According to a new report published by Allied Market Research, titled, “U.S. Neurovascular Devices Market by Product and Disease Pathology: Opportunity Analysis and Industry Forecast, 2020–2027," the U.S. neurovascular devices market was valued at $946 million in 2019, and is projected to reach $1,071 million by 2027, registering a CAGR of 3.8% from 2020 to 2027.
Neurovascular devices are used in the treatment of disorders related to blood vessels that carry oxygen rich blood to brain. 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, carotid artery stents, coil assist stents, flow diversion stents, clot retrieval devices, and others.
The coated coils are used to treat complex form of aneurysm. Moreover, these devices are used in disorders such as ischemic stroke, a blockage in artery that supplies blood to brain results in decrease of blood flow and oxygen to the brain. This, in turn, results to damage or death of brain cells. Thus, treatment of ischemic stroke involves use of thrombectomy neurovascular devices. These devices include a wide range of endovascular aids such as suction & aspiration devices, clot retrieval devices, and snares.
Rise in prevalence of neurovascular diseases, increase in demand for effective neurovascular devices, surge in number of researches in the field of neurovascular therapies, rise in awareness among neurosurgeons about minimally invasive surgical procedures, and increase in geriatric population are the major factors which boost the growth of the U.S. neurovascular devices market. In addition, favorable medical reimbursements, ongoing product development & commercialization, rise in incidence of aneurysm disease, increase in lifestyle disorders such as obesity, surge in demand for embolization devices, and increase in technological advancements related to neurovascular devices are anticipated to drive the growth of the U.S. neurovascular devices market. However, high cost of neurovascular devices restricts the market growth. Conversely, surge in demand for minimally invasive procedures in the U.S provides lucrative opportunities for players operating in the neurovascular devices market.
COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe diseases. The overall impact of COVID-19 is projected to remain negative for neurovascular devices companies operating in the neurovascular industry. The pandemic has greatly affected revenues of neurology hospitals and clinics, owing to fall in number of patient visits amid nationwide lockdown along with changing healthcare approach for providing care to emergency cases and critically ill COVID-19 patients. Similarly, COVID-19 has resulted in a decline of demand for neurovascular devices. This is majorly due to the low availability of healthcare professionals across the country. Furthermore, rescheduling of neurovascular surgeries has also impacted the market in a negative manner. However, some neurovascular conditions such as ischemic stroke are medical emergencies and require immediate medical attention. Hence, the impact on such neurovascular conditions is anticipated to remain lower as compared to others throughout the pandemic phase.
By product, the market is divided into embolization devices, revascularization devices, thrombectomy devices, embolic protection devices, and accessory devices. Presently, the embolization devices segment dominates the market, and is anticipated to continue this trend during the forecast period. The key factors such as increase in prevalence of neurovascular diseases, introduction of technologically advanced products, rise in R&D investment, surge in geriatric population, increase in adoption of embolization devices, and surge in launch of new and advanced neurovascular devices drive the growth of this segment.
On the basis of disease pathology, the market is segregated into aneurysm, arteriovenous malformation, ischemic stroke, stenosis, and others. The aneurysm segment occupied largest share of the U.S.
neurovascular devices market in 2019, owing to surge in prevalence of the aneurysm, increase in demand for minimally invasive neurosurgical procedures, government initiatives to modernize healthcare infrastructure, technological advancement in neurovascular treatments, and increase in product approvals of new devices used in the treatment of aneurysm drive the growth of this segment.
Key Findings Of The Study
- By product, the embolization devices segment held largest market share in 2019, and is expected to remain dominant throughout the forecast period.
- On the basis of disease pathology, the aneurysm segment held largest market share in 2019, and is expected to remain dominant throughout the forecast period.