Detailed Analysis Of Neurovascular Devices Market (forecast Period 2021-2030)

By Author: Strategic Market Research
Total Articles: 19
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Numerous neurovascular illnesses that affect the nervous system, brain, and blood vessels that supply it, such as atherosclerosis, aneurysms, arteriovenous malformations, etc., are treated with neurovascular devices.

In 2021, the market for neurovascular devices was USD 2.82 billion, and by 2030, it will reach USD 5.92 billion, growing at an 8.6% CAGR during the forecast period. 

The market for neurovascular devices is expanding significantly due to the rising senior population and the rising rate of neurovascular illnesses among people worldwide. Furthermore, the market is stimulated by the rising demand for minimally invasive surgical treatments. Additionally, continuous product developments and rising commercialization efforts contribute to the expansion of the market. Strict regulations and expensive products are hampering the development of the global market for neurovascular devices.

Market Dynamics

Drivers

The increasing rate of neurovascular illnesses stimulates the market for neurovascular devices. Neurological devices are utilized to diagnose & treat brain and central nervous ...
... system disorders. The demand for neurovascular devices is increasing due to the growing acceptance of minimally invasive surgical procedures. The rising rate of neurological conditions like epilepsy, stroke, and cerebral aneurysms drives the need for neurovascular devices.

The expanded use of neurovascular devices results from rising investments in the R&D of healthcare infrastructure. Technology-enhanced neurovascular devices have greatly improved the treatment options available for neurological conditions.

Restraints

The use of neurovascular devices in small institutions is hampered by the high cost of treating neurovascular illnesses, maintenance, and other indirect costs. 

Opportunity 

The variety of neurovascular instruments available for treating various aneurysm types with higher safety and effectiveness will continue to grow due to novel technologies. Aneurysm management is always evolving, with cutting-edge technology at the forefront of innovation. The Southwestern Medical Center estimates that nearly 795,000 Americans have a stroke yearly. The mortality rate caused by strokes will decrease as the effectiveness of newly developed techniques increases.

Market Segmentation 

By Device

In 2022, the cerebral embolization and aneurysm coiling devices segment ruled the market with a share of around 40%. This is due to the rising frequency of several neurological illnesses like arteriovenous malformations, brain aneurysms, and strokes. Additionally, factors boosting market growth are:
The rising investments in creating better healthcare infrastructure.
Rising consumer healthcare spending.
Rising investments in research and development.

By Application

In 2022, the stroke sector held more than 58% of the market share. The rising occurrence of strokes in the general population, particularly among the elderly, has fueled the expansion of this market. The CDC estimates that 16.7% of persons worldwide will experience a brain stroke. According to the CDC, there are about 795,000 stroke cases and around 140,000 fatalities due to stroke per year in the US. 

By End-Use

In 2022, the hospital sector had the biggest market share of 70.95%. It is due to the rise in patients with neurovascular conditions such as ischemic and hemorrhagic stroke, brain aneurysms, traumatic brain injury (TBI), and arteriovenous malformation (AVM).
Regional Analysis 

In 2022, North America held around 30% of the market share. This is due to the area's developed healthcare infrastructure, rising healthcare costs, increased awareness of neurological illnesses, and growth in the area's aging population. The market expansion is driven by numerous major players in the area and the various developmental strategies they have used.
Asia Pacific is the fastest-growing market. The region of Asia Pacific is encouraging the use of neurovascular devices by having a large population, increased healthcare spending, and growing disposable income. Furthermore, the market will rise in the near future due to the rising government spending in the area on building sophisticated healthcare infrastructure.

Key Players 

Medtronic plc
Stryker 
Johnson & Johnson Services 
Micro Port Scientific Corporation 
Penumbra. Inc 
Terumo Corporation 
Merit Medical Systems 
WL. Gore & Associates Inc. 
Others 

In 2021, the market for neurovascular devices was USD 2.82 billion, and by 203, it will reach USD 5.92 billion, growing at an 8.6% CAGR during the forecast period. The market for neurovascular devices is driven by the rising incidence of neurological diseases, technical advancements, and rising interest in minimally invasive procedures.

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