U.S. Neurovascular Devices Market Size, Share & Industry 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 Forecast, 2024-2032

The U.S. neurovascular devices market size was worth USD 1.41 billion in 2023 and is projected to grow at a CAGR of 10.3% during the forecast period.

Neurovascular disease causes narrowing of the arteries, which hinders blood supply to the brain and spinal cord. Neurovascular diseases can lead to brain aneurysms, and vascular malformation, stroke. Neurovascular devices such as flow diversion stents, neurothrombectomy devices, and others can be used to treat these diseases, by preventing aneurysm rupture in patients.

The increasing burden of neurovascular diseases has fueled the demand for these devices, fueling market growth. For instance, as per the data published by Brain Aneurysm Foundation, every year around 30,000 people in the U.S. suffer from brain aneurysm rupture every year.

After the outbreak of COVID-19 market experienced slow growth in 2020. The slow growth was due to the postponement of non-emergency procedures. Some procedures were delayed and patients managed with the help of medications to control the spread of the virus.

LATEST TRENDS

Adoption of Technologically Advanced Devices

The incidence of neurovascular diseases has been increasing significantly in the country. For instance, as per the Centers of Disease Control and Prevention, around 795,000 people in the U.S. yearly suffer from a stroke.

To control the prevalence of these diseases, market players have increased their focus on developing and commercializing these devices.

• For instance, in June 2022, NeuroVasc Technologies, Inc. announced the first patient treated during the clinical trial to study the efficacy and safety of its device NeuroVasc Envi-SR, an innovative stent-retriever for endovascular treatment of ischemic stroke.

DRIVING FACTORS

Growing Demand for Minimally Invasive Procedures has been Fueling the Demand for Neurovascular Devices

Demand for minimally invasive procedures has been increasing as compared to open surgeries, due to benefits such as fast recovery and comparatively shorter hospital stays.

Along with the increasing demand for minimally invasive procedures, market players have also increased their focus on the commercialization of neurovascular devices.

• In September 2022, CERENOVUS, part of Johnson & Johnson Services, Inc., announced the launch of minimally invasive CERENOVUS Stroke Solutions. It involves three devices that are designed to help physicians in clot removal procedures.

In addition, several research studies are ongoing for treating neurovascular diseases using minimally invasive procedures.

• For instance, in January 2023, Fluidx Medical Technology, Inc. announced an update on the in-vivo research going on to study the safety and efficacy of IMPASS Embolic Device for Middle Meningeal Artery (MMA) embolization indicated for chronic subdural hematomas (CSDH). The minimally invasive procedure conducted with IMPASS Embolic Device effectively treated Chronic Subdural Hematomas (CSDH). This research study used minimally invasive catheter-based MMA embolization as an alternative to surgical treatment.

Moreover, there are fever complications associated with minimally invasive procedures such as fewer scars and tissue injury, quicker recovery period, shorter hospital stay, lower risk of infection, reduced blood loss, and trauma. Such benefits are projected to fuel the U.S. neurovascular devices market growth during the forecast period.

RESTRAINING FACTORS

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High Cost of Devices Due to Complex Manufacturing Process to Restrict the Market Growth

Designing and developing medical devices that must be inserted in the human body is difficult due to the complex human body system and anatomical locations. The designing, development, and approval of such medical devices require high capital investments throughout the process, from research & development to marketing of approved products.

Every step of the process is challenging for a medical device manufacturer, and the complexities at each step pile up the investments, leading to higher costs for the final marketed device. The complexities of peripheral vascular devices are far different from neurovascular devices, which pose challenges of miniature sizes, accurate designs, and other technical requirements.

• According to various cost analytical studies, the average cost of an aspiration catheter from Penumbra Inc., called 5MAX ACE, costs around USD 4,900 per procedure. Moreover, a stent retriever from various manufacturers costs around USD 9,500 per procedure.

Such high costs tend to limit its adoption among the population, thereby negatively impacting the market growth.

In 2022, around 30,000 people in the U.S. suffered from a brain aneurysm. Moreover, around 795,000 people suffered from stroke in the same year.

SEGMENTATION

By Device Type Analysis

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

The embolization devices segment dominated the market in 2022. Due to the higher adoption of advanced devices in the U.S. and favorable reimbursement policies for neurovascular devices.

• For instance, private and government health insurers, such as Medicare, Medicaid, and others, provide favorable reimbursement policies for neurovascular products, including all kinds of embolic and liquid coils.

By Application Analysis

On the basis of application, the market is segmented into cerebral aneurysms, ischemic stroke, and others.

The cerebral aneurysms segment dominated the market in 2022 and is expected to grow significantly during the forecast period. The segment's dominance is attributed to the increasing prevalence of cerebral aneurysms and adequate reimbursement for these devices in the country.

By End-user Analysis

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

The hospitals segment accounted for the significant U.S. neurovascular devices market share and is expected to grow at a highest CAGR. The dominance of the segment is due to the higher adoption of minimally invasive and technologically advanced devices by healthcare professionals across U.S. hospitals and increasing hospitalizations of patients suffering from neurovascular diseases.

KEY INDUSTRY PLAYERS

Stryker accounted for the maximum market share in 2022. The company's dominance in the U.S. market was due to its focus on launching new advanced devices to strengthen its neurovascular device portfolio. Moreover, the company also emphasized the opening of R&D centers for the development of advanced devices.

• 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.

Other major players, including Penumbra, Inc., MicroPort Scientific Corporation, and NeuroVasc Technologies, Inc. are focusing on receiving approval from regulatory bodies to expand their product portfolio and strengthen their market share.

LIST OF KEY COMPANIES PROFILED:

• Medtronic (Ireland)
• Penumbra, Inc. (U.S.)
• Stryker (U.S.)
• Johnson and Johnson Services, Inc. (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. This launch enhanced the company’s product portfolio for neurovascular devices.
• April 2021 – Perflow Medical Ltd. announced the launch of Cascade 17 Non-Occlusive Remodeling Net to the European market for the treatment of intracranial aneurysms and acute ischemic stroke.

REPORT COVERAGE

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The U.S. market research report provides a detailed analysis of the market. It includes key points such as an overview of technological advancements, prevalence of neurovascular diseases in the U.S., and others. Additionally, it includes adoption of these devices in the U.S., new product launches, key industry developments such as mergers, collaborations, & acquisitions, and the impact of COVID-19 on the market. Besides this, the report also offers insights into the market trends and highlights key industry dynamics. In addition to the aforementioned factors, it encompasses several factors that have contributed to the growth of the market in recent years.

Report Scope & Segmentation