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Neurovascular Devices Market Expected to Reach $3.71 Billion by 2027

 
2022
Neurovascular Devices Market

Report Code : A01947

quote demand for neurovascular devices is on the rise, owing to surge in prevalence of neurovascular disorders across the globe. Furthermore, surge in geriatric population which is more prone to neurovascular disorders is another major factor that fuels the market growth quote

Onkar Sumant
Manager, Healthcare at Allied Market Research

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According to a new report published by Allied Market Research, titled, "Neurovascular Devices Market, by Product, and Disease Pathology: Opportunity Analysis and Industry Forecast, 2019–2027," the global neurovascular devices market was valued at $2.93 billion in 2019, and is expected to reach $3.71 billion by 2027, registering a CAGR of 5.2% from 2019 to 2027.

Neurovascular devices are used in treatment of disorders related to blood vessels that carry oxygen rich blood to brain. In addition, there are various types of neurovascular devices available in the market, which exhibit different mechanism of action. Some neurovascular devices available in the market include clippings, embolic coils, coil assist stents, carotid artery stents, flow diversion stents, clot retrieval devices, and others. Furthermore, these devices are used in various neurovascular disorders.

For instance, coated coils are used to treat complex form of aneurysm. Similarly, in conditions such as ischemic stroke, a blockage in artery that supplies blood to brain results in reduction of blood flow and oxygen to the brain. This, in turn, leads to damage or death of brain cells. Thus, treatment of ischemic stroke involves use of neurovascular thrombectomy devices. These devices include a wide array of endovascular aids such as clot retrieval devices, suction & aspiration devices, and snares. Furthermore, accessory devices such as microcatheters are used in instances where entangled thrombus needs to be pulled back to the delivery microcatheter.

In addition, COVID-19 pandemic is another major factor that has profound effects on the neurovascular devices market due to the nationwide lockdowns across the globe. Thus, these lockdowns have led to emergence of new challenges and changes which are tedious to manage and every business is suffering. For instance, in neurovascular devices industry, COVID-19 has resulted in a decline of demand for neurovascular devices. This is due to the low availability of healthcare professionals and limited availability of healthcare services across the globe. Furthermore, rescheduling of neurovascular surgeries has also impacted the market in a negative manner. However, some neurovascular conditions are medical emergencies and require immediate medical attention. Hence, the impact on such neurovascular conditions remain lower as compared to others.

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 device, 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 and ischemic stroke and others. By region, the neurovascular devices market size 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 share of neurovascular devices market 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 the 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 growth of the market 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 growth of the market include surge in healthcare expenditure.

Key Findings Of The Study 

  • By product, the embolization devices segment occupied more than two-fifths share of the global neurovascular devices market in 2019
  • By application, the aneurysm segment occupied around half the share of the global neurovascular devices market in 2019.
  • By products, the revascularization devices segment is expected to exhibit highest CAGR during the forecast period. 
  • By region, Asia-Pacific is anticipated to grow at the highest rate during the analysis period.

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quote Neurovascular Devices Market by Product (Embolization Devices, Revascularization Devices, Embolic Protection Devices, and Accessory Devices), Disease Pathology (Aneurysm, Arteriovenous Malformation (AVM), Ischemic Stroke, Stenosis, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027 quote

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