SMEs.
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