New York, USA, Dec. 16, 2022 (GLOBE NEWSWIRE) -- The market size of Neurovascular Devices Market in 2021 was USD 2.82 billion, and it will be USD 5.92 billion by 2030, growing at an 8.6% CAGR. Neurovascular disorders and ailments are treated with neurovascular devices. Neurovascular disorders occur when the blood arteries in the brain or spinal cord function improperly. Neurovascular illnesses such as stenosis, aneurysm, and stroke may result from faulty blood vessel development.
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The Neurovascular Devices Market Insights:
- By application, the ischemic strokes segment ruled the entire market, with the largest share of 40.5% in 2021.
- On the basis of end-use, the hospital market segment will surpass USD 2.4 billion by 2030.
- Europe ruled the entire regional market in 2021, with the largest revenue share of 29%.
Factors influencing the Neurovascular Devices Market growth:
Factors like the increasing rate of neurovascular disorders and rising government spending are supporting the market growth rate.
- The neurovascular devices market is accelerating because of the increasing frequency of neurovascular disorders worldwide. Neurological devices are frequently used to detect and treat illnesses of the brain and central nervous system. The need for neurovascular devices is expanding due to the increasing adoption of minimally invasive operations due to technological enhancements in neurology. The rising prevalence of neurological conditions like stroke, epilepsy, and cerebral aneurysm in the general population is driving the need for neurovascular devices.
- The creation and expanded use of neurovascular devices result from rising corporate and government investments in the research and development of advanced healthcare infrastructure. The existence of technologically enhanced neurovascular devices has substantially aided in the development of advanced treatments for various neurological illnesses.
Neurovascular Devices Market Segmentation Analysis
The market segmentation of neurovascular devices is done on the basis of application, type, end-user, and Region.
By Type
- Neurovascular thrombectomy devices
- Stenting systems
- Embolization
- Support Devices
- Neurovascular Microcatheters
- Neurovascular Guidewires
By Application
- Ischemic Strokes
- Cerebral Aneurysm
- Carotid Artery Stenosis
- Arteriovenous
- Malformations and Fistulas
By End-User
- Research laboratories
- Speciality care centres
- Hospitals
- Ambulatory centres
- Academic institutions
For Region
North America
- Canada
- Mexico
- U.S.A.
- Rest of North America
Asia-Pacific
- Japan
- China
- Singapore
- Indonesia
- India
- Australia
- New Zealand
- Philippines
- Thailand
- South Korea
- Rest of APAC
Europe
- Spain
- U.K.
- Finland
- Switzerland
- Turkey
- Russia
- Netherlands
- Italy
- Germany
- France
- The rest of Europe
LAMEA
- Saudi Arabia
- Brazil
- Uruguay
- Argentina
- Rest of LAMEA
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By application, the ischemic strokes segment ruled the entire market, with the largest share of 40.5% in 2021. The increase in the segment is due to the rising number of ischemic strokes and the widespread demand for less invasive procedures. Per the Centers for Disease Control and Prevention report, over 87% of stroke cases in the U.S. are ischemic strokes and affect around 7,95,000 people annually.
On the basis of end-use, the hospital market segment will surpass USD 2.4 billion by 2030. The significant use of neurovascular devices in hospitals due to the growing number of patients with neurovascular illnesses will support segment growth. The need for neurovascular devices in hospitals is also increasing due to an increase in patients being admitted to hospitals to access complete treatment options for various brain and spine ailments.
Europe ruled the entire regional market in 2021, with the largest revenue share of 29%. The need for neurovascular devices is growing as the prevalence of chronic neurological illnesses rises in nations like Germany, UK, and France. Additionally, the value of the regional market is expected to gain from the presence of leading industry players.
Neurovascular Devices Market Report Coverage
| Report Attribute | Details |
| Forecast Period | 2021-2030 |
| Market size value in 2021 | USD 2.82 billion |
| Revenue forecast in 2030 | USD 5.92 Billion |
| Growth rate | CAGR of approximately 8.6% |
| Base year for estimation | 2021 |
| Historical data | 2017-2020 |
| Unit | USD Billion, CAGR (2021 - 2030) |
| Segmentation | By Product, By Technology, By End User, and By Region. |
| By Product | Embolization, Stenting systems, Support Devices, And Neurovascular thrombectomy devices |
| By Application | Carotid Artery Stenosis, Cerebral Aneurysm, Arteriovenous Malformations and Fistulas, Ischemic Strokes |
| By End-User | Hospitals, Specialty care centers, Ambulatory centers, Research laboratories and Academic institutions |
| By Region | North America, Europe, Asia Pacific and LAMEA |
| Country Scope | U.S. , Canada , France, Germany ,U.K. , China , Japan, India , South Korea, Mexico, Brazil , UAE etc. |
| Company Usability Profiles | Stryker, Medtronic plc,Johnson & Johnson Services ,Penumbra. Inc , Micro Port Scientific Corporation ,Terumo Corporation, WL. Gore & Associated Inc. and Merit Medical Systems. |
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Key players in the Neurovascular Devices Market:
- Medtronic plc
- Stryker
- Penumbra. Inc
- Johnson & Johnson Services
- Micro Port Scientific Corporation
- WL. Gore & Associated Inc.
- Terumo Corporation
- Merit Medical Systems
- Others
Recent Developments
- On November 2022, Vastrax, a vascular clinical research organization, and Viz.ai, the pioneer in AI-powered disease identification and intelligent care coordination, announced a strategic agreement (CRO). Viz.ai and Vastrax will work together to speed up the enrollment in clinical trials for studies on innovative neurovascular therapeutics.
- On December 2022, Stryker announced the launch of the Neurovascular (NV) lab to speed up stroke-related development in the Asia Pacific region.
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