Neurovascular Devices/Interventional Neurology Market is expected to reach USD 5.4 billion by 2031 | Johnson & Johnson (US)Medtronic PLC, Stryker Corporation (US)

The global Neurovascular Devices/Interventional Neurology Market was valued at USD 2.9 billion in 2021 and it is anticipated to grow up to USD 5.4 billion by 2031, at a CAGR of 6.5% during the forecast period.

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Neurovascular devices are used to treat neurological disorders. These include coils, stents, and clips that are used to treat neurovascular disorders such as brain aneurysm. These devices are widely used in the treatment and diagnosis of various types of peripheral and central nervous system disorders and ailments. Various neurovascular illnesses, such as cerebral aneurysms and intracranial atherosclerotic disease, are treated with neurovascular implants.

Market Trends and Drivers

A rise in the number of neurovascular disorders in the developed countries is expected to boost market growth. An increase in the prevalence of neurological and cerebrovascular conditions such brain aneurysms and ischemic strokes will have a positive impact on market demand. Additionally, the rapidly growing aging population and large population base suffering from ischemic stroke is another major factor driving the market statistics. Another major factor such as rapidly ageing population and large population base suffering from ischemic stroke will drive the industry growth. For instance, according to the American Association of Neurological Surgeons, approximately 700,000 people suffer from stroke each year, with approximately 500,000 of these being first attacks and 200,000 being victims of repeated attacks. Almost a quarter of people who recover from their first stroke will have another within five years. Such a scenario is expected to drive demand for neurovascular devices in the United States.

An ischemic stroke occurs when the blood supply to a part of the brain is cut off. A blood clot that becomes lodged in a narrow blood vessel usually causes the block. The loss of body functions controlled by that area of the brain is caused by the blood clot. To avoid such situations, neurosurgeons employ a variety of neurovascular devices, such as the neurovascular thrombectomy device. This device is useful for removing blood clots that have formed in the neurovascular vessels during an acute ischemic stroke. Such scenarios will drive market trends.

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Market Restraints and Challenges

Stringent government regulations for medical device approval may hinders the market progression. Several key neurovascular device manufacturers such as Stryker and Medtronic Plc. have been successful in the development and subsequent commercialization of their respective products during the last decade. These products were primarily intended for interventional use during neurovascular surgeries. However, across the mature markets (particularly in the US), the developmental pipeline for interventional neurology products is affected mainly by pricing pressure faced by the key product manufacturers as a result of unsupportive government reforms undertaken in the last three years. Some of these unsupportive government regulations and reforms include the Patient Protection and Affordable Care Act that was suspended for a two-year period commencing January 1, 2018, got reinstated in 2020. The law imposes a 2.3% excise tax on the sale in the US of certain medical devices by a manufacturer, producer, or importer. Regulatory laws in the US require substantial scientific evidence for clinical trials conducted on human subjects to confirm the safety, efficacy, & risk profile of specific medical devices intended for a particular therapeutic application including for neurovascular intervention.

Major Players in the Global Neurovascular Devices/Interventional Neurology Market

The key players in the market Johnson & Johnson (US)Medtronic PLC, Stryker Corporation (US), Terumo Corporation (Japan), , Penumbra, Inc. (US), MicroPort Scientific Corporation (China), Kaneka Corp. (Japan), Integer Holdings Corporation, BALT (France), Perflow Medical, and Phenox GmbH (Germany), among others.

COVID-19 Impact

The COVID-19 pandemic has moderate impact on the market. During the pandemic, the vast majority of elective brain surgeries were postponed to make room for people being treated for the virus. Furthermore, as hospitals postponed elective admissions and treatments, hospital admissions began to fall in March 2020. In addition, physicians' focus has shifted from in-person care to telemedicine, and many people have put off seeking medical help.

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Global Neurovascular Devices/Interventional Neurology Market Segmentation

By Product

Embolic Coils
Carotid Stents
Intracranial Stents
Catheters
Embolic Protection Devices
Flow Diverters
Neurothrombectomy Devices
Intrasaccular Devices
Balloon Systems
Stent Retrievers
Guidewires
Others

By Process

Neurothrombectomy Procedure
Cerebral Angiography Technique
Carotid Endarterectomy (CEA)
Stenting
Microsurgical Clipping
Coiling
Flow Diversion
Others

By Therapeutic Application

Brain Aneurysm
Stenosis
Ischemic Strokes
Others

By End-use

Hospitals
Ambulatory Surgical Centers
Clinics
Others

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This release was published on openPR.