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Neurovascular Devices Market to Expand at 9.6% CAGR During 2023-2030; Growing Prevalence of Neurovascular Conditions to Facilitate Market Augmentation

March 29, 2023 | Healthcare

The global neurovascular devices market size is projected to show robust growth by attaining USD 6.51 billion valuation by 2030. Fortune Business Insights™ in its report titled “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” observes that the market size stood at USD 3.15 billion in 2022 and is projected to reach USD 3.43 billion in 2023. The market is expected to witness a strong CAGR of 9.6% during 2023-2030. Launch of new and advanced products by industry leaders, increasing occurrence of neurovascular diseases, and growing government efforts to create awareness regarding neurovascular diseases are the factors aiding market proliferation.


Stryker Corporation Announces Launch of Surpass Evolve Flow Diverter Following the U.S. FDA Approval


In August 2020, Stryker Corporation unveiled the Surpass Evolve Flow Diverter in the U.S. market after getting approval from the U.S. Food and Drug Administration. Since its launch in Europe last year, the technology has been approved in 45 countries across the world and more than 1,500 patients have benefitted from it. It is the first 64-wire cobalt chromium flow diverter launched in the U.S., which can successfully re-direct blood flow to promote aneurysm healing.


Reduced Patient Visits to Neurovascular Clinics Amid the Pandemic Inhibited Market Progression


The temporary closure of neurovascular clinics and increased focus of healthcare providers on COVID-19 patients affected the neurovascular devices market growth negatively. Furthermore, a substantial fall in the number of patient visits to neurovascular clinics and supply chain disturbances hampered market augmentation amid the pandemic. For example, according to the CDC, in 2020, in the 10 weeks following the COVID-19 national emergency declaration, Emergency Department (ED) visits for stroke decreased by 20%. Industry leaders of neurovascular devices also recorded reduced sales and revenues, owing to the halt on non-essential surgical procedures.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/neurovascular-devices-interventional-neurology-market-101684


Growing Prevalence of Neurovascular Conditions to Facilitate Market Augmentation 


The rising occurrence of neurovascular conditions such as cerebral aneurysms, stroke, and others is a key contributor to the increasing patient population worldwide. Growing geriatric population also results in a rise in the number of incidences of neurovascular conditions as the elderly are more vulnerable to them. As per the report published by the U.S. Census Bureau in 2020, geriatric population grew from 39.6 million in 2009 to 54.1 million in 2019. The number is estimated to reach 94.7 million in 2060. Moreover, the announcement of reimbursement policies in several economies will elevate the preference for such procedures, thus driving market growth.


On the other hand, increasing incidences of delayed or misdiagnosis of neurovascular conditions owing to lack of expertise of health professionals or unavailability of healthcare infrastructure will hinder market expansion in the forthcoming years.


Partnerships and Collaborations Between Industry Leaders to Drive Market Augmentation


Leading companies in the global market are participating in strategic developments such as mergers and acquisitions, product launches, partnerships, and others to boost revenue generation and garner larger profits. For example, in June 2020, MicroPort Scientific India Private Limited, a subsidiary of the MicroPort Scientific Corporation, completed a strategic investment in Purple Medical Solutions Private Limited. The primary aim behind this joint venture is to focus on the production and sales of medical devices and to expand the company’s presence in emerging markets.


Notable Industry Development



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


List of Key Companies Profiled in the Report:



  • 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)


Further Report Findings



  • Based on device type, the embolization devices segment dominated the market of neurovascular devices in 2022 due to increasing number of patients undergoing treatment for cerebral aneurysms.

  • As per end-user, the hospitals segment captured the largest neurovascular devices market share in 2022 owing to the growing adoption of advanced technology-based solutions and rising number of hospitalizations.

  • Regionally, the North America market held a major market share in 2022. Rising healthcare expenditure for neurological care and availability of reimbursement policies for neurological disorders are the factors credited for regional market augmentation.


Table of Segmentation


























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 9.6% from 2023-2030



Unit



Value (USD billion)



Segmentation



By Device Type, Application, End-user, and Region



By Device Type




  • Stenting Systems

  • Embolization Devices

  • Neurothrombectomy Devices

  • Support Devices



By Application




  • Cerebral Aneurysms

  • Ischemic Stroke

  • Others



By End-user




  • Hospitals

  • Specialty Clinics

  • Others



By Region




  • North America (U.S. and Canada)

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

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

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

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


Neurovascular Devices/Interventional Neurology Market
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  • 2022
  • 2019-2021
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