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Neurovascular Devices Market: Major Key Players are Stryker, Medtronic, LivaNova, DePuy Synthes Companies, Johnson & Johnson, Boston Scientific, Terumo Medical Corporation, Penumbra, Inc., Integer Holdings Corporation, Microport Scientific Corp

08-02-2018 11:53 AM CET | Health & Medicine

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Neurovascular Devices Market

Neurovascular Devices Market

Neurovascular devices market is witnessing an inflection point where unprecedented technological advancements and increased stringency of the regulatory framework are aptly bringing a transformation in the business model. The industry players are emphasizing on both reliability and quality of product through the entire process of designing, manufacturing, and merchandizing. On a wider spectrum, three major rationales – a paradigm transition from volume to outcome-based approach, extensive proliferation of healthcare IT, and lastly strict regulatory oversight, are critically influencing the commercialization matrix of neurovascular devices industry.

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Speaking of the growth potential of neurovascular devices market, it is deemed to be humongous. The exponentially increasing stroke rate worldwide stands as a strong testimony to the aforesaid fact. Statistics related to stroke prevalence is indeed alarming, especially in the U.S. According to WHO, nearly 15 million people worldwide suffer from stroke every year. A major chunk of this figure comes from U.S. Data claims the stroke is the fifth leading cause of death in the United States with nearly 795,000 people having a stroke annually. The astoundingly mammoth prevalence is bound to generate a considerably massive demand for advanced devices, which would drive U.S. neurovascular devices industry size. In fact, U.S. accounted for nearly 85.2% of global neurovascular devices market share in 2017.

Growth Drivers:

1. Increasing number of brain aneurysm and ischemic strokes in U.S.
2. Rising demand for surgical procedures with minimum invasion
3. Advancement in process in developed regions
4. Government initiatives to modernize and expand healthcare infrastructure across the globe

Major players of global neurovascular devices market are Johnson & Johnson (Depuy Synthes), Penumbra, Medtronic, Stryker and Terumo Corporation.

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According to a recent report put forth by Centers for Disease Control and Prevention, almost 87% of the overall strokes can be categorized under ischemic strokes, which mainly occur due to obstruction of blood flow to brain. It has been found that the disease can be successfully addressed by endovascular surgical techniques which generally require advanced level neurovascular devices. With continuous development in product design in tandem with the encouraging initiatives by the government with regards to stroke management, neurovascular devices industry share from ischemic strokes therapeutics was nearly 43% of the overall valuation in 2017. The demand has further prompted renowned neurovascular devices market giants to brainstorm newer innovations in the business space.

Citing a relevant instance, Israeli based Rapid Medical has recently made its way to the front page with the development of two controllable interventional neurovascular devices for the treatment of stroke- a Comaneci mesh, a device for brain aneurysm treatment and Tigertriever stent retriever, for treating ischemic stroke.

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