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Saving Lives: Emerging Trends in Neurovascular Embolization Devices
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According to The Business Research Company's, The neurovascular embolization devices market size has grown strongly in recent years. It will grow from $1.15 billion in 2023 to $1.23 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to the increased prevalence of neurovascular disorders, the rising geriatric population, the demand for minimally invasive procedures, improved healthcare infrastructure, and increased healthcare expenditure.
The neurovascular embolization devices market size is expected to see strong growth in the next few years. It will grow to $1.60 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to expanding applications in emerging markets, emphasis on patient-centric care, rising awareness about neurovascular disorders, advancements in imaging technologies, and increasing investments in research and development. Major trends in the forecast period include personalized treatment approaches, integration of artificial intelligence in treatment planning, the emergence of next-generation embolic materials, shift towards outpatient and ambulatory procedures and development of innovative embolization techniques
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Market Drivers and Trends:
The increase in instances of autoimmune diseases is expected to propel the growth of the kinase inhibitors market going forward. Autoimmune diseases are a broad group of disorders characterized by an abnormal immune response in which the immune system mistakenly attacks and damages healthy cells, tissues, and organs. The growing prevalence of autoimmune diseases is due to changes in lifestyle and diet, environmental pollution, genetic predisposition, stress, microbial imbalances, and the increasing incidence of chronic diseases like obesity and diabetes. Kinase inhibitors provide therapeutic benefits for autoimmune diseases by modulating the immune system, reducing inflammation, and alleviating symptoms such as psoriatic and rheumatoid arthritis. For instance, in December 2022, according to the National Psoriasis Foundation, a US-based non-profit organization serving people with Psoriasis and psoriatic arthritis, Psoriasis affected more than 8 million people in America and 125 million individuals worldwide, or 2 to 3% of the population. Furthermore, in September 2022, according to the Centers for Disease Control and Prevention, a US-based national public health agency, Diabetes was diagnosed in 28.7 million people of all ages, or 8.7% of the US population, and 5.7% of all US individuals with confirmed Diabetes-or 1.6 million people aged 20 and older-reported having type 1 diabetes and requiring insulin. Therefore, the increase in instances of autoimmune diseases is driving the growth of the kinase inhibitors market.
Major companies operating in neurovascular embolization devices are focused on developing products with advanced technology, such as shield technology, to treat brain aneurysms and gain a competitive edge in the market. Shield Technology refers to an advanced feature aimed at enhancing the efficacy and safety of the devices and contributing to the overall durability and longevity of the embolization devices. For instance, in June 2022, Medtronic PLC, an Ireland-based healthcare technology company, launched the Pipeline Vantage with Shield Technology, a fourth-generation flow diverter in India. It has enhanced design features to improve ease of use and reliability during endovascular procedures. The device promotes cell growth in the inner lining of the blood vessel, providing a scaffold that contributes to the minimally invasive treatment of aneurysms, reduces the risk of rupture, and improves patient outcomes.
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Major Key Players of the Market:
Johnson & Johnson, Abbott Laboratories, Medtronic plc, Heraeus Holding, Stryker Corporation, Boston Scientific Corporation, Kaneka Corporation, Terumo Corporation, B Braun Melsungen AG, Cook Medical LLC, Integer Holdings Corporation, Merit Medical Systems Inc, Penumbra Inc, Asahi Intecc Co Ltd, MicroVention Inc, Balt USA LLC, Imperative Care Inc, InNeuroCo Inc, Acandis GmbH & Co KG, Rapid Medical Ltd, Emboline Inc, InspireMD Inc, QXMedical LLC, Vesalio LLC, EmbolX Inc
Neurovascular Embolization Devices Market 2024 Key Insights:
• The neurovascular embolization devices market size is expected to see strong growth in the next few years. It will grow to $1.60 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Rising Hemorrhages Drive Neurovascular Embolization Devices Market Growth
• Advanced Neurovascular Devices To Address The Significant Medical Needs
• North America was the largest region in the neurovascular embolization devices market in 2023
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