Neurovascular devices are medical devices used to treat diseases and conditions affecting the brain, spinal cord, and peripheral nervous system. These devices include stents, catheters, coils, embolic agents, and other products used in procedures such as aneurysm repair, thrombectomy, and embolization.
In 2021, the market for neurovascular devices was USD 2.82 billion, and by 2030, it will be worth USD 5.92 billion, expanding at an 8.6% CAGR during the forecast period.
The expansion of the neurovascular devices market has been positively impacted by factors like proactive government initiatives, rising consumer awareness, and significant demand for minimally invasive surgeries. During the projection period, the market will grow due to the development of healthcare technology and the rise in neurovascular treatments performed worldwide. Demand for neurovascular devices will increase with the growing geriatric population.
Market Dynamics
Drivers
The market for neurovascular devices is expanding due to the increasing frequency of neurovascular illnesses among the world’s population. Neurological devices are frequently used to diagnose and treat brain and central nervous system diseases. The demand for neurovascular devices is increasing due to the growing acceptance of minimally invasive operations due to technological developments in the field of neurology. The rising prevalence of neurological conditions like stroke, epilepsy, and cerebral aneurysm in the general population is driving the need for neurovascular devices.
The creation and expanded use of neurovascular devices result from rising corporate and government investments in the research and development of sophisticated healthcare infrastructure and infrastructure. The existence of technologically enhanced neurovascular devices has substantially aided in the development of advanced treatments for various neurological illnesses.
Technological enhancements have led to the development of new neurovascular devices that are effective & less invasive than traditional treatments. For example, minimally invasive procedures like thrombectomy and embolization are becoming increasingly popular, and newer devices are being developed to improve their effectiveness and safety.
Restraints
The use of neurovascular devices is hampered by the high cost of treating neurovascular illnesses and other indirect costs. Only a few people can afford therapy for neurological illnesses due to limited funding options.
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 795,000 Americans have a stroke each year. The mortality rate caused by strokes will decrease as the effectiveness of newly developed techniques increases.
Market Segmentation
By Device Type
On the basis of device type, the neurovascular devices market is segmented into embolization tools, Stenting systems, neuro thrombectomy tools, and support tools. In 2022, the embolization devices segment held maximum position in the market. The segment expansion in the future years will be aided by the growing patient population receiving treatment for cerebral aneurysms and the rising number of new devices with advanced features.
By Application
Due to the rising frequency of hypertension, stroke, and other neurological illnesses, stroke was the biggest market, with a revenue share of 57.10% in 2022. Strokes are the second largest cause of mortality worldwide and are responsible for over 140,000 fatalities annually in the United States.
By End-Use
In 2022, the hospital segment was the biggest market, with a revenue share of nearly 70.95%. The largest share of this segment 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. For instance, the World Stroke Organization estimates that 1 in 4 people above 25 will have a stroke at some point in their lifetime.
Regional Analysis
In 2022, North America was the leading regional market, with the largest revenue share of 30%. This is due to the presence of developed healthcare infrastructure in the area, rising healthcare costs, increased awareness of neurological illnesses, and growth in the area’s senior population. The market expansion is primarily stimulated by the presence of numerous major players in the area and the various developmental strategies they have used.
Asia Pacific will be the major regional market during the forecast period. 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
Terumo Corporation
Johnson & Johnson Corporation
Merit Medical Systems
Penumbra. Inc.
Medtronic Plc
WL. Gore & Associates Inc.
Stryker
Micro Port Scientific Corporation
Others
In 2021, the market for neurovascular devices was USD 2.82 billion, and by 2030, it will be worth USD 5.92 billion, expanding 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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