Neurovascular Devices Market Worldwide Industry Analysis, Future Demand and Forecast till 2030

Neurovascular Devices Market Overview -

The Neurovascular Devices Market is experiencing substantial growth, driven by the rising incidence of neurological disorders and advancements in minimally invasive surgical techniques. These devices are specifically designed to treat conditions affecting blood vessels in the brain, including aneurysms, ischemic strokes, and arteriovenous malformations (AVMs). One of the primary factors fueling market expansion is the increasing prevalence of strokes and aneurysms globally, attributed to factors such as aging populations and lifestyle-related risk factors. Neurovascular devices, such as stents, embolic coils, and flow diverters, are crucial in treating these conditions by restoring blood flow and preventing rupture or recurrence.

Market Research Future (MRFR) predicts the Neurovascular Devices Market to be worth more than USD 4.2 billion by 2030. MRFR also forecasts a 5.7% growth rate in the global market during the evaluation period (from 2022 to 2030).

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Moreover, technological innovations, such as the development of next-generation devices with improved efficacy and safety profiles, are driving market growth. These advancements enable neurosurgeons and interventional radiologists to perform complex procedures with greater precision and fewer complications. Additionally, the growing adoption of minimally invasive techniques, including endovascular procedures, is boosting the demand for neurovascular devices, as they offer benefits such as shorter recovery times and reduced hospital stays. Furthermore, increasing healthcare expenditure and improving healthcare infrastructure in emerging economies are creating lucrative opportunities for market players to expand their presence in these regions. However, challenges such as the high cost of neurovascular procedures and the stringent regulatory approval process may hinder market growth to some extent. Nevertheless, with ongoing research and development efforts aimed at enhancing device performance and expanding indications, the neurovascular devices market is poised for continued growth in the foreseeable future.

Market Players:

Key market players include:

Stryker
Medtronic
Johnson & Johnson Services Inc.
TERUMO CORPORATION
Abbott
Merit Medical Systems Inc.
Medikit Co. Ltd.
Penumbra Inc.
MicroPort Scientific Corporation
Evasc
Rapid Medical
Neuravi
Gore & Associates Inc.
OxfordEndovascular
Sensome
Blockade Medical LLC.
Delaware Corporation
Secant Group LLC
Gynesonics

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Neurovascular Devices Market Segmentation

The Neurovascular Devices Market is segmented by product, therapeutic application, and end-user.

Products offered in the market include cerebral angioplasty, neurothrombectomy devices, stenting systems, aneurysm coiling & embolization devices, and support devices. The aneurysm coiling & embolization devices segment is likely to perform exceptionally during the forecast period owing to the capacity of embolic coils to buttress weakened arteries. The effectiveness of these procedures is predicted to fuel segmental growth.

Therapeutic applications catered within the market include ischemic stroke and hemorrhagic stroke.

Key end-users include ambulatory surgical units and hospitals & clinics. The hospitals & clinics segment is expected to be the biggest contributor the market valuation owing to the emergence of various hospitals offering a plethora of options to treat spinal and neurological disorders.

Market Trends:

The market is projected to be disrupted by a shift toward natural materials or biomaterials that provide flexibility and porosity to devices. Secant Group has recently started making devices made from cobalt-chromium, platinum, nitinol, and other exotic alloys. The guidewires can help prevent aneurysms and ischemic strokes.

Endovascular coiling advancements have successfully reduced patient fatality rates. However, aneurysms with larger diameters and necks have served as deterrents. But the introduction of flow diversion devices (FDDs) has improved clinical outcomes. FDDs include a mesh stent to prevent blood flow into the aneurysm and a scaffold to promote endothelial growth.

Rapid Medical, an Israeli company, believes it has discovered a breakthrough cure for ischemic strokes. The operating physician can manipulate the Comaneci, a controllable mesh device, to cause an embolism. The company raised nearly $9 million in capital to expand into Germany.

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Neurovascular Devices Market Regional Insights

The Americas, Middle East and Africa (MEA), Asia Pacific (APAC), and Europe are among the regions covered. The Americas is expected to lead the global market in terms of demand and value due to an increase in cases of neurovascular illnesses such as arteriovenous malformations (AVMs), brain aneurysms, and others. The increased healthcare budget projected by governments within the area paired with reimbursement programs is expected to boost market demand over the forecast period.

The European neurovascular devices market is second, followed by APAC. The well-developed healthcare infrastructure and high frequency of neurological illnesses are factors likely to accelerate market expansion.

The APAC region is expected to increase rapidly over the projected period due to its large patient pool, need for minimally invasive treatments, and established economies in India and China. According to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the area would account for 12.4% of the world's geriatric population by 2050. Their sensitivity to neurological illnesses is predicted to drive demand for neurovascular devices through 2023.

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