Neurovascular Devices Market | Introduction of New products are Predicted to Create Promising Opportunities for the Key Players
Over the past decade, neurointerventional techniques have gained increased significance in the management of acute ischemic strokes. Endovascular and microsurgical devices are fast gaining traction as minimally invasive techniques for the management of brain aneurysms. In recent years, advances in balloon- and stent- assisted coiling in endovascular therapies have expanded the options for surgeons and patients in the treatment of aneurysms. The rising morbidity and mortality of various types of strokes, particularly acute ischemic strokes, world over has propelled the demand for endovascular mechanical treatment devices. Endovascular thrombectomy has come to be associated with a higher rate of recanalization and has significantly enhanced clinical outcomes for the management of acute ischemic strokes.
Broad advances in neurovascular-related tools and techniques are further expected to accentuate the market in the coming years. Rising expenditure on improving healthcare infrastructure in various developing nations and favorable reimbursement policies in several developed nations are crucial factors expected to boost the neurovascular devices market in the forthcoming years. In addition, the rising number of clinical trials investigating the viability and efficacy of various neurointerventional techniques for the management of acute ischemic strokes bodes well for the market growth. Furthermore, recent advances in stent retrievers have led to better clinical outcomes in endovascular stroke treatment. In recent years, these stents have shown great promise in decreasing the time to recanalization advancing the treatment of acute ischemic strokes.
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Global Neurovascular Devices Market: Overview
The global market for neurovascular devices is projected to witness robust growth in the next few years. With the expanding pool of patients, healthcare providers and prominent players operating in the global neurovascular devices market are focusing on developing new and effective devices in the near future. The promising opportunities in the emerging economies are projected to fuel the growth of the global neurovascular devices market in the coming few years.
Global Neurovascular Devices Market: Key Trends
The rising number of ischemic strokes and brain aneurysm is one of the prominent factors expected to encourage the growth of the global neurovascular devices market in the next few years. In addition, a substantial rise in the demand for surgical processes with minimum invasion and technological developments in this field are anticipated to fuel the growth of the overall market in the coming years.
On the other hand, the rising need for introducing more effective and low cost therapeutics and the increasing concerns for leading players for commercialization of products are some of the factors predicted to restrict the growth of the global neurovascular devices market in the next few years. Nonetheless, the rising number of initiatives imposed by governments in order to expand and modernize healthcare infrastructure are estimated to supplement the growth of the global neurovascular devices market in the forecast period.
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Global Neurovascular Devices Market: Market Potential
Technological advancements and the introduction of new products are predicted to create promising opportunities for the key players. In addition, these players are making efforts to create an awareness among patients concerning the availability and other benefits of these devices, which is likely to accelerate the growth of the overall market in the coming years.
Furthermore, the key end users of neurovascular devices such as ambulatory services, hospitals, and clinics are promoting the use of neurovascular devices. This will encourage the development of the market across the forecast period.
Global Neurovascular Devices Market: Regional Outlook
According to the research study, North America is expected to witness substantial growth in the next few years and maintain its leading position in the global neurovascular devices market. In this region, the U.S. is predicted to account for a massive share and is considered as a key contributor, due to the rising prevalence rate of brain aneurysm. The high growth of this region can be attributed to the rising number of technological advancements, favorable medical reimbursements, and high-tech healthcare infrastructure.
On the other hand, Latin America and Asia Pacific are projected to register a progressive growth rate throughout the forecast period. However, the lack of awareness among patients regarding the availability of neurovascular devices is anticipated to inhibit the growth of the overall market in the coming years. Nonetheless, the advent of new devices and technologies and the increasing efforts by leading players are projected to accelerate the growth of the market in the near future.
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Global Neurovascular Devices Market: Competitive Analysis
The global neurovascular devices market is a consolidated market with a few number of players operating in it. These players are making notable efforts in order to create a niche for themselves and expand their presence across the globe. Some of the leading players operating in the neurovascular devices market across the globe are Johnson & Johnson (Depuy), Medtronic, Stryker, Terumo, and Penumbra.
Furthermore, the leading players in the global neurovascular devices are focusing on new product development, mergers and acquisitions, and innovations. These aspects are expected to contribute substantially towards the development of the overall market in the coming years. Moreover, the rising competition among players is predicted to encourage the growth of the overall market in the forecast period.
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