Neurovascular Devices Market Size To Hold USD 4.52 Bn By 2030

The global neurovascular devices market size was exhibited at USD 2.94 billion in 2022 and is expected to hold around USD 4.52 billion by 2030 growing at a CAGR of 5.7% from 2022 to 2030.

Nowadays, neurovascular devices are becoming very popular across the globe. These are utilized to treat neurological disorders. It consists of coils, stents, and clips widely used to treat neurovascular diseases. It is also used to diagnose and treat peripheral and central nervous system conditions. Aspiration and clot retrieval devices are used for removing blood clots from arteries. These clots can lead to fatal conditions such as stroke. Neurovascular devices include microcatheters, distal filters, and carotid artery stents. These devices also treat an aneurysm, arteriovenous malformation, and fistulas, ischemic strokes.

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Growth Factors

The market is driven by increasing cases of neurovascular disorders. In line with this, the surge in the geriatric population significantly contributes to market growth across the globe. Furthermore, the rise in the prevalence of neurovascular diseases positively influences market growth. Apart from this, the surge in the adoption of neurovascular devices catalyzes market growth. Rapid technological advancements in neurovascular devices create a positive outlook for the market. The Covid 19 pandemic affected the market adversely. There were nationwide lockdowns to manage the virus spread. This led to disruption in supply, limitation, challenges, and restrictions in each sector of every industry. The neurovascular devices market was affected too by the pandemic. The rising demand for minimally invasive procedures propels market growth. Interventional neurology devices witnessed a growth in its demand. These devices treat the vascular disease of the brain and central nervous system. An increasing prevalence of cerebral aneurysms, strokes, and epilepsy boosts the overall market growth. Smoking, Hypertension, and alcohol consumption cause brain aneurysm. The growing patient population base and the rapid adoption of neurovascular devices significantly contribute to market growth across the globe. The development of neuroendovascular tools with greater safety and efficacy creates a positive outlook for the market. The availability of new treatment options positively influences the market growth. The increasing prevalence of acute ischemic stroke catalyzes market growth. The introduction of technologically advanced products strengthens market growth.

Neurovascular Devices Market Report Scope

Report Highlights:

• Based on the device, the market is divided into cerebral angioplasty and stenting systems, cerebral embolization, aneurysm coiling, and support devices. In line with this, Cerebral embolization and aneurysm coiling devices are divided into flow diversion devices, embolic coils, and liquid embolic agents. Furthermore, Cerebral angioplasty and stenting systems are divided into embolic protection systems and carotid artery stents. Moreover, Neurothrombectomy devices are segmented into clot retrieval devices, suction devices, and vascular snares. The cerebral embolization and aneurysm coiling devices dominated the market and accounted for the largest revenue share. This is due to the increasing prevalence of neurological conditions. Besides, rising healthcare expenditure and heavy investments in research and development significantly contribute to the segment’s growth. Neurothrombectomy devices are expected to witness a promising CAGR in the coming years. This is due to the increasing cases of acute ischemic stroke. The rising product launches by the key market players catalyze market growth.
• Based on therapeutic applications, stroke dominated the market and accounted for the largest revenue share. This is due to the increasing prevalence of stroke. The rising prevalence of neurological disorders significantly contributes to the segment’s growth. Increasing government Initiatives creates a positive outlook for the market. The development of technologically advanced products strengthens market growth. The cerebral aneurysm is expected to witness a promising CAGR in the coming years. This is due to increasing cases of intracranial aneurysms. The rising demand for minimally invasive surgical procedures positively influences market growth. The introduction of technologically advanced products boosts overall market growth.

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Regional Snapshots

Based on region, North America dominated the market and accounted for the largest revenue share. It is expected to maintain its dominance in the coming years. The presence of key manufacturers in the region significantly contributes to market growth. The rising prevalence of neurological disorders positively influences market growth. The growing demand for minimally invasive surgical procedures catalyzes market growth. Heavy investments by the market players in research and development activities create a positive outlook for the market. The increasing government initiatives strengthen market growth. Asia Pacific is expected to witness a promising CAGR in the coming years. This is due to the growing prevalence of neurovascular disorders. The rising healthcare expenses and the emergence of new market players positively influence the market growth across the region.

Market Dynamics:

Driver: Increasing cases of the neurovascular condition

The increasing number of people suffering from neurovascular disorders significantly contributes to global market growth. In line with this, the rising prevalence of aneurysms and ischemic strokes positively influences market growth. Furthermore, the high prevalence of neurological disorders catalyzes market growth. Apart from this, the growing prevalence of stroke, migraine, and dementia boosts the overall market growth. The expanding aging population propels market growth. Rising demand for minimally invasive surgical procedures accelerates market growth. Rapid technological advancement in neurovascular treatments creates a positive outlook for the market. The government’s initiatives to expand healthcare infrastructure strengthens the global market growth.

Opportunity: Rising research and development investments

The rising research and development investments in the biotechnology and pharmaceutical industry offer lucrative market growth opportunities. Healthcare providers are focusing on developing therapies that can lower the severity of neurovascular diseases. The demand for Neurovascular treatment is rising due to the high incidence of neurovascular diseases and growing fatality risks. The market players are investing in developing advanced neurovascular devices.

Restraint: Increasing need for cost-effective procedures

The increasing need for cost-effective methods restricts the neurovascular devices market growth. In line with this, the rising demand for more effective and low-cost treatments hampers market growth. Disease management is challenging.

Challenge: Shortage of qualified neurosurgeons

There’s a shortage of qualified neurosurgeons, especially in developing countries. This factor is the main reason challenging the neurovascular devices market growth. There’s a shortage of skilled and professional neurosurgeons who are well-versed in handling neurovascular devices.

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Key Developments:

• In August 2020, Stryker Corporation received approval from the U.S. FDA to launch Surpass Evolve Flow Diverter.

Major Key Players

• Medtronic
• MicroPort Scientific Corporation
• Penumbra, Inc.
• Stryker Corporation
• Johnson & Johnson Services, Inc.
• MicroVention, Inc.
• Codman Neuro

Market Segmentation

By Device

• Cerebral Angioplasty & Stenting Systems
• Support Devices
• Cerebral Embolization & Aneurysm Coiling Devices
• Neurothrombectomy Devices

By Application

• Cerebral Aneurysm
• Cerebral Artery Stenosis
• Stroke
• Others

Regional Segmentation

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
• Latin America (Brazil and Rest of Latin America)
• Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

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Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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