The neurovascular devices market is expected to exhibit lucrative growth during the forecast period.
The global neurovascular devices market is expanding rapidly, with a value of US$ 1,863.0 million in 2017 and a projected value of US$ 3,257.1 million by 2026. Increasing demand for minimally invasive procedures, the growing commonness of neurovascular disorders and stroke, and rapid new product development and commercialization drive the overall neurovascular devices market's growth. The overall market would be driven by technological advancements in stenting technique, coiling procedure technique, cerebral angiography technique, and flow disruption technique.
Market Synopsis
The cerebral balloon angioplasty and stenting technology segment are expected to register higher growth by the end of 2026.
The global market for neurovascular devices is expanding rapidly, primarily in the Asia Pacific, the Middle East, and Europe. The availability of a wide range of neurovascular devices, mainly in the aneurysm coiling and embolization devices segment, enables professionals to meet the active demand.
Other major factors driving the growth include product expansion for carotid stents and balloon catheters among neurologists; increasing admissions of patients suffering from atherosclerosis or ischemic strokes; developments in the nature and number of multispecialty hospitals and neurosurgical centers, and enhanced reimbursement structures across developing nations.
A stroke in the indication segment generated the highest revenue share in 2018.
According to the statistics presented by the Centers for Disease Control and Prevention (CDC), more than 795,000 individuals in the United States experience a stroke every year. Thus, the high prevalence of movement disabilities due to stroke and its treatment with the help of embolization coils and stents in rehabilitation centers and hospitals will drive the market.
A cerebral aneurysm is expected to be the fastest-growing indication globally during the forecast period. Around 2% to 4% of the worldwide population suffers from cerebral aneurysms, which are mostly treated with stents and embolization coils.
During the forecast period, market growth will be driven by an aging population in developed countries.
The increasing elderly population and the corresponding prevalence of cerebrovascular disorders will drive the overall growth in the end-user segment. As per the Internet Stroke Center statistics, around 75% of strokes take place in the age group of 60–65.
The ever-changing dynamics in critical care and the demand for advanced treatment techniques, along with the increasing number of neurovascular cases among the elderly population, are generating a significant revenue share.
For example, with the introduction of the new flow diversion stent technique, the need to treat complex aneurysms with bypasses has fallen. However, a lack of skilled neurologists in hospitals is limiting the growth of the neurovascular devices market.
Increasing demand for advanced products and the presence of established players hold North America in a dominant position.
The U.S. generated the largest revenue share in the global neurovascular devices market. Furthermore, rapid commercialization of novel devices and strong pipeline candidates under FDA scrutiny would further drive the U.S. and, therefore, North American markets. However, in developing economic regions such as Latin America and Asia-Pacific, the availability of advanced technology is inadequate.
The high procedural costs, along with the need for skilled professionals, are restraining the overall market's growth. Huge patient populations in the Asia Pacific, growing demands for minimally invasive surgeries, enhanced reimbursement structures, and partnerships with or acquisitions of medical device manufacturers internationally will drive market growth significantly.
The dominance of multinational manufacturers with strong product portfolios in the developed regions
Major players in the neurovascular devices market are Penumbra, Inc., Phenox GmbH, Stryker Corporation, Abbott Laboratories, Terumo Corporation, Merit Medical Systems, Inc., W. L. Gore & Associates, Inc., Johnson & Johnson, MicroPort Scientific Corporation, Delaware Corporation, Rapid Medical, Medtronic plc, and others. Companies are executing growth strategies through technological advancement, new product launches, and expansion into hospitals and rehabilitation centers.
Periods of History and Forecast
This study report includes an analysis for each segment from 2016 to 2026, with 2017 as the base year. The compound annual growth rate (CAGR) for each of the respective segments is estimated for the forecast period from 2018 to 2026.
Report Scope by Segments
The current report also includes qualitative and quantitative market valuation factors such as key market drivers, market trends, restraints, and opportunities, which provide a more comprehensive understanding of the overall neurovascular devices market. Additionally, the report also comprises a graphical representation of the competitive landscape based on their market initiatives and strategies, product portfolios, and business strengths.
Key questions are answered in this report.
What are the current market trends and dynamics in the neurovascular devices market, and what are the valuable opportunities for emerging players?
Which segment accounts for the fastest CAGR during the forecast period?
What is the impact of the high cost of neurovascular devices on the global market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and the Middle East and Africa?
Frequently Asked Question:
The market for Neurovascular Devices Market is expected to reach USD$ 3,257.1 Mn in 2026.
The Neurovascular Devices Market is expected to see significant CAGR growth over the coming years, at XX% .
The report is forecasted from 2018 -2026.
The base year of this report is 2017.
Terumo Corporation, Merit Medical Systems, Inc., W. L. Gore & Associates, Inc., Johnson & Johnson, MicroPort Scientific Corporation, Delaware Corporation, Rapid Medical, Medtronic plc. are some of the major players in the global market.
