by Neurovascular devices are medical devices used for the diagnosis and treatment of neurovascular disorders such as aneurysm, arteriovenous malformation, and ischemic stroke. These devices are primarily intended for the endovascular coiling or stenting of brain aneurysms, arteriovenous malformations, and stenting or angioplasty for ischemic stroke conditions. Some key neurovascular devices include occlusion devices, embolic coils, flow diverters, liquid embolic agents, carotid stents, neurothrombectomy devices among others. The increasing prevalence of neurovascular diseases such as brain aneurysm and stroke, favorable reimbursement scenario, and technological advancements in neurovascular techniques are some of the major factors responsible for the growth of the neurovascular devices market.
The Global Neurovascular Devices Market is estimated to be valued at US$ 3.05 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Neurovascular Devices Market are 3M, Convatec Group PLC, Smith & Nephew PLC, Urgo Medical, and Coloplast Corporation, among others. Key players are focusing on new product launches and regulatory approvals to expand their product portfolios. For instance, in 2019, Balt received FDA approval for its Extent Stent System for intracranial atherosclerotic disease treatment.
The major opportunities in the neurovascular devices market are growing research in neurology, increasing adoption of minimally invasive neurosurgery and emergence of bioabsorbable stents and flow diversion devices. Further, technological advancements in devices such aspipeline embolization devices for brain aneurysms and flow diverters are expected to provide new growth opportunities over the forecast period.
The global neurovascular devices market is expanding significantly driven by increasing awareness regarding neurovascular disorders. Key players are focusing on geographic expansions in emerging markets of Asia Pacific and Latin America. For instance, in 2021, Stryker acquired Alpinion Medical Systems, a diagnostic ultrasound system provider present in South Korea, to expand its neurovascular business in Asia Pacific.
Market drivers
The key driver responsible for the growth of the neurovascular devices market is the rising prevalence of neurovascular disorders globally. According to WHO, strokes affect over 15 million people worldwide every year. Further, brain aneurysm affects around 6 million people globally. The increasing number of these cases requiring surgical treatment is expected to drive the demand for neurovascular devices such as occlusion devices, embolic coils, flow diverters etc. Further, growing patient preference for minimally invasive surgeries due to advantages such as shorter hospital stays and faster recovery is also contributing to the market growth.
PEST Analysis
Political: Changes in healthcare policies and regulations regarding the approval and usage of neurovascular devices can impact the market.
Economic: Economic growth, rising disposable incomes and increasing healthcare spending influences market growth.
Social: Increasing incidences of neurological disorders and growing demand for minimally invasive procedures drive the market.
Technological: Advancements in materials, design and manufacturing technologies used for neurovascular devices aids faster recovery and better clinical outcomes. Development of bioabsorbable stents and flow diverters expands treatment options.
The geographical regions where the neurovascular devices market in terms of value is concentrated include North America and Europe. North America currently holds the largest share supported by established healthcare facilities, sophisticated insurance structure and demographic trends of an aging population. Europe is the second largest market due to growing focus on neurovascular disorders and availability of advanced medical technologies.
The fastest growing region for the neurovascular devices market is Asia Pacific. Factors such as improving healthcare infrastructure, rising healthcare expenditure, growing incidence of neurovascular disorders coupled with expanding base of private hospitals are fueling market growth. In addition, favorable government policies to improve access to healthcare services and emergence of regional players offering cost-effective neurovascular devices drive the market in Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.
