Global Neurovascular Devices Market to Reach USD 7.1 Billion by 2032 with 9% CAGR, Driven by Rise in Neurological Disorders and Preference for Minimally Invasive Surgery

The global market size of neurovascular devices was USD 3.27 billion in 2022 and is expected to achieve USD 7.1 billion in 2032 with a revenue CAGR of 9% during the forecast period. The growth of the market is primarily driven by the increase in neurological disorders, such as stroke, aneurysms, and Arteriovenous Malformations (AVM), along with the surge in the preference for minimally invasive surgical techniques. The demand for neurovascular devices is escalating due to the rising incidence of stroke worldwide, which is the second leading cause of mortality and the third major cause of disability, as stated by the World Health Organization (WHO). Hence, there is an increase in demand for neurovascular devices to treat acute ischemic stroke and hemorrhagic stroke. The need for neurovascular devices is also propelled by the aging population as they are more vulnerable to neurological problems.

The market revenue growth of neurovascular devices is fueled by the trend towards minimally invasive surgery. Lesser incisions and shorter hospital stays during minimally invasive procedures lead to faster recoveries and lower medical care expenses. Therefore, the demand for minimally invasive neurovascular devices such as stents, coils, and embolic agents has risen significantly in recent years. Furthermore, the development of neurovascular technology such as bioresorbable stents is contributing to the revenue growth of the market. These stents are intended to break down over time, reducing the risk of long-term complications such as thrombosis and restenosis. Moreover, the creation of flow diversion devices has transformed the treatment of complicated brain aneurysms by redirecting blood flow away from the aneurysm.

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Segments Covered in the Report

The neurovascular devices market is segmented by product type outlook and end-use outlook. In terms of product type outlook, the market is segmented into embolization coils, carotid stents, clot retrievers, flow diverters, balloon catheters, microcatheters, neurovascular accessory devices, and others. The embolization coils segment is expected to have a significant revenue share owing to the increase in demand for minimally invasive procedures. The carotid stents segment is expected to show significant growth due to the rising prevalence of carotid artery diseases. The clot retrievers segment is expected to grow due to an increase in the number of cases of acute ischemic stroke and a rise in awareness regarding the benefits of thrombectomy procedures. The flow diverters segment is also expected to show substantial growth due to its ability to treat complex aneurysms.

In terms of end-use outlook, the market is segmented into hospitals, ambulatory surgical centers, clinics and research institutes, and others. The hospitals segment is expected to hold a significant revenue share due to the increasing number of neurovascular surgeries and the rising prevalence of neurological disorders. The ambulatory surgical centers segment is expected to show significant growth due to the advantages associated with minimally invasive surgeries, such as reduced recovery time and lower cost of treatment. The clinics and research institutes segment is expected to grow due to an increase in the number of research studies on neurovascular devices and procedures.

The regional scope of the neurovascular devices market includes North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to hold the largest revenue share due to the increasing incidence of stroke and aneurysms in the region, along with the growing aging population. Europe is expected to show significant growth due to the rising prevalence of neurological disorders and an increase in government funding for research and development. The Asia Pacific region is expected to show substantial growth due to the increasing healthcare expenditure and the rising prevalence of neurological disorders. Latin America and the Middle East & Africa are also expected to show growth due to an increase in awareness regarding neurological disorders and the benefits of neurovascular procedures.

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Strategic development:

Several notable strategic developments have occurred in the medical device industry in recent years. In March 2021, Stryker Corporation acquired OrthoSensor, which is a company that specializes in sensor technology for orthopedic surgeries. This acquisition enables Stryker to expand its product portfolio and increase its footprint in the orthopedic market.

Similarly, in December 2020, Boston Scientific Corporation completed its acquisition of Preventice Solutions, a company that develops remote monitoring and diagnostic technologies. This acquisition allows Boston Scientific to enhance its digital health offerings in the cardiac space.

Medtronic has also been actively developing new medical devices. In 2020, the company launched the Solitaire X stent retriever, which is designed to remove blood clots in stroke patients with high success rates. Additionally, Medtronic launched the Pipeline Flex embolization device in 2021, which provides improved support and flexibility during brain aneurysm procedures.

Terumo Corporation also made a significant acquisition in 2020 when it acquired Quirem Medical, a company that develops microspheres for targeted radiation therapy. This acquisition will enable Terumo to expand its product offerings in the interventional oncology space.

Johnson & Johnson also expanded its presence in the robotics market through its acquisition of Auris Health in 2020. Auris Health specializes in developing robotic technologies for lung cancer diagnosis and treatment.

Furthermore, these companies have also launched new medical devices to address various medical conditions. In 2021, Stryker launched the Neuroform Atlas Stent System to treat brain aneurysms, while Boston Scientific launched the Vercise Genus Deep Brain Stimulation System to treat Parkinson's disease in 2020. Additionally, Penumbra, Inc. launched the Penumbra System with Lightning 12 to remove blood clots in stroke patients, and Terumo launched the Ultimaster Tansei drug-eluting stent to treat coronary artery disease in 2020. These devices are designed to improve patient outcomes and reduce the risk of complications during procedures.

Competitive Landscape:

The medical devices industry is highly competitive, with several major players operating in the market. Some of the key companies in this industry include Stryker Corporation, Medtronic, Boston Scientific Corporation, Penumbra, Inc., Terumo Corporation, Johnson & Johnson, MicroPort Scientific Corporation, Abbott Laboratories, W. L. Gore & Associates, Inc., Integra LifeSciences Corporation, and Acandis GmbH.

Stryker Corporation is a leading player in the orthopedic market and has a strong presence in the neurovascular market. The company is focused on developing innovative products and expanding its product portfolio through strategic acquisitions. In 2021, Stryker launched the Neuroform Atlas Stent System, a device used to treat brain aneurysms.

Medtronic is a leading player in the medical devices industry, with a strong focus on developing products for the treatment of cardiovascular and neurological diseases. The company has a wide range of products in its portfolio, including stent retrievers, embolization devices, and deep brain stimulation systems. In 2021, Medtronic launched the Pipeline Flex embolization device, a device used to treat brain aneurysms.

Boston Scientific Corporation is a global leader in the medical devices industry, with a strong focus on developing products for the treatment of cardiovascular and neurological diseases. The company has a wide range of products in its portfolio, including remote monitoring and diagnostic technologies, deep brain stimulation systems, and devices for the treatment of Parkinson's disease. In 2020, Boston Scientific launched the Vercise Genus Deep Brain Stimulation System.

Penumbra, Inc. is a leading player in the neurovascular market, with a strong focus on developing innovative devices for the treatment of stroke. The company has a wide range of products in its portfolio, including the Penumbra System with Lightning 12, a device used to remove blood clots in stroke patients.

Terumo Corporation is a global leader in the medical devices industry, with a strong focus on developing products for the treatment of cardiovascular and neurological diseases. The company has a wide range of products in its portfolio, including microspheres for targeted radiation therapy and drug-eluting stents. In 2020, Terumo launched the Ultimaster Tansei drug-eluting stent.

Overall, the medical devices industry is highly competitive, with several major players operating in the market. Companies in this industry are focused on developing innovative products and expanding their product portfolios through strategic acquisitions to gain a competitive advantage.

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In conclusion, the global Neurovascular Devices Market is highly competitive, with a few major players dominating the market. These companies are actively involved in developing new technologies and products, investing in research and development, and engaging in strategic partnerships and collaborations to maintain their market share and drive revenue growth.

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