Neurovascular Devices Market 2023 to 2028 Opportunities | Insights and Competitive Landscape
Neurovascular Devices Market in terms of revenue was estimated to be worth $3.6 billion in 2023 and is poised to reach $5.5 billion by 2028, growing at a CAGR of 8.7% from 2023 to 2028 according to a new report by MarketsandMarkets™. The neurovascular devices market is mainly driven by rising incidence of neurovascular diseases, availability of medical reimbursements for neurovascular procedures, expansion of healthcare infrastructure across emerging economies, increased focus of players on boosting the research in novel neurovascular devices, and growing demand for minimally invasive surgical procedures.
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However, shortage of skilled neurosurgeons and high procedural cost of neurovascular, stringent regulatory approval process are some of the key challenge faced by the leading players in the global neurovascular devices market.
Cerebral Aneurysms Segment is expected to account for the largest neurovascular devices market share in 2022, by disease pathology
Based on disease pathology, the neurovascular devices market is segmented into cerebral aneurysm, ischemic strokes, carotid artery stenosis, arteriovenous malformations & fistulas, and other disease pathologies (includes cavernous malformations and moyamoya disease). The cerebral aneurysm segment is anticipated to hold the largest market share of neurovascular devices market. The increasing market demand for neurovascular devices for aneurysm treatment can be attributed mainly to the presence of neuro-interventional devices for cerebral aneurysm such as embolic coils, increase in the technological advancement in the neurovascular devices, and rise in the cases of cerebral aneurysm globally.
The ambulatory care centers segment is anticipated to register highest CAGR during the forecast period.
Based on end user, the neurovascular devices market is segmented into hospitals & surgical centers, ambulatory care centers, and research laboratories and academic institutes. The ambulatory care centers segment is projected to register the highest CAGR during the forecast period. Rising number of ambulatory surgery centers across developed countries, along with the ease of scheduling, the focused clinical staff, the improved productivity and the increased safety, and efficacy of these centers, and growing preference of minimally invasive surgical processes are the major factors that are expected to drive the growth of ambulatory care centers segment in the coming years.
North America to dominate the global neurovascular devices market
Based on the region, the neurovascular devices market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America accounted for the largest share of neurovascular devices market. The large share of North America can be attributed to the high adoption of neurovascular devices in the region, the strong presence of device manufacturers, and the availability of significant R&D investments for product development.
Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to the presence of a large target patient population, rising awareness on the advantages of minimally invasive neurosurgical processes., geographical expansion of players in region, and government initiatives to modernize & expand healthcare infrastructure.
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Neurovascular Devices Market Dynamics:
Drivers:
- Rising incidence of neurovascular diseases
- Availability of medical reimbursements for neurovascular procedures
- Expansion of healthcare infrastructure across emerging economies
- Rising demand for effective neurovascular therapies
Restraints:
- Shortage of skilled neurosurgeons
- High procedural cost of neurovascular surgeries and associated products
Opportunities:
- Rising R&D activities for neurovascular therapies
- Growing preference for minimally invasive neurosurgical procedures
Challenges:
- Stringent regulatory approval process for medical devices
Key Market Players:
Major players in neurovascular devices market include Stryker (US), Johnson & Johnson (US), Medtronic plc (US), Terumo Corporation (Japan), and Penumbra, Inc. (US).
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Recent Developments:
- In December 2022, Stryker (US) established a new research & development facility at International Park, Gurgaon, India, intending to accelerate innovations in neurovascular devices for stroke treatment
- In February 2022, Johnson & Johnson (US) launched the EMBOGUARD, a balloon guide catheter for treating acute ischemic stroke.
- In January 2021, Penumbra, Inc. (US) and Genesis Medtech (Australia) collaborated to expand Penumbra’s market capabilities in China by commercializing and producing novel neurovascular products in China.
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