Pune, India, Sept. 19, 2018 (GLOBE NEWSWIRE) -- Neurovascular Devices Market Scope
The Global Neurovascular Devices Market is projected to expand at an 8.8% CAGR from 2017 to 2023 (forecast period), as per the latest report by Market Research Future (MRFR). The growing cases of neurological disorders are the primary factor driving the market demand. Preference of minimally invasive surgeries, development of new devices, and favorable reimbursement policies are other factors expected to positively spur the market growth over the forecast period.
According to the National Health Service (NHS), a public agency in the U.K., nearly USD 6.6 billion was spent to treat neurological conditions. Furthermore, technological advances in these devices to combat ischemic strokes can augment the market size over the forecast period. The increased healthcare budget for various nations is likely to be a catalyst for fueling market demand.
Competitive Scenario
Key market players include Stryker, Neuravi, Gynesonics, Rapid Medical, Evasc, MicroPort Scientific Corporation, Delaware Corporation, Merit Medical Systems, Inc., OxfordEndovascular, W. L. Gore & Associates, Inc., Penumbra, Inc., Abbott, Blockade Medical, LLC., Sensome, Medikit Co., Ltd., TERUMO CORPORATION, Johnson & Johnson Services, Inc. (J&J), Medtronic, and Secant Group, LLC. Acquisitions and new product launches are strategies being employed by the companies to sustain their position in the neurovascular devices market. In 2017, J&J launched the new neurovascular division with its newest product, CERENOVUS, to assist clinicians in assisting stroke patients.
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The Neurovascular Devices Market Overview
The progression witnessed in neurological disorders owing to the sedentary lifestyles and hereditary factors is likely to create the need for neurovascular devices. Catheters, guidewires, stents, and flow diverters are some of the neurovascular devices designed to occlude blood flow to malformations or tumors in the brain or organs affecting the nervous system.
Neurovascular Devices Industry Trends
The shift towards natural materials or biomaterials to provide the devices with flexibility and porosity is expected to disrupt the market. Recently, Secant Group has been producing devices derived from cobalt-chromium, platinum, nitinol, and other specialty alloys. The guidewires can be used in preventing aneurysms and ischemic strokes.
Developments in endovascular coiling did manage to reduce the mortality rates of patients. But aneurysms with larger diameter and bigger necks have acted as deterrents. But emergence of flow diversion devices (FDDs) have improved clinical outcomes. FDDs contain a mesh stent to interrupt the blood flow into the aneurysm and a scaffold to encourage the endothelium to grow.
Ischemic strokes may have found a new treatment thanks to the efforts of Rapid Medical, an Israel firm. The Comaneci, a controllable mesh device, can be controlled or expanded by the operating physician to induce an embolism. The company managed to raise close to USD 9 million in funding to expand into Germany.
Segmentation Analysis
The Neurovascular Devices Market is segmented by product, therapeutic application, and end-user.
Products offered in the market include cerebral angioplasty, neurothrombectomy devices, stenting systems, aneurysm coiling & embolization devices, and support devices. The aneurysm coiling & embolization devices segment is likely to perform exceptionally during the forecast period owing to the capacity of embolic coils to buttress weakened arteries. The effectiveness of these procedures is predicted to fuel segmental growth.
Therapeutic applications catered within the market include ischemic stroke and hemorrhagic stroke.
Key end-users include ambulatory surgical units and hospitals & clinics. The hospitals & clinics segment is expected to be the biggest contributor the market valuation owing to the emergence of various hospitals offering a plethora of options to treat spinal and neurological disorders.
APAC – the Fastest Growing Region
Regions covered include the Americas, the Middle East & Africa (MEA), Asia Pacific (APAC), and Europe. The Americas is touted to lead the global market in terms of demand and value owing to rising cases of neurovascular diseases such as arteriovenous malformations (AVMs), brain aneurysm, and others. The inflated healthcare budget proposed by nations within the region coupled with reimbursement schemes is expected to boost market demand over the forecast period.
The Europe neurovascular devices market holds the second position followed by APAC. The well-developed healthcare infrastructure and high prevalence of neurological diseases are factors expected to accelerate market growth.
The APAC region is touted to grow at a robust pace over the forecast period owing to the huge patient pool, demand for minimal invasive surgeries, and developed economies of India and China. According to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the region will account for 12.4% of the global geriatric population by 2050. Their susceptibility to neurological diseases is expected to spur the demand for neurovascular devices till 2023.
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