Neurovascular Devices Market Size to Worth Around US$ 4.33 BN by 2029

The global neurovascular devices market size is estimated to worth around US$ 4.33 billion by 2029, poised to grow at a compound annual growth rate (CAGR) of 5.7% during the forecast period 2021 to 2030.

The global neurovascular devices market size was valued at USD 2.7 billion in 2021. The neurovascular devices help in the neurological surgeries and operations. The different devices used in the neurological surgeries are support devices, cerebral angioplasty and stenting systems, neurothrombectomy devices, cerebral embolization, and aneurysm coiling devices. The neurovascular devices are used for stroke, cerebral aneurysm, and cerebral artery stenosis.

In developed and developing countries, the number of brain aneurysms and ischemic strokes are increasing at a rapid pace. The factors for this growth are increasing pressure from workplace and non fulfilment of desires or goals. So, to curb the effect of neurological disorders, the government is taking initiatives for the growth and development of the neurovascular devices market.

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In addition, the technological developments and innovation is paving way for the expansion of the global neurovascular devices market during the forecast period. The new devices and gadgets are being launched by major market players in the global neurovascular devices market. This product launch is helping them to increase their market share for neurovascular devices. Furthermore, the government of developed and developing regions are highly investing on the projects of neurovascular devices. They are also investing in research and development activities for the introduction of advanced neurovascular devices in the market. Moreover, the growing preference for minimally invasive surgeries or non-invasive operations is also supporting the growth of the global neurovascular devices market. The neurovascular devices with advanced features are mostly preferred by surgeons. As a result, all these aforementioned factors are driving the growth of the global neurovascular devices market.

Report Highlights:

• Based on the device, the cerebral embolization and aneurysm coiling devicessegment dominates the global neurovascular devices market in 2020 with highest market share. This is attributed to the growing demand for minimally invasive or noninvasive surgical procedures.
• On the basis of application, the strokesegment holds the largest market share the global neurovascular devices market in 2020.The neurovascular devices market is growing due to the rising incidences of brain strokes.
• North America is the largest segment for neurovascular devices market in terms of region.The growth of the neurovascular devices market in North America is being driven by the factors such as presence of key market players and government initiatives for the expansion of the healthcare sector.
• Asia-Pacific region is the fastest growing region in the neurovascular devices market.The factors such as growing research and development initiatives by market players, increase in prevalence of neurological diseases, and growing geriatric population are boosting the growth of the neurovascular devices market in the region.

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Future of Neurovascular Devices Market

The demand for minimally invasive or noninvasive surgeries rising at a rapid pace during the forecast period. The neurological surgeries are very critical in nature. These types of surgeries require accuracy and precision while operating patients. These factors increase the need for good quality of neurovascular devices. Another reason for the growth of the global neurovascular devices market is growing geriatric population. The people with age 60 and above face variety of problems and diseases. It has been observed that geriatric people face neurological disorders on a large scale. That’s the reason, the adoption of neurovascular devices is increasing at a steady pace. Moreover, the hospital visits have increased over a period of time due to growing number of surgeries. As a result, the global neurovascular devices market is expected to increase in the near future.

COVID-19 Impact Analysis:

• The coronavirus epidemic bought drastic change in every sector especially healthcare and medical industries.
• The impact of the COVID-19 pandemic on the growth of the global neurovascular devices market was negative.
• This is owing to the halt of operations and neurological surgeries. In addition, the shut down of manufacturing units and supply chain disruptions resulted into decline in the sales of neurovascular devices globally.

Key Developments in the Marketplace:

• Genesis MedTech and Penumbra joined in 2021 to expand neurovascular devices market in China.
• MicroPort Scientific Corporation got a registration certificate for bridge vertebral drug eluting stent for the treatment of symptomatic vertebral artery stenosis from National Medical Products Administration in December 2020. The company was able to expand its overall product line as a result of this new introduction.
• Phenox launched a new company in the UK in 2021 to increase its presence in important European markets.
• Terumo Corporation introduced WEB embolization system, an intrasaccular aneurysm therapy device in Japan in 2020.
• Medtronic declared in February 2021 that the limited site release for their recently acquired radial artery access portfolio from RIST Neurovascular Inc. would be expanded.

Some of the prominent players in the global neurovascular devices market include:

• 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

By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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