Burlingame, Nov. 23, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, The global neurovascular devices market size was valued at US$ 2.64 Billion in 2023 and is expected to surpass US$ 3.5 Billion by 2030 and is anticipated to witness a compound annual growth rate (CAGR) of 4.1% from 2023 to 2030.
Increasing organic growth strategies, such as technological advancements to develop new cloud- platforms by the market players, is expected to drive the growth of the global neurovascular devices market over the forecast period. For instance, in October 2022, Medtronic, a medical device company, announced the launch of Medtronic Neurovascular Co-Lab Platform designed to accelerate urgently needed innovation in stroke care and treatment associated with neurological diseases.
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Market Driver
The increasing adoption of various growth strategies, such as partnerships, collaborations, agreements, acquisitions, and others, by the market players, in order to strengthen their presence in the market is expected to drive the global neurovascular devices market growth over the forecast period. For instance, in June 2022, Stryker, a medical device company, announced a partnership with Carmeda AB, a medical device coating company, for the treatment of brain aneurysms. Flow diversion has become the standard of care for the treatment of wide-necked and fusiform aneurysms, device-related clotting and the reliance on antiplatelet medications remain the greatest challenges in patient care.
Increasing adoption of various growth strategies, such as product launches, by the market players, in order to strengthen their presence in the market is expected to drive the global neurovascular devices market growth over the forecast period.For instance, in February 2022, CERENOVUS, an emerging leader in neurovascular care and a part of Johnson & Johnson Service Inc., a medical devices company, announced the launch of EMBOGUARD, a next generation balloon guide catheter to be used in endovascular procedures, including those for patients with acute ischemic stroke.
Market Key Developments
On June 1, 2023, Fluid Biomed Inc., a medical device company developing ReSolv, the hybrid polymer-metal flow-diverting stent to treat brain aneurysms, announced the international launch of REDIRECT, its first-in-human clinical trial. Phase 1 of this technical feasibility and safety study has begun with successful device implantation without adverse effect in human subjects at the pre-determined 30-day time point and recruitment is on-going.
On May 26, 2023, MicroPort NeuroTech (Shanghai) Co., Ltd., a medical device company, has successfully completed the first two implantation surgeries of NUMEN Detachable Embolization Coils (hereinafter referred to as "NUMEN Coils") in the U.K. NUMEN Coils are characterized by their stable formation and dense packing. The ultra-fine platinum tungsten wire and unique three-dimensional structure achieve a balance between flexibility and support, reducing the force against the aneurysm wall and enhancing the safety of coil embolization.
On December 2022, Stryker announced the launch of the Neurovascular (NV) lab to speed up stroke-related development in the Asia Pacific region.
In September 2022, phenox Inc., a medical device company announced the global launch of its novel pEGASUS HPC stent at the ESMINT 2022 congress in Nice, France. The introduction of the pEGASUS stent enables more patients to benefit from the stent-assisted coiling treatments as well as Intracranial Atherosclerotic Diseases (ICAD) and dissections.
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Market Opportunity
Increasing inorganic growth strategies such as investment funding by regulatory authorities for the development of neurovascular devices is expected to drive the market growth over the forecast period. For instance, in February 2021, Evasc Neurovascular, a privately-held medical device company, announced its successful application to France’s Ministry of Health (Haute Autorité de la Santé, HAS) Forfait Innovation (FI) program for the eCLIPs device, the eCLIPs device is the first neuro device that has gained FI approval and funding. The funded amount of US$ 3.0 million (€2.76 million) covers hospital costs of a 119-patient trial against Optimal Performance Criteria (OPC).
Market Cross Sectional Analysis:
Among device type, the embolization coils segment is expected to be the dominant in the global neurovascular devices market in Asia Pacific due to the market players focusing on adopting various growth strategies, such as product approvals, which, in turn, is expected to propel the market growth over the forecast period. For instance, in October 2020, Shanghai MicroPort NeuroTech Co., Ltd., a medical device company, announced that the company received the registration certificates issued by China’s National Medical Products Administration (NMPA) for its NUMEN Coil Embolization System approved in China for the treatment of cerebral aneurysms,
Market Restraint
The major factor that can hamper the global neurovascular devices market growth over the forecast period is product recall. For instance, in September 2021, Medtronic, a medical device company, announced the product recall of Flex embolization device, which is a cylindrical, wire-mesh stent composed of platinum, tungsten, and cobalt-chromium-nickel alloy. It is placed across the base of an aneurysm from inside the carotid arteries, to help lessen the pressure and return the blood vessel to its original shape.
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Key Market Takeaways:
The global neurovascular devices market is expected to exhibit a CAGR of 4.1% during the forecast period due to the increasing adoption of growth strategies, such as product approvals, by regulatory authorities to expand key players product portfolio is expected to drive the market growth during the forecast period. For instance, in February 2020, Cerus Endovascular Ltd., a privately-held, commercial stage medical device company, announced that it has received Conformité Européenne (CE) Mark approval for its product, the Contour Neurovascular System, for the treatment of intracranial aneurysms. The system incorporates a fine mesh braid that is deployed across the neck of the aneurysm sac and provides a combination of flow diversion and flow disruption through a single device implant.
Among device type, the embolization coils segment is dominant due to the increasing use of embolization coils for the treatment of neurovascular diseases such as cerebral aneurysms. This is expected to drive the segment growth over the forecast period. For instance, in August 2022, Shape Memory Medical Inc., a developer of shape memory polymer devices neurovascular treatment, announced that its 1,500th patient has been treated, with embolotherapy devices – The IMPEDE Embolization Plug Family and the TrelliX Embolic Coil.
Among end user, the hospitals segment is dominant due to the increasing prevalence of neurovascular diseases, such as strokes, and the increasing number patient visits to hospitals are expected to drive the segment growth over the forecast period. For instance, on May 4, 2023, according to Centers for Disease Control and Prevention, more than 795,000 people in the U.S. had a stroke, out of which 47% people suffered from ischemic stroke in 2021. Furthermore, the death rate for stroke increased from 38.8 per 100,000 in 2020 to 41.1 per 100,000 in 2021.
Among region, North America was dominant due to increasing inorganic growth strategies such as agreements among key market players is expected to drive the market growth over the forecast period. For instance, in March 2022, Cerus Endovascular Ltd., a U.S.-based privately held, commercial-stage medical device company, announced that it has received U.S. Food and Drug Administration (FDA) 510(k) clearance for its 027 micro-catheters, for the treatment of neurovascular diseases
The key players operating in the global neurovascular devices market are Medtronic Plc, Koninklijke Philips N.V., Abbott, Johnson & Johnson Service Inc., Merit Medical Systems, Inc., Stryker, Penumbra, Inc., Acandis GmbH & Co. KG, MicroPort Scientific Corporation, Terumo Corporation, Cerus Endovascular Limited., ASAHI INTECC USA, INC., ZYLOX-TONBRIDGE MEDICAL TECHNOLOGY CO., LTD., iVascular, LifeHealthcare, Veiva, and Nordson MEDICAL
Read complete market research report, "Neurovascular Devices Market, By Device Type, By Therapeutic Application, By End User, By Region, By Geography and Segment Forecast 2023-2030", Published by Coherent Market Insights.
Detailed Segmentation:
- Global Neurovascular Devices Market, By Device Type:
- Embolization Coils
- Platinum Coils
- Coated Platinum Coils
- Liquid Embolic Coils
- Neurovascular Stents
- Carotid Artery Stents
- Flow Diversion Stents
- Neurothrombectomy Devices
- Clot Retrievers, Aspiration
- Suction Devices
- Vascular Snares
- Embolic Protection Devices
- Distal Filter Devices
- Balloon Occlusion Devices
- Neurovascular Supporting Devices
- Microcatheters
- Microguidewire
- Embolization Coils
- Global Neurovascular Devices Market, By Therapeutic Application:
- Cerebral Aneurysms
- Ischemic Stroke
- Cerebral Artery Stenosis
- Arteriovenous Malformations (AVMs)
- AV Fistulas
- Others
- Global Neurovascular Devices Market, By End User:
- Hospitals
- Specialty Clinics
- Ambulatory Surgical Centers
- Others
- Global Neurovascular Devices Market, By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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