According to a new report published by Allied Market Research, titled, "Neurovascular Devices Market by Product, and Disease Pathology: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global neurovascular devices market was valued at $2,371 million in 2016, and is projected to reach $3,409 million by 2023, growing at a CAGR of 5.3% from 2017 to 2023. The embolization devices segment held more than two-fifths share of the total market in 2016.
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Neurovascular devices are used for the treatment of neurovascular disorders such as cerebral aneurysm. Increase in geriatric population and rise in number of patients suffering from neurovascular disorders are expected to drive the market growth. Moreover, surge in adoption of new minimally invasive devices such as flow diversion and carotid artery stents boosts the market growth. However, high cost of the devices and dearth of neurosurgeons are expected to impede the market growth.
Embolization devices segment is expected to dominate the market throughout the analysis period, owing to increase in the incidence of neurovascular disorders, such as arteriovenous malformations (AVMs), carotid artery disease, and intracranial atherosclerotic disease. On the other hand, revascularization devices segment is expected to grow at the highest CAGR of 8.5% during the forecast period.
Key Findings of the Neurovascular Devices Market:
- Revascularization devices segment is projected to grow at a CAGR of 8.5% during the forecast period.
- Aneurysm contributed for nearly three-fifths share of the global neurovascular devices market in 2016.
- Ischemic stroke segment is expected to register the highest CAGR of 5.7% during the analysis period.
- France and Germany jointly contributed for more than one-third share of the European neurovascular devices market in 2016.
- Japan is the major shareholder, accounting for more than one-third share of the Asia-Pacific neurovascular devices market in 2016.
Asia-Pacific is projected to grow at the highest CAGR of 5.9% during the forecast period owing to improvement in healthcare infrastructures and rise in expenditures in emerging markets (such as India and China) to cater to the unmet medical needs. Technological advancements to develop cost-effective devices in these nations offer a lucrative opportunity for the market growth.
The major companies profiled in the report include Stryker Corporation, Medtronic Plc., Johnson & Johnson, Terumo Corporation, Penumbra, Inc., Integer Holdings Corporation, Microport Scientific Corporation, Merit Medical Systems, Inc., W.L. Gore & Associates, and Acandis GmbH & Co. KG.