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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.
Along with this, the increasing research and development activities among market players to develop technologically advanced devices are expected to spur the market growth.
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.
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.
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.
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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.
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.
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.
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.
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.
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.
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.
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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.
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.
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.
Ischemic stroke segment is expected to grow at a higher CAGR owing to the increasing incidence of ischemic stroke globally.
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.
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.
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.
North America Neurovascular Devices Market Size, 2022 (USD billion)
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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.
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.
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.
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.
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.
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.
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.
An Infographic Representation of Neurovascular Devices/Interventional Neurology Market
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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.
CAGR of 9.6% from 2023-2030
Value (USD billion)
By Device Type, Application, End-user, and Region
Fortune Business Insights says that the global market stood at USD 3.15 billion in 2022 and is projected to reach USD 6.51 billion by 2030.
The market is expected to exhibit a CAGR of 9.6% during the forecast period (2023-2030).
The embolization devices segment is set to lead the market by device type.
The key factors driving the market are rising incidence of neurovascular conditions, increasing demand for minimally invasive procedures, and increasing research & development activities by the major market players.
Medtronic, Stryker, and Penumbra, Inc. are the top players in the market.
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