| Report Code: A01947 | Pages: 250 | Aug 2020 | 12646 Views | ||
| Author(s) : Sanjivan Gill , Onkar Sumant | Tables: 98 | Charts: 80 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Neurovascular Devices Market
Request Now !The neurovascular devices market accounted for $2,935 million in 2019, and is expected to reach $3,712 million by 2027, registering a CAGR of 5.2% from 2020 to 2027.
Embolization devices segment is expected to witness a decline owing to delay in elective surgical embolization of un-ruptured aneurysm due to COVID-19 pandemic.
Neurovascular devices are employed in treatment of neurovascular disorders. For instance, neurovascular devices include clips, coils, and stents, which are used in treatment of neurovascular disorders such as brain aneurysm. Similarly, clot retrieval devices, suction & aspiration devices are employed for removal of blood clots form arteries and veins of brain, which can lead to fatal conditions such as stroke. Some other neurovascular devices include carotid artery stents, distal filter devices, and microcatheters. In addition, some neurovascular conditions that are treated by aid of neurovascular devices include aneurysm, arteriovenous malformation and fistulas, ischemic stroke, and stenosis.
Surge in geriatric population is the major factor that boosts the market growth. Furthermore, other factors such as rise in prevalence of neurovascular diseases and surge in adoption of neurovascular devices across the globe also contribute toward growth of the market. In addition, factors such as surge in technological advancements related to neurovascular devices also propel growth of the neurovascular devices market. However, high cost of neurovascular devices and dearth of qualified neurosurgeons to handle these devices restrict growth of the market. Conversely, high growth rate exhibited by developing nations provide lucrative opportunities for players operating in the neurovascular devices market.
Moreover, COVID-19 pandemic has also affected the market adversely. For instance, after COVID-19 was declared as a pandemic by the WHO, countries worldwide adopted nationwide lockdowns to observe social distancing as a measure to contain the spread. This led to disruption, limitation, challenges, and changes in each sector of every industry. Similarly, the neurovascular devices industry was also impacted by the pandemic. For instance, neurovascular devices are used in surgical operations. Thus, limited availability of medical care for conditions other than COVID-19 around the world has impacted the neurovascular market in a negative manner. Furthermore, limited availability of healthcare staff across the world is another factor, which has a negative effect on the neurovascular devices market. In addition, surgeries that are not urgent and can be postponed such as in case of brain aneurysm has also impacted market in a negative way. However, the ischemic stroke segment is less impacted as patients require urgent need for medical attention in case of ischemic stroke.
The global neurovascular devices market is segmented on the basis of product, disease pathology, and region to provide a detailed assessment of the market. By product, the market is divided into embolization devices, revascularization devices, thrombectomy devices, embolic protection devices, and accessory devices.
Moreover, these product categories are further divided into sub segments for a profound understanding. For instance, the embolization devices segment is divided into clippings, embolic coils, coil assist stents, and coil assist balloons. In addition, the embolic coils segment is further divided into bare detachable coils and coated detachable coils.
The revascularization device segment is further divided into carotid artery stents and flow diversion stents. In addition, the thrombectomy devices segment is divided into clot retrieval devices, suction & aspiration devices, and snares. The embolic protection devices segment is divided in distal filter devices and balloon occlusion devices. Similarly, the accessory devices segment is divided into microcatheters and micro guidewires. By disease pathology, the market is classified into aneurysm, arteriovenous malformation (AVM), stenosis, ischemic stroke, and others. By region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
On the basis of product, the embolization devices segment held a dominant share in 2019, owing to factors such as rise in prevalence of neurovascular diseases, which require use of embolization devices. For instance, neurovascular disorders such as arteriovenous malformations (AVMs), carotid artery diseases, and intracranial atherosclerotic diseases are highly prevalent and require use of embolization devices. Furthermore, other factors such as surge in launch of new and advanced neurovascular devices also contribute to growth of the market. In addition, the revascularization devices segment is expected to grow at the highest CAGR during the forecast period.
By disease pathology, the aneurysm segment occupied largest neurovascular devices market share in 2019, owing to surge in prevalence of the medical condition. In addition, the ischemic stroke segment is expected to grow rapidly during the forecast period.
In 2019, North America accounted for major share of the neurovascular devices market size, and is expected to continue this trend, owing to presence of large number of key players operating in the neurovascular devices market. For instance, some key players that operate in the region include Stryker Corporation, Penumbra, Inc., Johnson & Johnson, and Merit medical systems, Inc. Thus, presence of key players in the region leads to easy availability of neurovascular devices. Moreover, other factors such as surge in prevalence of neurovascular disorders is another major factor that boosts neurovascular devices market growth in the region. Moreover, Asia-Pacific is expected to exhibit fastest growth rate, owing to surge in awareness related to use of neurovascular devices. The other factors that boost neurovascular devices market growth include surge in healthcare expenditure.
The global neurovascular devices market is highly competitive and the prominent players in the market have adopted various strategies to garner maximum neurovascular devices market share. These include collaboration, product launch, partnership, and acquisition. Major players operating in the market include Medtronic Plc, Stryker Corporation, Penumbra, Inc., Johnson & Johnson, Terumo Corporation, Merit Medical Systems, Inc.., Integer Holdings Corporation, Acandis GmbH., W. L. Gore & Associates, Inc., and Microport Scientific Corporation.
Key Benefits For Stakeholders
Key Market Segments
By Product
By Disease Pathology
By Region
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The global neurovascular devices market include surge in prevalence of various neurovascular conditions such as aneurysm ischemic stroke and others, which require use of neurovascular devices. Furthermore, experts of key companies believe that factors such as surge in geriatric population and rise in adoption of neurovascular devices also fuel growth of the neurovascular devices market.
Moreover, other major factors that contribute toward growth of the market include launch of novel and advanced neurovascular devices in the market. Moreover, on the basis of region, the North America neurovascular devices market acquired majority share, owing to presence of huge geriatric population and surge and easy availability of neurovascular devices. Similarly, Asia-Pacific is expected to exhibit fastest growth rate during the forecast period, owing to factors such as surge in awareness associated with the use of neurovascular devices and rise in healthcare expenditure in countries such as India.
A. The total market value of neurovascular devices market is $2,935.01 million in 2019.
A. The forecast period for neurovascular devices market is 2020 to 2027
A. The market value of neurovascular devices market in 2019 is $2,602.18 million.
A. The base year is 2019 in neurovascular devices market
A. Top companies such as, Stryker Corporation, Johnson & Johnson, Medtronic plc, and Terumo Corporation dominated the global neurovascular devices market in 2019. These key players held a high market postion owing to the strong geographical foothold in different regions.
A. Revascularization devices segment is the most influencing segment as these devices are employed in unblocking obstructed or interrupted blood and hence can be used in highly prevalent neurovascular disorders such as stenosis and brain aneurysm.
A. The major factor that fuels the growth of the global neurovascular devices market includes rise in prevalence of neurovascular disorders such as stroke, aneurysm and stenosis which require the use of neurovascular devcies for treatment.
A. Asia-Pacific has the highest growth rate in the market which is growing due to the contribution of the following emerging countries such as China with a CAGR of 7.1%. This is due to rise in adoption of neurovascular devices in the region and surge in awareness related to treatment of neurovascular disoders.
A. Neurovascular devices are defined as instruments and machines employed in treatment of various neurovascular disorders.
A. Neurovascular devices are used in disorders such as aneurysm. For instance, embolization devices are used in occlusion of blood vessels to reduce blood flow, which, in turn, aids in reduction of blood flow
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