Neurovascular Devices Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

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The neurovascular devices are the medical equipment used to treat disorders affecting the blood vessels and nerves within the brain and spinal cord. The devices are consisting of wide range of tools like stents, embolic coils, flow diverters and more which are used by used by neurosurgeons, radiologists, neurologists and other healthcare professionals to restore the blood flow and minimize the risk of complications and improves neurovascular condition of the patients. These devices are used to treat neurovascular disorders like strokes, brain aneurysms, arteriovenous malformation (AVMs) and other similar abnormalities.

MARKET OVERVIEW

The global market valuation of Neurovascular Devices Market was valued at approximately USD 3.1 Billion in 2022 and is projected to reach USD 6.5 Billion in 2030 exhibiting a CAGR of 9.6% during the forecast period of 2023-2030. Neurovascular Devices plays an important role from diagnosis to treatment and management of various conditions affecting the blood vessels inside the brain and spinal cord. The market is aligned with healthcare sector, which makes it a sustainable and growing market.


GROWTH DRIVERS

The rise in cases of neurological disorders like stroke, cerebral disorders and other similar abnormalities is one the significant driver of the market. According to World Stroke Organization (WSO), approximately 7.6 million cases were registered worldwide in 2022. According to the WHO, approximately 3.4 billion people or 43% of the global population, experienced a neurological condition including stroke in 2021. The Lancet Neurology shows than more than 3 billion people worldwide were living with a neurological condition, over 1 in 3 people are affected by neurological conditions.

The growing aging population are more incident to neurological disorders like stroke and dementia, this demographic is one of the significant driver neurovascular devices Market. According to Centers for Disease Control and Prevention, the risk of the development of stroke is getting doubled every 10 years after the age of 55. The awareness about the importance of early detection coupled with educational campaigns and programs by healthcare organizations or others including Medical University of South Carolina and WHO's Intersectoral Global Action Plan on Epilepsy and Other Neurological Disorders 2022–2031 (IGAP), drives the market towards growth.

The favorable reimbursement policies for the neurovascular procedures in many countries reducing the financial burden on patients and encourages the health care providers to adopt advanced devices, drives the market towards growth.  The strict regulatory standards support the efficacy and safety of the devices, FDA and EMA provides clear guidelines for the product usage and approval, contributes towards market growth. The expanding and investments in healthcare, well developed and growing economies leads to the growth of the market.

According to Financial Express, the healthcare investments hit a record high of $5.5 billion in 2023, driven by a threefold increase in deals compared to 2022. The rise in technological advancements fuels the neurovascular devices market towards growth, the developments including development of new embolic coils, catheters with advanced technologies, revascularization devices for ischemic strokes.  Penumbra conducting trial on CHEETAH for its Indigo System CAT RX Aspiration catheter. NeuroVasc Technologies conducting trial for stent-retriever.

MARKET SEGMENTATION:

·         By Product Type– Aneurysm Coiling Devices, Embolization Devices, Cerebral Balloon Angioplasty, Stenting systems, Neuro-thrombectomy devices, support devices and others

·         By Application – Ischemic Stroke, Atherosclerosis, Hemorrhagic Strokes, Cerebral Aneurysm, Arteriovenous malformations, spinal stenosis, other therapeutic applications

·         By End-Users- Hospitals and Surgical centers, Ambulatory care centers and research and academic institutes

·         By Region- North America, Europe, Asia Pacific, The Middle East and Africa, South America

Neurovascular Devices Market By Product Type Segment Review:

The aneurysm coiling device includes detachable coils and flow diverters, that are widely used in endovascular procedures to treat intracranial aneurysms. These device offers minimally invasive alternatives to traditional surgical interventions, which reduces the risk of complications and improves patient outcomes. Embolization devices such as liquid embolic agents and microspheres, that are utilized to block the blood vessels and control the bleeding in neurovascular conditions like arteriovenous malformations and hemorrhages.

These devices provides targeted therapy by allowing precise delivery of embolic materials to the abnormal vascular structures, preserving the surrounded healthy tissues. Cerebral balloon angioplasty and stenting systems are used to treat stenotic or blockage of intracranial arteries. These systems restore the blood flow and prevents ischemic stokes by combining balloon dilation with the replacement of stents to support the vessel walls.


Neuro-thrombectomy devices includes stent retrievers and aspiration catheters, that are used in mechanical removal of blood clots from the blocked arteries during acute stroke treatment.  The support devices are consisting of range of tools and accessories utilized in neurovascular procedures like guiding catheters, microcatheters and intracranial access systems. These devices allow the proper navigation through vascular anatomy and enables interventionalists to reach the target area safely and effectively.

Neurovascular Devices Market By Application Segment Review:

Ischemic Stroke are caused by blockage in the cerebral artery, it is one of the main indications for neurovascular intervention. The neurovascular devices are used to restore the blood flow by removing the blockage. Atherosclerosis is the condition referred to the buildup of fat, cholesterol, plaque within the blood vessels which can lead to blockage of arteries, increasing the risk of stroke events. The neurovascular devices are used to dilate the narrowed vessels and maintain the blood flow.

Hemorrhagic Strokes are caused from the rupture blood vessels within the brain, leading to bleeding and neurological deficits. The neurovascular devices are used to block the abnormal vessels and control the bleeding. Cerebral Aneurysm are the abnormal bulges or sacs formed in the arteries, leading to the risk of rupture or hemorrhagic strokes. The neurovascular devices are utilized to exclude the aneurysm from circulation and prevent the arteries to rupture. Arteriovenous malformations are the abnormal tangles formed in the blood vessels in the brain which disrupts the blood flow patterns and increases the risk of hemorrhage.

The neurovascular devices are utilized here to block the normal vessels and redirect the blood flow away from the AVM. Spinal stenosis is the narrowing of spinal canal, which results in compression of the spinal cord and nerve roots. These devices are used to dilate the narrowed spinal arteries and improve the blood flow to the affected area.

Neurovascular Devices Market By End-Users Segment Review:

Hospitals and surgical centers represents the majority of the end user segment in the neurovascular devices market. these facilities offer comprehensive neurovascular services including emergency stroke care, neurointerventional procedures, neurosurgical interventions and others. The hospitals are equipped with advance capability is dedicated neuro interventional procedures and specialized stroke centers, to provide timely diagnosis and treatment of the of these conditions.

The hospitals consists of wide range of neurovascular devices which includes thrombectomy devices, embolization coils, flow diverters, stent retrievers and more to address wide neurovascular conditions. The ambulatory care centers the outpatient clinics and specialty clinics, which serves as an important hub for neurovascular care delivery. They offer range of neurovascular services like diagnostic imaging consultation or minimally invasive interventions in a convenient setting.

The research and academic institutes to the advancement in neurovascular technology and innovation through scientific research, clinical trials and education.  The conduct preclinical studies, research and clinical trials to evaluate the safety of emerging Neurovascular Technologies. They play a critical role in training the next generation of neurovascular specialist by providing them education and hands on experience.

Neurovascular Devices Market Regional Analysis:

North America is a significant market driven by the factors including the region’s well established healthcare system and supportive regulatory environment. The rising incidence of strokes in this region is the significant driver of the market, for instance, approximately 800,000 Americans suffer strokes each year where 15% of strokes occur in those aged 18-50, 120,000 Americans under 50 and 1.5 million young adults worldwide suffer strokes each year, according to Stamford health. Europe is another significant market driven by thee factors like rising incidence of strokes coupled with aging population in this region.


According to PubMed, the European Union (EU) had 1.12 million strokes, 9.53 million stroke survivors, and 0.46 million deaths. By 2025, the number of strokes in Europe is expected to increase to 1.5 million per year, and by 2035, the number of stroke deaths is expected to increase by one-third. According to WHO, the population of Europe aged 60 and older is growing rapidly. In 2021, there were 215 million, and by 2030, it is projected to be 247 million, and by 2050, over 300 million. Asia Pacific is a growing market driven by the huge population of the region and increasing disposable income coupled with lifestyle changes that leads to incidence of strokes. The Middle East and Africa is a promising market due to the investments in healthcare infrastructure. South America is another promising market driven by the factors like urbanization leading to increase in healthcare infrastructure.

Key Challenges:

The neurovascular devices are expensive, which may limit the accessibility to patients, especially in regions with limited healthcare infrastructures. The stringent regulatory requirements and the compliance with these regulatory standards and obtaining approval for new devices may be time consuming and requires significant cost, may delay the market entry and innovation which is one of the significant challenges for the market. The neurovascular procedures like thrombectomy and coiling procedures require specialized expertise and training, where the limited availability of skilled professionals and support staff may restrict the adoption of these procedures. particularly in rural areas.

Competitive Landscape:

In the highly competitive Neurovascular Devices market, companies are investing heavily in research and development to innovate and improve the product and services. They are also collaborating, forming strategic partnerships, or acquiring other companies to gain access to new market segments, enhance distribution networks, and increase market share. Recent developments includes - Stryker established research and development facility in India, in December 2022. Johnson and Johnson launched new product EMBOGUARD, in February 2022. Penumbra and Genesis Medtech collaborated to expand Penumbra’s business in China, in January 2021.

Global Key Players:

·         Stryker Corporation

·         Medtronic

·         Terumo Corporation

·         Penumbra Inc

·         Phenox GmbH

·         MicroPort Scientific Corporation

·         Johnson and Johnson

·         Integer Holdings

·         Acandis GmbH

·         NeuroVasc Technologies, Inc.

Attributes

Details

Base Year

2022

Trend Period

2023 – 2030

Forecast Period

2023 – 2030

Pages

215

By Product type

Aneurysm Coiling Devices, Embolization Devices, Cerebral Balloon Angioplasty, Stenting systems, Neuro-thrombectomy devices, support devices and others

By Application

Ischemic Stroke. Atherosclerosis, Hemorrhagic Strokes, Cerebral Aneurysm, Arteriovenous malformations, spinal stenosis, other therapeutic applications

By End-User Industry

Hospitals and Surgical centers, Ambulatory care centers and research and academic institutes

By region

North America, Europe, Asia Pacific, the Middle East and Africa, and South America

Company Profiles

Stryker Corporation, Medtronic, Terumo Corporation, Penumbra Inc, Phenox GmbH, MicroPort Scientific Corporation, Johnson and Johnson, Integer Holdings, Acandis GmbH, NeuroVasc Technologies, Inc.

Edition

1st edition

Publication

May 2024

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