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
- 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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