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Neurovascular Devices Market 2019: Key Growth Drivers and Current Industry Trends | Top Key Players like Terumo, Penumbra, phenox, Integer Holdings, Medtronic, Stryker, Acandis, and Memry Corporation
Neurovascular Devices Market to 2027
The market for neurovascular devices is expected to grow significantly due to factors such as increasing incidences of neurovascular diseases, rising demand for minimally invasive procedures, and significantly growing aging population. However, factor such as high cost of embolization coils and lack of expert professionals are the major restraining factors for the growth of the market.
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The major players operating in the neurovascular devices market include, Medtronic plc, Stryker Corporation., Johnson & Johnson Services, Inc., Acandis GmbH & Co. KG., MicroPort Scientific Corporation, Terumo Corporation, Penumbra, Inc., phenox GmbH, Integer Holdings Corporation, and Memry Corporation. The companies have carried out various organic and inorganic growth strategies in the market which has assisted in strengthening their product offering in the market.
Support devices segment held the major share among the product segment in the neurovascular devices market
Global neurovascular devices market was segmented by product, application and end user. On the basis of the product the market is segmented as neurothrombectomy devices, aneurysm coiling & embolization devices, cerebral balloon angioplasty & stenting systems and support devices. Based on the application the market is segmented into cerebral aneurysms, ischemic strokes, arteriovenous malformation & fistulas and other applications. The end user segment is classified into hospitals, ambulatory surgical centers and specialized clinics.
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Strategic Insights
Organic and inorganic growth strategies were observed in global neurovascular devices industry. The organic strategies were conducted more compared to the inorganic strategies for the neurovascular devices. For instance, in July, 2019, Penumbra Inc. has launched its JET 7 Reperfusion Catheter which has been incorporated with the XTRA FLEX Technology. The product is considered to be useful for physicians to extract thrombus in acute ischemic stroke patients. Thus, the organic strategy has enabled the company to grow its business in the market.
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