Future For Neurovascular Devices Market...By 2024
Neurovascular Devices Market will reach USD 2.0 billion by 2024; as per a new research report.
Increasing incidences and financial cost burden associated with neurological disorders such as acute ischemic stroke and brain aneurysm will drive neurovascular devices industry growth over the forecast period. As per American Stroke Association, worldwide prevalence of stroke accounted for 25.7 million in 2013. Also, stroke is one of the leading cause of death as well as long-term disability in the U.S. This will act as a major factor propelling demand for neurovascular devices in the future.
Rising geriatric population vulnerable to brain disorders coupled with soaring demand for minimally invasive procedures will substantially influence the neurovascular devices revenue size.
Increasing healthcare expenditure in developing countries along with rising government initiatives for the prevention of neurological disorders will foster market growth over the forecast timeline. However, dearth of neurosurgeons in the developing countries along with soaring cost of neurovascular devices are factors impeding market growth over the coming years.
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Embolic coils dominated the industry with revenue more than USD 500 million in 2017. The segment will witness lucrative growth over the forecast period due to its wide applications in therapeutic areas such as brain aneurysm and ischemic strokes.
Carotid stents will witness considerable growth of 3.0% by 2024. This is attributable to the advantages offered by such devices such as its minimally invasive nature and its ability to prevent artery wall from collapsing and preventing restenosis. These devices are also expected to gain popularity owing to its revascularization benefits. Such factors will propel segment revenue growth.
Coiling procedure led the market with revenue share of 37.1% in 2017 and is expected to witness similar trend over the coming years. Growing number of patients suffering from brain aneurysm coupled with surging demand for minimally invasive procedures will augment segmental growth. Flow disruption technique is poised to be the fastest growing segment by 2024.
Ischemic strokes will dominate the market with revenue share of 43.3% in 2017 owing to its high incidence along with increasing financial burden on healthcare systems. Strong government support and increasing funding for stoke prevention will foster segment revenue size in the future. Brain aneurysm will be fastest growing segment over the forecast period.
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Hospitals led the industry and will register more than 3.5% CAGR by 2024. This is attributable to increasing neurological disorders and growing demand for neurovascular devices to treat patients suffering from neurovascular diseases.
Canada neurovascular devices market will witness significant growth due to increasing incidences and mortality associated with stoke in the country. Presence of The Canadian Neurovascular Health Society focused on research of neurovascular conditions and creating awareness among patients will favor business growth.
Germany will drive Europe neurovascular devices market with share of 23.2% in 2017 due to growing prevalence of stroke in elderly patient base along with increasing economic burden due to disease in the country. This will augment demand for neurovascular devices in the future.
India will witness lucrative 5.5% growth over the coming years. Major factors driving the market include increasing number of baby boomers along with rising endovascular aneurysm procedures in the country.
Some of the key industry players operating in global neurovascular devices market are Terumo Corporation, Penumbra, Stryker, Johnson & Johnson (Depuy Synthes) and Medtronic. Manufacturers are engaged in consolidation and acquisition exercises to widen their existing product portfolio and enhance their geographic presence.
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Chapter 1. Methodology & Scope
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Definitions & forecast parameters
1.2. Data sources
Chapter 2. Executive Summary
2.1. All-terrain vehicle industry 360 degree synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Application trends
2.1.4. Regional trends
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