Neurovascular devices are devices used in the treatment of
neurovascular diseases such as brain aneurysm, arteriovenous malformations, and
others. The global neurovascular devices market report by Market Research
Future (MRFR) contains useful insights and in-depth analysis of the pivotal
market variables affecting the industry. It contains estimations for the period
of 2018 to 2023 (forecast period) and the impact of the COVID-19 virus on the
market.
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Market Scope
The global neurovascular
Medical devices market is set to touch a value of USD 3,177.76 million by
2023. It is expected to register a CAGR of 8.8% over the forecast period.
Development of products, approval by regulatory bodies, and demand for
minimally invasive procedures are major factors driving market growth. The
large healthcare expenditure of nations is an instance of the large potential
for the market. The NHS, a government agency of the U.K. government, had spent
close to USD 6.6 billion for the period of 2012-2013. The outbreak of the
COVID-19 pandemic has led to efforts being put into the manufacture of
ventilators and other equipment and putting a halt in production of
neurovascular devices.
But high procedural costs and lack of skilled personnel can hamper
the market growth.
Segmentation
The global neurovascular devices market is segmented on the basis of
product, therapeutic application, and end-user.
On the basis of the product, the market is segmented into aneurysm
coiling & embolization devices, cerebral balloon angioplasty and stenting
systems, neurothrombectomy devices, and support device. The aneurysm coiling
& embolization devices segment is sub-segmented into liquid embolic, embolic
coils, and flow diversion devices. The embolic coils segment is further
segmented into detachable coils, and pushable coils. Meanwhile, the
neurothrombectomy devices segment is sub-segmented into retrieval systems and
suction and aspiration devices. The support device segment is sub-segmented
into microcatheters and microguidewires. Lastly, the cerebral balloon
angioplasty and stenting systems segment is sub-segmented into carotid artery
stents and embolic protection systems. The embolic protection systems segmented
is further divided into balloon occlusion devices and distal filter devices.
On the basis of the therapeutic application, the market is divided
into hemorrhagic stroke and ischemic strokes.
On the basis of the end-users, the market is segmented into
hospitals & clinics, and ambulatory surgical units.
Regional Analysis
The Americas can dominate the global neurovascular devices market
owing to increasing prevalence of neurovascular diseases like arteriovenous
malformations (AVMs), brain aneurysm, and others. According to a study
published in the Methodist DeBakey Cardiovascular Journal in 2014, about one
million strokes occurred annually in the U.S. with 10% to 15% with the cause
accounted to intracranial atherosclerotic disease. The inflated healthcare
expenditure and presence of key players within the region can widen the scope
of the market in the region.
Europe is the second-largest neurovascular devices market. This can
be attributed to the presence of a well-developed healthcare sector and increasing
prevalence of neurovascular diseases. According to the Neurological Alliance in
2014, neurological cases in England had reached 12.5 million. This is expected
to fuel the demand for neurovascular devices.
APAC follows Europe and is touted to exhibit a robust CAGR over the
forecast period. The large patient pool, medical tourism in India and China,
and massive demand for minimally invasive surgeries are prime factors driving
the regional market growth. On the other hand, the MEA has the least share of
the global neurovascular devices market due to the presence of poor economy,
especially in the Africa region.
Competition Outlook
W. L. Gore & Associates, Inc., Blockade Medical, LLC., MicroPort
Scientific Corporation, Rapid Medical, Johnson & Johnson Services, Inc.,
Gynesonics, Medtronic, Secant Group, LLC, Medikit Co., Ltd., Penumbra, Inc.,
Sensome, Neuravi, Merit Medical Systems, Inc., Evasc, Delaware Corporation,
TERUMO CORPORATION, Abbott, OxfordEndovascular, and Stryker are key players of
the global neurovascular devices market.
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