New York, United States , July 24, 2023 (GLOBE NEWSWIRE) -- The Global Neurovascular Devices Market Size is to grow from USD 2.8 Billion in 2022 to USD 5.3 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period.
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Interventional neurology devices are used to diagnose and treat disorders in the central nervous system and the brain vascular system. Interventional neurology covers endovascular and catheter-based procedures, as well as angiography and fluoroscopy. Catheter angiography was one of the first in-vivo brain vascular imaging methods used to diagnose neurological disorders such as cerebral aneurysms, arteriovenous malformations, intracranial stenosis, arteriovenous fistula, and vasculitis. Every year, the disease claims the lives of half a million people globally. Approximately 40.0% of ruptures result in death, while approximately 66.0% of those who survive have some irreparable brain impairment. Thus, the increasing patient population base for the target disorders throughout the key markets is partly responsible for the high-volume consumption of neurovascular devices, which results in market growth.
One of the key factors contributing to the world's expanding patient population is the increased prevalence of neurovascular illnesses such as stroke and brain aneurysms. These neurovascular disorders are more common in the older population. Furthermore, strategic actions by major players such as R&D to produce an innovative device and increased product launches, approvals, and technical developments in devices to fulfill the increasing demand for neurovascular devices are projected to fuel market expansion. Furthermore, Neurovascular devices are high-tech instruments used in neurological surgery, diagnostics, and therapy. The United States Food and Drug Administration often recalls neurovascular devices owing to technical problems, which is expected to restrict the growth of the global neurovascular devices market throughout the forecast period. Despite the efforts of these organizations, there are countless cases of delayed or misdiagnosed brain aneurysms as a result of failure to perform brain imaging tests, a lack of knowledge among physicians, and blunders, particularly in emergency departments.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the, "Global Neurovascular Devices Market Size, Share, and COVID-19 Impact Analysis, By Device Type (Stenting Systems, Embolization Devices, Neurothrombectomy Devices, and Support Devices), By Size (0.027 inches, 0.021 inches), By Application (Cerebral Aneurysms, Ischemic Stroke, and Others), By End-user (Hospitals, Specialty Clinics, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032." Get Detailed Report Description Here:
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The embolization devices segment is dominating the market with the largest market share over the forecast period.
The worldwide neurovascular devices market is classified into four segments based on device type, include stenting systems, embolization devices, neuro thrombectomy devices, and support devices. Among these sectors, embolization devices will have the highest revenue share over the projection period as the number of patients undergoing treatment for cerebral aneurysms rises. Furthermore, an increase in the number of novel devices with improved qualities, such as the POD Embolization Anchoring Device (Penumbra Inc.), has increased demand for this category during neurovascular intervention surgeries.
The 0.027-inch segment is influencing the largest market share over the forecast period.
The global neurovascular devices market is segmented into various segments based on size such as 0.027 inches and 0.021 inches. The 0.027-inch category dominates the market. The several benefits provided by the 0.021" devices, as well as various product launches and product approvals, can all contribute to category growth. Bendit Technologies' 0.021" Bendit21 microcatheter, for example, was approved by the US FDA for use in the brain, peripheral, and coronary vasculature in April 2021. The approval came several months after the Bendit21 microcatheter was successfully used in two life-saving surgeries in the United States.
The cerebral aneurysms segment is influencing the largest market share over the forecast period.
The worldwide neurovascular devices market is bifurcated into different applications such as cerebral aneurysms, ischemic stroke, and others. Among these segments, cerebral aneurysms are the market leaders. Coil embolization is a minimally invasive aneurysm therapy in which the substance fills the sac, reducing the risk of bleeding. A steerable catheter is placed through the groin and steered to the brain. The increased occurrence of aneurysms is expected to boost the industry over the forecast period. Embolic coils, flow diversion devices, and liquid embolic agents are all subcategories of these devices.
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North America dominated the market with the largest market revenue during the forecast period.
North America anticipates significant market growth throughout the projected period because of the presence of important manufacturers such as Penumbra, Inc., Stryker Corporation, Johnson & Johnson, and Merit medical systems, Inc. Phenox Inc. announced in February 2023 that their pRESET Thrombectomy Device has been cleared by the FDA for use in the treatment of acute ischemic stroke. The medicine pRESET, which has been on the market in Europe for almost a decade, has now been approved for use in the United States. Furthermore, the increasing prevalence of neurological disorders, as well as the growing desire for less invasive surgical approaches, are driving the expansion of the neurovascular devices market in this region.
Asia Pacific is predicted to enjoy strong revenue market growth throughout the forecast period during the forecast period due to factors such as growing healthcare spending and the introduction of major rivals into the market are contributing to market expansion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in Global Neurovascular Devices Market include Medtronic, Penumbra, Inc., Stryker, Johnson and Johnson Services, Inc., MicroPort Scientific Corporation, Acandis GmbH, MicroVention, Inc., NeuroVasc Technologies, Inc., Asahi Intecc USA, Inc., Perflow Medical Ltd., and Others.
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Recent Development
In June 2022, Medtronic introduced the pipeline vantage with Shield technology, a CE-marked fourth-generation flow system for the endovascular treatment of brain aneurysms.
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