Wilmington, Delaware, United States, June 16, 2023 (GLOBE NEWSWIRE) -- In 2021, the worldwide neurovascular catheter market was estimated to be worth approximately US$ 3.3 billion. With a predicted CAGR of 7.9% over the next 10 years, the market is expected to be worth roughly USD 7.5 billion by the end of 2032. By 2032, the global absolute dollar opportunity growth in the neurovascular catheters industry is estimated to be US$ 7.5 billion.
Increased incidences of neurological conditions like brain aneurysms and stroke, the emergence of unhealthy lifestyles, rising population consciousness about psychological condition treatment, increasing spending power, and the introduction of novel products by major manufacturers are some of the primary factors operating the market.
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Neurovascular catheters are required for interventions in the brain and intracranial areas throughout neurovascular surgeries owing to the sensitivity of neurovascular organs. These catheters have an extensive number of uses, including Embolic Stroke, Brain Aneurysm, and Arteriovenous Malformations. According to a current market analysis performed by Transparency Market Research, brain aneurysms remained in the application sector with the biggest volume.
The incidence of neurovascular disorders such as brain aneurysms and embolic stroke is rising, which is expected to drive growth in the neurovascular catheter market. As neurological disorders become increasingly common, the demand for minimally invasive techniques and neurovascular surgical technology grows. A significant market driver is the rising demand for endoscopic brain surgery as a result of the continued development of single-incision laparoscopic and endoscopic surgical procedures.
Key Takeaways from the Market Report
- The neurovascular catheters market in the United States is expected to be worth US$ 2 billion by 2032.
- According to a recent market survey conducted by Transparency Market Research, brain aneurysms retained their greatest position in the application sector and grew at a 6.7% annual pace between 2017 and 2021.
- Every year, the NHS spends about GBP 4.4 billion on people with neurological diseases. In the United Kingdom, over 1.6 million patients were hospitalized with a neurological mention between 2016 and 2017.
- The neurovascular catheters market in South Korea is expected to be valued at US$ 148.8 million by the end of the forecast period, rising at an 8.1% CAGR.
- South Korea's market is estimated to provide an absolute dollar potential of US$ 80.2 million between 2022 and 2032.
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Neurovascular Catheters Market: Prominent Drivers and Trends
- Traditional brain surgery methods will no longer be used as a result of these breakthroughs, raising the need for neurovascular catheters and devices employed in the field of neurovascular medicine.
- The capacity to customize neurovascular catheters is one of the elements influencing their acceptance. These catheters were developed specifically to be molded into a variety of shapes based on the end user's needs. Renowned firms are developing advanced and customized product offerings for neurovascular catheters used in minimally invasive surgery.
Neurovascular Catheters Market: Regional Analysis
- The increasing incidence of neurovascular disorders in the United States is driving up the requirement for neurovascular catheters. According to the Centers for Disease Control and Prevention, cerebrovascular injuries were responsible for 160,000 fatalities in the United States. Furthermore, stroke is the leading cause of disability in the elderly population in the United States, indicating an increase in neurovascular disorders. This is expected to enhance regional demand for neurovascular catheters.
- Europe is expected to emerge as a major player in the neurovascular catheters market. The frequency of stroke, trauma, aneurysms, arteriovenous malformations (AVMs), and other brain-related diseases is driving the market growth. The presence of key players in European countries that offer new neurovascular catheters is expected to drive market growth throughout the forecast period.
- In Japan, neurological problems affect 91.1% of the population. Between 2022 and 2032, Japan's neurovascular catheters market is estimated to provide an absolute monetary potential of US$ 263.9 million. During the forecast period, the market is expected to increase at a CAGR of 10.2%.
Competitive Landscape
Transparency Market Research has profiled the following players in its global neurovascular catheters market report:
Medtronic, BALT USA LLC, DePuy Synthes, Biomerics, Zeus Indutsrial Products, INC., Raumedic AG, Concentric Medical, Inc, Creganna Medical, Vegamedical.eu, Stryker, Phenox GmbH, Penumbra, Inc., Integer Holdings Corporation,Terumo Corporation, Integra LifeSciences Corporation, Biomerics, Acandis GmbH, Teleflex Incorporated, and Microvention Inc.
- The EU's STRAIT program's safety evaluations recently ended its assessment of the safety and efficacy of the BOBBY Balloon Guide Catheter for Endovascular Treatment of Acute Ischemic Stroke in April 2022. The balloon guide catheter ARCHER has been authorized in Europe and North America for endovascular occlusion in angiographic operations.
- Medtronic Plc gained CE certification for the Rist 079 Radial Access Guide Catheter and Rist Radial Access Selective Catheter in September 2021. It attempts to meet the requirements of neurovasculature use via the radial artery.
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Key Segments Covered in Neurovascular Catheters Industry Survey
Neurovascular Catheters Market by Type:
- Microcatheters
- Balloon Catheters
- Access Catheters
- Embolization Catheters
- Other types
Neurovascular Catheters Market by Application:
- Embolic Stroke
- Brain Aneurysm
- Arteriovenous Malformations
- Other Applications
Neurovascular Catheters Market by End-use:
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Diagnostic Centers
Neurovascular Catheters Market by Region:
- North America Neurovascular Catheters Market
- Latin America Neurovascular Catheters Market
- Europe Neurovascular Catheters Market
- South Asia Neurovascular Catheters Market
- East Asia Neurovascular Catheters Market
- Oceania Neurovascular Catheters Market
- Middle East & Africa Neurovascular Catheters Market
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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