Neurovascular Devices Market Size, Share & COVID-19 Impact Analysis, By Device Type (Stenting Systems, Embolization Devices, Neurothrombectomy Devices, and Support Devices), By Application (Cerebral Aneurysms, Ischemic Stroke, and Others), By End-user (Hospitals, Specialty Clinics, and Others), and Regional Forecast, 2023-2030

The neurovascular devices market size was USD 3.15 billion in 2022 and is projected to grow from USD 3.43 billion in 2023 to USD 6.51 billion by 2030, exhibiting a CAGR of 9.6% during the forecast period. North America to Hold Dominant Share Backed by High Diagnosis and Treatment Rates.

Neurovascular devices include stenting systems, embolization devices, and neurothrombectomy devices for treating neurovascular disorders such as brain aneurysms. The increasing prevalence of these disorders among the population and rising government initiatives to create awareness regarding treatment options are expected to fuel the product demand to manage these diseases.

• According to the data published by the Centers for Disease Control and Prevention (CDC) in January 2021, around 800,000 people suffer a stroke in the U.S. annually, with more than 75% occurring in people aged 65 years and above.


• Also, as per the Brain Aneurysm Foundation in 2022, around 15.0 million people suffer strokes globally every year. It is also estimated that around 6.7 million people have an unruptured brain aneurysm, and brain aneurysm rupture occurs in around 30,000 people in the U.S. annually.

Along with this, the increasing research and development activities among market players to develop technologically advanced devices are expected to spur the market growth.

COVID-19 IMPACT 

Decline in the Number of Patient Visits During COVID-19 Hampered Market Proliferation

The market witnessed slow growth due to temporary shutdown of neurovascular clinics and the higher focus of healthcare providers toward COVID-19 patients. Moreover, decrease in the number of visits to neurovascular clinics and supply chain disruptions impacted the sales of neurovascular devices.

• For instance, as per an article published by CDC in 2020, in the 10 weeks following the COVID-19 national emergency declaration, Emergency Department (ED) visits declined by 20% for stroke.

Major players witnessed a slow growth in their sales generated from neurovascular devices portfolio due to the COVID-19 pandemic resulting from the supply-demand gap.

• For instance, Stryker’s neurovascular segment generated a revenue of USD 973.0 million in 2020 and reported a slow growth of 5.3% from prior year revenues. The slow revenue growth was due to the significant impact of COVID-19 on non-essential surgical procedures.


• Similarly, MicroPort Scientific Corporation’s neurovascular segment generated a revenue of USD 32.9 million in 2020 and reported a slow growth of 19.2% from prior year revenues. The company’s global supply chain was impacted, disrupting its logistics capabilities. Also, the company observed a considerable decline in non-essential surgeries in the most affected regions by COVID-19.

However, with the release of lockdown restrictions, the number of neurovascular clinic visits increased significantly resulting in faster recovery of the market in 2021 worldwide.

Furthermore, a few companies witnessed growth in their revenue in 2021 due to the recovery of the market from the COVID-19 pandemic and increased demand for neurovascular devices.

• For instance, in 2021, Stryker generated a revenue of USD 1,188.0 million and observed a growth of 22.1% as compared to 2020.

LATEST TRENDS 

Request a Free sample to learn more about this report.

Rising Technological Advancements are Fueling the Neurovascular Devices Market Growth

Various players have been constantly investing in R&D to focus on underpenetrated areas of neurovascular interventions and introduce new products in the market. The development of new embolic coils, aspiration catheters based on advanced technologies, and revascularization devices for ischemic strokes are some of the leading examples of strong shift toward advanced neurovascular devices. Also, market players are heavily engaged in conducting clinical trials to establish the clinical efficiency of their pipeline products in treatment of different neurovascular conditions.

• For instance, Penumbra, Inc. is conducting a clinical trial called CHEETAH for its Indigo System CAT RX Aspiration Catheter to establish the performance and efficiency of these devices in clot retrieval. In November 2021, the company announced that the catheter achieved the primary endpoint in the Cheetah clinical study.


• In addition, NeuroVasc Technologies is conducting a clinical trial for its novel stent-retriever. In June 2022, the company announced the first patient treated in a clinical trial to evaluate its NeuroVasc Envi-SR novel stent-retriever for the endovascular treatment of ischemic stroke.

Ischemic strokes have been traditionally treated with alternative therapies, and a limited number of patients qualify for mechanical thrombectomy. Market players have identified the unmet needs and are focusing on introducing advanced devices to cater to the growing demand.

DRIVING FACTOR

Rising Incidence of Neurovascular Conditions to Surge the Demand for Neurovascular Devices

The increasing prevalence of neurovascular conditions such as stroke, cerebral aneurysms, and others is one of the significant factors contributing to the rising patient population globally. The prevalence of these neurovascular conditions is higher in the geriatric population.

• According to data published by American Heart Association, intracerebral hemorrhage (ICH) stroke is the most common type of stroke, accounting for 10%-15% of the estimated 795,000 strokes each year in the U.S. Whereas, around 18.9 million people around the world had an intracerebral hemorrhage in 2020.


• According to the 2020 report by the U.S. Census Bureau, geriatric population increased from 39.6 million in 2009 to 54.1 million in 2019. The number is estimated to reach 94.7 million in 2060.

This has been pivotal in increasing the demand for neurovascular devices such as aspiration and thrombectomy devices for interventional procedures. Furthermore, this has been facilitated by the reimbursement policies being laid down in various countries, which has fueled the preference toward these procedures, thereby driving the growth of the global market.

Increasing Government Initiatives to Create Awareness of Neurovascular Diseases to Fuel Market Augmentation

Neurological disorders requiring interventional treatment are among the conditions that do not show physical symptoms in the early stages. This has been a significant reason for the critical nature of these conditions. This has generated a need to establish a well-developed plan for efficient and timely diagnosis of these conditions.

Various global & national agencies and public & non-profit organizations have been actively focusing on establishing such plans to effectively and timely manage neurological conditions that require intervention.

• For instance, in May 2021, a declaration for the Stroke Action Plan was signed by the Ukrainian MoH for Europe to fight against stroke. This action was supported by the European Stroke Organization (ESO).


• Additionally, in 2019, the national plan for stroke was launched by the Ukraine’s Ministry of Health (MoH) to implement changes, ensure investments, and achieve technical excellence.

Such initiatives undertaken by hospitals, healthcare systems, associations/societies, and government health departments to improve diagnosis are projected to present a large patient pool undergoing treatment. This combined with developing healthcare infrastructure in emerging countries and introducing technologically advanced products for neurovascular interventional procedures is anticipated to surge the demand and adoption of these devices.

RESTRAINING FACTORS

Misdiagnosis or Delayed Diagnosis of Brain Aneurysms to Limit Device Demand

Several government and private agencies are striving to establish clinical plans and guidelines and implement various initiatives to promote early and efficient diagnosis of patients suffering from neurological disorders.

However, despite the efforts of these organizations, there are many cases of delayed diagnosis or misdiagnosis of brain aneurysms due to the failure to conduct brain imaging scans, lack of expertise among the physicians and errors, especially in emergency departments.

• For instance, according to data published by the Brain Aneurysm Foundation in 2022, in the U.S., almost one of every four patients with brain aneurysms is misdiagnosed or receives a delayed diagnosis.

Moreover, the rate of delayed diagnosis or misdiagnosis is considerably higher in developing countries such as India and China. The delay in these countries is mainly attributed to the factors such as limited awareness among the general population toward neurological disorders, limited access to well-developed healthcare infrastructure, and lack of established guidelines and plan of action by governing bodies.

Such factors are expected to limit the market growth during the forecast period.

SEGMENTATION

By Device Type Analysis

To know how our report can help streamline your business, Speak to Analyst

Embolization Devices Segment to Lead Owing to Growing Product Launches by Market Players

Based on device type, the market is segmented into stenting systems, embolization devices, neurothrombectomy devices, and support devices. 

The embolization devices segment held the largest share in 2022, owing to increasing patient pool undergoing treatment for cerebral aneurysms. In addition, an increasing number of new devices, such as the POD Embolization Anchoring Device (Penumbra Inc.), among others with advanced features, fueled the demand for this segment during neurovascular intervention procedures.

The neurothrombectomy devices segment is expected to register a significant CAGR during the forecast period. The rising prevalence of acute ischemic stroke and the increasing number of product launches by prominent players are resulting in the growing demand for the neurothrombectomy devices segment.

• For instance, in April 2019, Medtronic announced the launch of the Solitaire X Revascularization Device in the U.S. to remove blood clots in the brain.

Moreover, the stenting systems segment is expected to account for a significant market share owing to the growing end-user preference for minimally invasive neurological procedures.

By Application Analysis

Cerebral Aneurysms Segment is Projected to Dominate Owing to the Growing Number of Patients 

Based on application, the market is segmented into cerebral aneurysms, ischemic stroke, and others. The cerebral aneurysms segment dominated the market in 2022, owing to the growing prevalence of cerebral aneurysms globally and the availability of new devices for treating the condition.

• For instance, due to the clinically proven efficiency of these procedures in treating the condition, embolization and thrombectomy are among the most preferred procedures for treating cerebral aneurysms. This has been pivotal in the higher demand for devices in the treatment of cerebral aneurysm in the global market.

Ischemic stroke segment is expected to grow at a higher CAGR owing to the increasing incidence of ischemic stroke globally.

• For instance, as per the Center for Disease Control and Prevention (CDC) in 2020, ischemic stroke was by far the most common type of stroke, accounting for about 87.0% of all strokes.

The others segment is expected to grow in the market owing to the increasing prevalence of hypertension, alcohol consumption, and smoking among the population, which boosts the others segment.

By End-user Analysis

Hospitals Segment is Projected to Dominate Owing to the Higher Adoption of Cutting-edge Technologies in Hospitals

Based on end-user, the market is segmented into hospitals, specialty clinics, and others.

Hospitals dominated the market in 2022. The dominance is due to increasing hospitalizations of patients suffering with neurovascular diseases and the comparatively higher adoption of cutting-edge technology-based neurovascular solutions in hospitals.

• According to various national hospital databases in the U.S., the U.K., and other countries, neurovascular conditions were among the leading causes of inpatient admissions in these countries during 2014-2019.

Specialty clinics segment accounted for a significant share of the market in 2022. The segment is expected to grow at a significant CAGR during the forecast period owing to increasing number of specialty clinics in developed countries and the developing healthcare infrastructure and facilities in emerging countries such as China, India, and Brazil.

REGIONAL INSIGHTS

To get more information on the regional analysis of this market, Request a Free sample

On the basis of region, North America accounted for the highest neurovascular devices market share and generated a revenue of USD 1.35 billion in 2022. The region is anticipated to dominate the market in the coming years owing to the growing prevalence of various neurological disorders and higher diagnosis and treatment rates.Moreover, growing healthcare expenditure supporting neurological care in the region and adequate reimbursement for various neurological disorders will promote the adoption of advanced, novel treatment options in the region. For example, private and government health insurers, such as Medicare, Medicaid, and others, provide favorable reimbursement policies for neurovascular products, including all embolic and liquid coils.

On the other hand, Europe is likely to hold a substantial share of the market. The growth is mainly attributed to the increasing importance of the proper management of neurovascular conditions, rising product launches intended for the treatment of neurovascular diseases, and growing efforts by prominent players operating in the market to expand their geographical presence. In addition, new product approvals are primarily contributing to the market growth.

• For instance, in April 2019, Medtronic received approval for extended applications of its Pipeline Flex embolization devices, which were earlier limited for use in adults suffering from cerebral aneurysms.

The market in Asia Pacific is expected to grow at a significant CAGR during the forecast period due to the increasing prevalence of geriatric population likely to develop various neurovascular conditions. Growing strategic initiatives by key players to expand the penetration of various devices in the regional market and rising awareness regarding new and recent treatments among the patient population are some factors influencing the market growth.

• For instance, in January 2021, Genesis Medtech collaborated with Penumbra, Inc. to expand the neurovascular market in China.

Further, Latin America is expected to grow at a moderate growth rate during the forecast period. Increasing awareness regarding the diseases among the general population, rising prevalence of various brain-related disorders, and rising technological advancements by key players to introduce new devices in the region are some of the major factors responsible for the market growth in the region.  

• For instance, in August 2022, Wallaby Medical announced the launch of pRESET thrombectomy device in Brazil.

Similarly, growing collaboration and partnerships among key players to expand their geographical presence and improving healthcare infrastructure are a few factors driving the market growth in Latin America and the Middle East & Africa.

KEY INDUSTRY PLAYERS

Stryker to Lead the Market with Strong Product Portfolio

This consolidated market is dominated by neurovascular devices players such as Stryker, Medtronic, Terumo Corporation, and Penumbra Inc. Stryker dominated the market in 2022 and accounted for a significant market share. The company's dominance is due to its focus on launching technologically advanced medical devices to strengthen its neurovascular product portfolio. Furthermore, the company’s increasing emphasis on opening R&D to enhance its product development is also responsible for its market dominance.

• For instance, in December 2022, Stryker announced the launch of a state-of-the-art Neurovascular R&D lab with advanced technology to accelerate stroke care innovation.

With strategic mergers and acquisitions, Medtronic is increasing its focus on approving and introducing devices globally. This strong emphasis on R&D to develop and launch devices for various neurological conditions to cater to the rising population's rising demand is expected to contribute to the company’s market share. 

• In May 2019, Medtronic announced the launch of Phenom 21 Catheter, a 160cm long microcatheter used to deliver all sizes of Solitaire X. This revascularization device is used to treat acute ischemic stroke.

The growing investment of other players in research & development activities for developing advanced technologies for the condition is resulting in increased demand for devices for the treatment of neurovascular diseases. These factors are expected to increase these companies' market share in the future.

• In June 2022, NeuroVasc Technologies, Inc. announced the first patient treated in a clinical trial to evaluate its novel stent-retriever intended to treat acute ischemic stroke.

LIST OF KEY COMPANIES PROFILED:

• Medtronic (U.S.)


• Penumbra, Inc. (U.S.)


• Stryker (U.S.)


• Johnson and Johnson Services, Inc. (CERENOVUS) (U.S.)


• MicroPort Scientific Corporation (China)


• Acandis GmbH (Germany)


• MicroVention, Inc. (U.S.)


• NeuroVasc Technologies, Inc. (U.S.)


• Asahi Intecc USA, Inc. (U.S.)


• Perflow Medical Ltd. (Israel)

KEY INDUSTRY DEVELOPMENTS

• October 2022 - Medtronic announced the launch of Neurovascular Co-Lab Platform designed to accelerate urgently needed innovation in stroke care and treatment.


• September 2022 - Penumbra, Inc. announced the launch of RED reperfusion catheters for stroke care in Europe.


• June 2022 - MicroPort Scientific Corporation completed the first commercial implantation with its independently developed Numen Coil Embolization System (Numen) in the U.S.


• September 2020 - CERENOVUS, part of Johnson & Johnson Medical Devices Companies, announced the launch of CERENOVUS Stroke Solutions. It includes three devices designed to aid physicians in clot removal procedures.


• June 2020 - MicroPort Scientific Corporation announced that its wholly-owned subsidiary, MicroPort Scientific India Private Limited completed a strategic investment in Purple Medical Solutions Private Limited. The main aim behind this joint venture is to focus on the company's R&D, production, and sales of medical devices and to expand its presence in emerging markets.


• August 2020: Stryker announced the launch of Surpass Evolve Flow Diverter in the U.S. market. This device was considered the first 64-wire cobalt-chromium flow diverter in the US, which is used to redirect blood flow and encourage aneurysm healing.

REPORT COVERAGE

An Infographic Representation of Neurovascular Devices/Interventional Neurology Market

View Full Infographic

To get information on various segments, share your queries with us

The market research report covers a detailed analysis and overview. It focuses on key aspects such as competitive landscape, device type, application, end-user, and region. Besides this, it offers insights into the market drivers, market trends, market dynamics, COVID-19 impact on the market, and other key insights. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market in recent years.

Report Scope & Segmentation