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The global neurovascular devices market size was USD 2.26 billion in 2018 and is projected to reach USD 4.28 billion by 2026, exhibiting a CAGR of 8.3% during the forecast period.
Neurovascular devices are used in the treatment of neurovascular disorders. The neurovascular diseases are a result of inadequate or restricted flow of blood and oxygen to the brain and can result in severe disability or even death of the patient. This can lead to incidence of strokes, brain aneurysms, arteriovenous malformations (AVMs), and stenosis. According to the World Health Organization (WHO), globally an estimated 15.0 million people every year suffer from strokes.
Globally, the adoption of neurovascular devices is being driven by multiple factors such as increasing number of strokes, high demand for minimally invasive surgeries and availability of adequate reimbursement for treatment of neurovascular diseases. The introduction of technologically advanced neurovascular devices such as flow diverters and carotid artery stents, supported by strong clinical data, are propelling the neurovascular devices/interventional neurology market growth rate.
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However, the high cost associated with the treatment is one of the major factors limiting the adoption of these devices in the global market. For instance, in the U.S, the economic cost burden of strokes is estimated to be over USD 30.0 Billion annually, including direct and indirect medical costs. Also, lack of awareness is observed among patients in emerging countries about strokes and neurovascular conditions, which is hampering the growth of the neurovascular devices market.
“Increasing Number of Strokes Globally is Accelerating the Growth of the Market”
Neurovascular devices are prominently used in the endovascular treatment for strokes, which is the second leading cause of death globally and the fifth leading cause of death in the U.S. Various factors including rapid urbanization, sedentary lifestyle and stress have been responsible for increasing number of strokes globally. According to the Brain Aneurysm Foundation, an estimated 6 million Americans each year suffer from cerebral aneurysms. The condition is also responsible for a half-million deaths globally each year. These trends are presenting a large patient pool requiring treatment. This along with growing awareness among patient population towards availability of treatment, devices, and reimbursement for neurovascular diseases, especially in emerging countries is anticipated to further augment the growth of the neurovascular devices, during the forecast period. Various government, and non-profit organizations in emerging countries including China, and India are actively involved in creating awareness among the general population, regarding types of neurovascular diseases, symptoms, measures to be taken in case of emergency, along with available treatment options.
“Availability of Reimbursement for Neurovascular Devices, Especially in Developed Economies is Leading to Increasing Adoption of these Devices”
Treatment of strokes exerts a huge cost burden for patients. In developed countries such as the U.S., the average annual cost per person for the treatment of ischemic stroke is estimated to be around USD 73,000 to USD 77,300. Thus, the availability of reimbursement through public and private health insurance has been critical in the adoption of neurovascular devices in this country. In emerging countries of Asia Pacific like Japan and China, initiatives have been taken by government and non-government organizations in enhancing and implementing reimbursement policies for treatment of neurovascular diseases. This factor is anticipated to increase the number of patients undergoing treatment.
“Embolization Devices Segment is Expected to Dominate the Neurovascular Devices Market”
Embolization of intracranial hemorrhages and cerebral aneurysms has remained the primary area of focus in the neurovascular field. The dominance of embolization devices segment is attributed to embolic coils that have clinically proven efficient in the treatment of cerebral aneurysms, backed by strong clinical data demonstrating the superiority of these devices over surgical clipping procedures. Additionally, market players are currently focusing on developing new and cost-effective devices in this segment. This is projected to fuel the demand for these devices, owing to the increasing incidence of cerebral aneurysms, and the availability of comparatively low-cost products in the forecast period.
Neurothrombectomy devices accounted for the second largest share of the global market, owing to the increasing prevalence of ischemic strokes worldwide. This segment includes devices such as clot retrievers and aspiration systems. These have been efficient in removal of the blockage from the blood vessels in the brain, and prevention of ischemic strokes.
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On the other hand, stenting systems segment includes flow diverters and carotid artery stents. Flow diverters are used to treat complex cerebral aneurysms that cannot be treated by embolic coils alone. These devices can also be coupled with coils in order to treat both the aneurysms sac and the blood vessels. Thus, novel applications of these devices are anticipated to boost their adoption for the treatment of neurovascular disorders.
“Ischemic Stroke Segment is Expected to Grow at a Faster Pace during the Forecast Period”
In terms of application, the interventional neurology market can be segmented into cerebral aneurysms, ischemic stroke and others. The cerebral aneurysms segment is projected to register a significant CAGR during the forecast period. The growing prevalence of cerebral aneurysms globally, combined with the availability of new devices for the treatment of the condition, are factors anticipated to fuel the neurovascular devices market share & growth.
However, the ischemic stroke segment is expected to grow at a faster pace by the end of 2026 due to increasing incidence of ischemic strokes globally. For instance, according to the Centers for Disease Control and Prevention, about 87% of strokes are caused by blockage of blood flow in the brain (ischemia). Also, the American Heart Association recommends the use of stent retrieval devices to remove blood clots to prevent ischemic stroke in patients. Thus, the increasing cases of ischemia are anticipated to increase the demand for neurovascular devices in the forecast period. The other segment in the application includes neurovascular diseases such as arteriovenous malformation and stenosis that also require neurovascular devices like catheters, guidewires for the treatment.
“Hospitals Hold the Highest Share Among End User Segment in 2018”
On the basis of end user, the neurovascular devices/interventional neurology market can be segmented into hospitals, specialty clinics, and others. The hospital segment is anticipated to have a dominant share in the market during the forecast period. The dominance is due to a higher adoption rate of neurovascular devices in the hospitals owing to the increasing patient pool suffering from neurovascular diseases.
Specialty clinics accounted for a comparatively lower share of the market in 2018. Lower adoption of technologically advanced systems and devices by these settings, especially in emerging countries, along with inadequate reimbursement for patients, are some factors leading to moderate growth of the segment in the global market.
North America generated a revenue of USD 954.5 Million in 2018 and is anticipated to emerge dominant in the neurovascular devices market during the forecast period. The increasing prevalence of neurovascular diseases with the high demand for minimally invasive surgeries are the major factors responsible for the dominance of North America in the market. For instance, according to the Centers for Disease Control and Prevention, in the U.S every year more than 795,000 people have a stroke and about 87% of them an ischemic stroke.
Europe accounted for the second-largest share in the neurovascular devices /interventional neurology market. In 2015, according to Stroke Alliance for Europe (SAFE), the direct healthcare cost associated with the treatment of strokes in Europe was an estimated USD 22.2 Billion. Thus, the increasing prevalence of neurovascular diseases among the adult and geriatric population of Europe is anticipated to drive the growth of the market in the region. Besides, the increasing healthcare expenditure and high adoption of technologically advanced devices in countries like Germany, France, and the U.K. are expected to fuel the adoption of during the forecast period.
North America Neurovascular Devices Market Size, 2018
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On the other hand, Asia Pacific is projected to register a higher CAGR during the forecast period due to the rapidly increasing geriatric population with neurovascular disorders. For instance, according to United Nations Population Fund, the geriatric population in Asia Pacific is rising at an unprecedented rate and is estimated that by 2050 one in four people in this region will be above 60 years of age. Also, the emerging market in some countries like Japan, China and India is expected to contribute to the growth of Asia Pacific market. Latin America and Middle East & Africa are anticipated to witness a moderate CAGR during the forecast period owing to the developing health care infrastructure and increasing prevalence of neurovascular disorders.
“Stryker, Medtronic, and Johnson & Johnson Services, Inc., Dominate the Interventional Neurology Market”
The interventional neurology market has been dominated by players such as Stryker, Medtronic, and Johnson & Johnson Services, Inc. The presence of strong and diversified portfolio, along with a wide distribution network are primary factors attributed to the dominance of these players in the global market. For instance, in 2019 Stryker received premarket approval from the U.S FDA for neuroform atlas stent system, for the treatment of brain aneurysms. Along with the strong distribution network, the key players are also emphasizing on acquisitions to offer a diverse and technologically advanced range of neurovascular devices in the market. For instance, in December 2016, Codman Neuro, a subsidiary of Johnson & Johnson Services, Inc., acquired Pulsar Vascular Inc., a company providing technology for neurovascular treatment of complex aneurysms with an aim to strengthen its product portfolio. Other players engaged in the neurovascular devices/ interventional neurology market are Merit Medical Systems, W. L. Gore & Associates, Inc., Terumo Corporation and MicroPort Scientific Corporation.
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The report provides detailed information regarding various insights of the market. Some of them are growth drivers, restraints, competitive landscape, regional analysis, and challenges. It further offers an analytical depiction of the neurovascular devices market trends and estimations to illustrate the forthcoming investment pockets. The market is quantitatively analyzed from 2019 to 2026 to provide the financial competency of the market. The information gathered in the report has been taken from several primary and secondary sources.
Value (USD Billion)
By Device Type
By End User
Based on the detailed study conducted by Fortune Business Insights, the market was valued at USD 2.26 Billion in 2018.
Fortune Business Insights has estimated the value of the market at USD 4.28 Billion in 2026.
. The neurovascular devices market is projected to grow at a CAGR of 8.3% during the forecast period.
In 2018, North America accounted for around 42.1% of the global neurovascular devices market and was valued at USD 954.5 Million.
Rising prevalence of strokes among the global population and the introduction of technologically advanced neurovascular devices by market players are the key drivers of the neurovascular devices market.
Stryker, Medtronic and Penumbra, Inc., are the companies that dominated the neurovascular devices market in 2018.
Many neurovascular devices are being developed at present, which are based on various approaches based on advanced technologies and are expected to be launch in the forecast period, which will see a high adoption among patients suffering from neurovascular disorders.
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