"Designing Growth Strategies is in our DNA"

Neurovascular Devices/ Interventional Neurology Market Size, Share & Industry Analysis, By Device Type (Stenting Systems, Embolization, Neurothrombectomy and Support Devices), By Application (Cerebral Aneurysms, Ischemic Stroke and Others), By End User (Hospitals, Specialty Clinics and Others) and Regional Forecast, 2019-2026

Region : Global | Format: PDF | Report ID: FBI101684

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global neurovascular devices market size was valued at 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.

COVID-19 Cover

We are in process of revamping Neurovascular Devices/Interventional Neurology Market with respect to COVID-19 Impact.

Request Sample

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 neurointerventional 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 market neurovascular devices market growth.


 

Request a Free sample to learn more about this report.


However, the high cost associated with the treatment is one of the major factors limiting the adoption of these systems 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.


MARKET DRIVERS


“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 and reimbursement for neurovascular diseases, especially in emerging countries is anticipated to further augment the growth of the neurovascular devices market, 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 their Increasing Adoption”


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.


SEGMENTATION


By Device Type Outlook


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


“Embolization Devices Segment is Expected to Dominate the Interventional Neurology 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 systems 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 accounted for the second largest share of the global market, owing to the increasing prevalence of ischemic strokes worldwide. This segment includes 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.


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 systems is anticipated to boost their adoption for the treatment of neurovascular disorders.


By Application Outlook


“Ischemic Stroke Segment is Expected to Grow at a Faster Pace during the Forecast Period”


In terms of application, the  neurovascular devices 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 interventional neurology market 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 these products in the forecast period. The other segment in application includes neurovascular diseases such as arteriovenous malformation and stenosis that also require neurovascular devices like catheters, guidewires for the treatment.


By End User Outlook


“Hospitals Hold the Highest Share Among End User Segment in 2018”


On the basis of end user, the neurovascular devices 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 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.


REGIONAL ANALYSIS


North America Neurovascular Devices Market Size, 2018

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


The market in 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 is the major factor 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 is an ischemic stroke.


Europe accounted for the second largest share in the neurointerventional devices 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 neurovascular devices market in the region. Besides, the increasing healthcare expenditure and high adoption of technologically advanced systems in countries like Germany, France, and the U.K. are expected to fuel the adoption of neurointerventional devices during the forecast period.  


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.


INDUSTRY KEY PLAYERS


“Stryker, Medtronic plc, and Johnson & Johnson Services, Inc., Dominate the Interventional Neurology Market”


Lading players in the neurovascular devices industry are Stryker, Medtronic plc, 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 these 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 market are Merit Medical Systems, W. L. Gore & Associates, Inc., Terumo Corporation and MicroPort Scientific Corporation.


LIST OF KEYCOMPANIES Neurovascular Devices COVERED :



  • Medtronic plc

  • Penumbra, Inc.

  • Stryker

  • Terumo Corporation

  • Johnson & Johnson Services, Inc.

  • Merit Medical Systems

  • W. L. Gore & Associates, Inc.

  • MicroPort Scientific Corporation

  • Other Players


KEY INDUSTRY DEVELOPMENTS:



  • February 2021 – Medtronic announced the expansion of its limited site release for their recently acquired radial artery access portfolio from RIST Neurovascular, Inc.

  • January 2021 – Genesis MedTech Group and Penumbra, Inc. announce a strategic collaboration to expand their neurovascular market in China. The company has made a decision to complete the acquisition of Hua MedTech to form a neurovascular franchise.

  • December 2020 –Terumo Corporation announced the launch of their WEB embolization system, an intrasaccular aneurysm treatment device, in Japan.


REPORT COVERAGE


The neurovascular devices market 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 ongoing 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.


An Infographic Representation of Neurovascular Devices/Interventional Neurology Market

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



Report Scope & Segmentation











































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD Billion)



Segmentation



By Device Type



  • Stenting Systems

  • Embolization

  • Neurothrombectomy

  • Support Devices



By Application



  • Cerebral Aneurysms

  • Ischemic Stroke

  • Others



By End User



  • Hospitals

  • Specialty Clinics

  • Others



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)



Frequently Asked Questions

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.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • Nov, 2019
  • 2018
  • 2015-2017
  • 150

    CHOOSE LICENSE TYPE

  • $4850
    $5850
    $7850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X