Neurovascular Devices Market Overview:
Global Neurovascular Devices Market was valued at $2,371 million in 2016, and is estimated to reach $3,409 million by 2023, growing at a CAGR of 5.3% during the study period. Neurovascular devices (such as coils) aid in treatment of various neurovascular disorders such as cerebral aneurysms and intracranial atherosclerotic disease. Rise in geriatric population and upsurge in number of patients suffering from neurovascular disorders are expected to drive the market growth. Moreover, increase in adoption of new minimally invasive techniques such as flow diversion and carotid artery stenting boosts the market growth. However, high cost of the devices and dearth of neurosurgeons are expected to impede the market growth.
Rise in Incidence of Neurovascular Disorders and Geriatric Population
As per the estimates of the Centers for Disease Control and Prevention, more than 795,000 people in the U.S. suffer from stroke every year. In addition, rise in geriatric population poses risk for increase in incidence of neurovascular disorders (such as stroke). For instance, according to The Internet Stroke Center, nearly 75% of strokes occur in people over the age of 65. Moreover, the risk of having a stroke doubles after the age of 55.
Growth in Asia-Pacific Region
Asia-Pacific offers lucrative opportunities for the growth market owing to presence of large pool of patients suffering from neurovascular disorders such as stenosis, AVM, and strokes. According to a journal published by Public Library of Science (PLOS) in 2013, China is estimated to have 2.5 million new stroke cases every year. Hence, high incidence of stroke and aneurysm makes it an attractive market for neurovascular devices.
Innovation in Treatment
The market has witnessed evolution of innovative treatment techniques, which in turn has improved the management of neurovascular disorders. For instance, with the introduction of flow diversion stent, the need to treat aneurysms with complex bypasses has dropped significantly.
Global Neurovascular Devices Market Segmentation
The global neurovascular devices market is segmented on the basis of product, disease pathology, and region. Based on product, the market is classified into embolization devices, revascularization devices, accessory devices, thrombectomy devices, and emboli protection devices. By disease pathology, it is divided into aneurysm, arteriovenous malformation & fistulas (AVM), ischemic stroke, and stenosis. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key companies operating in the market include Stryker Corporation, Medtronic Plc., Johnson & Johnson, Terumo Corporation, Penumbra, Inc., Integer Holdings Corporation, Microport Scientific Corporation, Merit Medical Systems, Inc., and W.L. Gore & Associates, and Acandis GmbH & Co. KG.
South Africa: Neurovascular Devices Market, 2016-2023 ($Million)
- The study provides an in-depth analysis of the global neurovascular devices market, with current trends and future estimations, to elucidate the imminent investment pockets.
- Quantitative analysis from 2016 to 2023 is expected to enable the stakeholders to capitalize on prevailing market opportunities.
- Comprehensive analysis of all geographical regions is provided to determine the prevailing opportunities.
- Extensive analysis is conducted by closely following key product positioning and monitoring the top contenders within the market framework.
Neurovascular Devices Market Key Segments:
- Embolization Devices
- Embolic Coils
- Bare Detachable Coils
- Coated Detachable Coils
- Coil Assist Stent
- Revascularization Devices
- Carotid Artery Stents
- Flow Diversion Stents
- Accessory Devices
- Thrombectomy Devices
- Clot Retrieval Devices
- Suction & Aspiration Devices
- Embolic Protection Devices
- Distal Filter Devices
- Balloon Occlusion Devices
By Disease Pathology
- Arteriovenous Malformation and Fistulas (AVM)
- Ischemic Stroke
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA