Neurovascular Devices Market Growth & Trends
The global neurovascular devices market size is anticipated to reach USD 4.2 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.9% from 2021 to 2028. Increasing incidence of neurological disorders such as stroke, brain aneurysm, cerebral artery stenosis, are fueling the market growth. For instance, the Stroke Association states, more than 100,000 people suffer from stroke every year in the U.K. Thereby, the numbers reveal the high demand for neurovascular equipment, thus leading to market growth.
Decreased postoperative pain, a speedy recovery is leading to increasing adoption of minimally invasive surgeries and triggering the growth of R&D in this field. The endovascular coiling used for the treatment of intracranial aneurysm is one of the minimally invasive procedures and is widely recommended by physicians. As compared to the bare-platinum coils, HydroCoils (MicroVention, Tustin, California, USA) has enabled the treatment of more complex aneurysmal structures with lower recurrence rates. Thus, the rising demand for minimally invasive procedures is further fueling the market growth.
Patients suffering from Covid-19 have subsequently exhibited neurologic symptoms that are expected to create a favorable environment for market growth. For instance, as per the study in Lancet, 1 in 3 COVID patients who recovered have neurological and mental health disorders. The study was led by Oxford University researchers and included over 2 lakh COVID patients who recovered from the disease. Such instances will surge the demand for neurovascular equipment. Thus, COVID-19 might have a positive impact on the market in the coming years.
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Neurovascular Devices Market Report Highlights
- The cerebral embolization and aneurysm coiling devices segment dominated the market in 2020 due to soaring incidence of cerebral artery stenosis, increase in the number of technologically advanced product launches by key players and surge in R&D
- Based on therapeutic application, the stroke segment dominated the market in 2020 due to escalating prevalence of stroke globally and the launch of technologically advanced products by the market players
- North America led the market with the maximum revenue share in 2020 owing to the rising prevalence of stroke and brain aneurysm, growing disposable income, and presence of major players in the region
Neurovascular Devices Market Segmentation
Grand View Research has segmented the global neurovascular devices market on the basis of device, therapeutic application, and region:
Neurovascular Device Outlook (Revenue, USD Million, 2016 - 2028)
- Cerebral Embolization and Aneurysm Coiling Devices
- Embolic coiling
- Flow Diversion Devices
- Liquid Embolic agents
- Cerebral Angioplasty and Stenting Systems
- Carotid Artery Stents
- Embolic Protection Systems
- Neurothrombectomy Devices
- Clot Retrieval Devices
- Suction Devices
- Vascular Snares
- Support Devices
- Micro Catheters
- Micro Guidewires
Neurovascular Device Therapeutic Application Outlook (Revenue, USD Million, 2016 - 2028)
- Cerebral Artery Stenosis
- Cerebral Aneurysm
- Aneurysmal Subarachnoid Hemorrhage
Neurovascular Device Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
List of Key Players of Neurovascular Devices Market
- MicroPort Scientific Corporation
- Penumbra, Inc.
- Stryker Corporation
- Johnson & Johnson Services, Inc.
- MicroVention, Inc.
- Codman Neuro
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.