Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Neurovascular Devices market.
Trusted Business Insights presents an updated and Latest Study on Neurovascular Devices Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Neurovascular Devices market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Neurovascular Devices Market
The global neurovascular devices market size was valued at USD 1.5 billion in 2020 and is anticipated to expand at a CAGR of 4.5% over the forecast period 2021-2027. Increasing prevalence of neurological disorders, technological advancements, and increasing demand for minimally invasive procedures are expected to drive the market growth.
Interventional neurovascular devices are used for the diagnosis and treatment of vascular disease of the brain and central nervous system. Interventional neurology includes endovascular, catheter-based techniques, angiography, and fluoroscopy. Catheter angiography is one of the oldest primary in-vivo neurovascular imaging modalities used for the diagnosis of several neurological conditions such as cerebral aneurysm, arteriovenous malformations, intracranial stenosis, arteriovenous fistula, and vasculitis.
Increasing incidences of brain/ cerebral aneurysm in several countries is expected to generate the demand for neurovascular devices. According to the NHS England, around 1 in 12,500 people in England have brain aneurysm every year. Furthermore, around 3% of the adults in U.K. have cerebral aneurysm. Increasing prevalence of hypertension, alcohol consumption, and smoking is anticipated to result in brain aneurysm.
Stroke is the most common cause of death, followed by heart and cancer diseases worldwide. For instance, according to WHO, in 2016, 15.2 out of 56.9 million deaths worldwide were due to stroke. Acute Ischemic Stroke (AIS) is the most common form of stroke caused due to reduced blood supply to the brain, killing the brain cells. Furthermore, according to the National Center for Biotechnology Information, strokes occur more commonly in women than men, especially in the elderly population (aged 55 to 65). Therefore, such high prevalence of AIS is anticipated to boost the market growth over the forecast period.
There are various other technologies used in the development of neuro thrombectomy devices for the treatment of AIS and its associated symptoms. For instance, in April 2019, Medtronic announced the launch of its fourth-generation Solitaire X revascularization device, which is designed for the treatment of AIS. This neurovascular device expands on Drop Zone and Smart Maker technologies, introducing features such as distal filter. Thus, the introduction of technologically advanced products and rapid product approval process are expected to fuel market growth.
Device Insights: Neurovascular Devices Market
The cerebral embolization and aneurysm coiling devices segment is further segmented into flow diverters, embolic coils, and liquid embolic agents. Cerebral angioplasty and stenting systems are further segmented into embolic protection systems and carotid artery stents. The cerebral embolization and aneurysm coiling devices segment lead the market in 2019. Increasing prevalence of neurological conditions such as brain aneurysm, stroke, arteriovenous malformations (AVMs), rising healthcare spending, and increasing R&D investment are few factors contributing toward the market growth.
The support devices segment is expected to register the highest CAGR during the forecast period. Support devices include microcatheters and micro guidewires. Introduction of technologically advanced products by the key market players and benefits offered by the microcatheters such as safe delivery of diagnostic and therapeutic agents are driving the segment growth.
Therapeutic Applications Insights: Neurovascular Devices Market
Based on therapeutic applications, the neurovascular devices market is segmented into stroke, cerebral aneurysm, cerebral artery stenosis, and others. In 2019, the stroke segment lead the market owing to factors such as increasing prevalence of stroke, hypertension, and increasing government and NGOs awareness initiatives worldwide.
The cerebral aneurysm segment is expected to expand at the highest CAGR during the forecast period. Increasing demand for minimally invasive surgical procedures, the introduction of technologically advanced products, and rising incidence of intracranial aneurysm are some of the factors contributing toward the segment growth.
Regional Insights: Neurovascular Devices Market
North America lead the market owing to the presence of key neurovascular device manufacturers in the region, increase in the R&D investment by the manufacturers, and rise in government initiatives. Furthermore, rising prevalence of hypertension and increasing demand for minimally invasive surgical procedures are driving the market growth in this region.
Asia Pacific is expected to register the highest CAGR during the forecast period due to factors such as rising prevalence of acute ischemic stroke, favorable healthcare policies in countries such as Japan and China, and increasing awareness initiatives by various government and non-government organizations. Furthermore, factors such as increasing healthcare spending and entry of key players in the region are also contributing toward market growth.
Neurovascular Devices Market Share Insights
Major players in the industry comprise of
- Microport Scientific Corporation
- B. Braun
- Johnson and Johnson Services Inc.
- Microvention Inc.
- Codman Neuro (Integra Lifesciences)
These key market players are focusing on the launch of innovative types of medical neurovascular devices, growth strategies, and technological advancements. For instance, in 2019, Medtronic launched Phenom 21 Catheter, (160cm microcatheter) for the delivery of all sizes of Solitaire X. This neurovascular device eliminates blood clots from obstructed vessels in the brain to restore blood flow in patients with large vessel occlusion. These advancements are anticipated to boost the market growth over the forecast period.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global neurovascular devices market report on the basis of device, therapeutic applications, and region:
Device Outlook (Revenue, USD Million, 2016 – 2027)
- Cerebral Embolization and Aneurysm Coiling Devices
- Embolic Coils
- Flow Diverters
- Liquid Embolic Agents
- Cerebral Angioplasty and Stenting Systems
- Carotid Artery Stents
- Embolic protection
- Neurothrombectomy Devices
- Clot Retrieval Devices
- Suction Devices
- Vascular Snares
- Support Devices
- Micro Catheters
- Micro Guidewires
Therapeutic Applications Outlook (Revenue, USD Million, 2016 – 2027)
- Cerebral Artery
- Cerebral Aneurysm
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