New York, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Market Overview
The global Neurovascular Devices Market is projected to reach USD 3.9 billion by the end of 2024 and grow steadily until reaching an anticipated value of USD 8.6 billion in 2033 at a CAGR of 9.0%.
Neurovascular Devices are medical devices used to treat conditions affecting blood vessels in the brain and nervous system. These tools include various kinds of stents, coils, catheters, and flow diverters used for managing and treating disorders like ischemic strokes, aneurysms, and arteriovenous malformations - helping restore normal blood flow while preventing hemorrhages and decreasing the risk for brain damage. Due to an increasing prevalence of neurological vascular conditions as well as technological innovations, this market continues to thrive.
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The US Neurovascular Devices Market
The US Neurovascular Devices Market will reach USD 1.1 billion by the end of 2024 and grow significantly through 2033 with an anticipated CAGR of 8.5%.
Neurovascular devices market in the US is driven mainly by increasing incidences of neurological conditions like ischemic stroke, aneurysms, and arteriovenous malformations among an aging population.
US neurovascular devices market trends include increased adoption of minimally invasive procedures due to patient preference for faster recovery times and decreased complications, driving market growth in terms of market size.
Important Insights
- Market Growth: The Global Neurovascular Devices market is anticipated to reach 8.6 billion, with a CAGR of 9.0% during the forecast period from 2025 to 2033.
- Device Analysis: Among various devices, cerebral embolization, and aneurysm coiling devices are expected to lead the global market, capturing a significant revenue share of 34.0% in 2024.
- Therapeutic Application Analysis: Stroke is projected to dominate the global market by therapeutic application, holding a substantial market share of 33.2% in 2024.
- Size Analysis: Devices with a size below 0.027" are forecasted to command a significant market share of 35.6% in 2024.
- End User Analysis: Hospitals are expected to be the leading end users in the global market, accounting for a 70.5 % revenue share in 2024.
- Regional Analysis: North America is forecasted to be the leading region in the neurovascular devices market, with the highest market share of 33.5 % in 2024.
Latest Trends
- Enhanced imaging techniques, advanced materials, and minimally invasive procedures are improving precision, safety, and efficacy in neurovascular treatments.
- These innovations lead to better patient outcomes and create opportunities for new device and technique development to meet unmet clinical needs.
- The growing demand for advanced solutions in neurovascular treatment is expected to drive market expansion further.
Competitive Landscape
- The neurovascular devices market is highly competitive, with many large and small players providing software and services both domestically and internationally.
- Key players are concentrating on launching innovative medical devices, implementing growth strategies, and advancing technology. The market is moderately fragmented and is expected to become more fragmented.
- Notable market players include Medtronic, Stryker Corporation, Johnson & Johnson, Penumbra, Inc., and MicroPort Scientific Corporation.
Some of the prominent market players:
- Medtronic
- Johnson and Johnson Services Inc.
- Penumbra, Inc.
- Microport Scientific Corporation
- Stryker
- Microvention Inc.
- Codman Neuro
- Acandis GmbH
- NeuroVasc Technologies, Inc.
- Asahi Intecc USA, Inc.
- Perflow Medical Ltd.
- Other Key Players
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Neurovascular Devices Market Scope
| Report Highlights | Details |
| Market Size (2023) | USD 3.9 Bn |
| Forecast Value (2032) | USD 8.6 Bn |
| CAGR (2023-2032) | 9.0% |
| The US Market Size (2024) | USD 1.1 Bn |
| Leading Region in terms of Revenue Share | North America |
| Percentage of Revenue Share by Leading Region | 33.5% |
| Historical Data | 2018 - 2023 |
| Forecast Data | 2025 - 2033 |
| Base Year | 2023 |
| Estimate Year | 2024 |
| Segments Covered | By Device, By Therapeutic Application, By Size, By End User |
| Regional Coverage | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Market Analysis
Hospitals are projected to hold 70.5% of revenue share in 2024's neurovascular devices market due to an alarmingly increasing patient rate diagnosed with neurovascular conditions like strokes, brain aneurysms, traumatic brain injuries, and arteriovenous malformation. Advanced catheter technology & favorable reimbursement policies support hospitals as they expand market shares further; increasing surgeries scheduled at these healthcare providers should further fuel demand for neurovascular devices.
Neurovascular Devices Market Segmentation
By Device
- Cerebral Embolization and Aneurysm Coiling Devices
- Embolic coils
- Flow diversion devices
- Liquid embolic agents
- Cerebral Angioplasty and Stenting Systems
- Carotid artery stents
- Embolic protection
- Neuro thrombectomy Devices
- Clot retrieval devices
- Suction devices/aspiration catheters
- Vascular snares
- Support Devices
- Micro catheters
- Micro guidewires
- Trans Radial Access Devices
By Therapeutic Application
- Stroke
- Carotid Artery Stenosis
- Cerebral Aneurysm
- Arteriovenous Malformation & Fistulas
- Others
By Size
- Below 0.027"
- 027"-0.071"
- Above 0.071"
By End Use
- Hospitals
- Specialty Clinics
- Surgical Centers
- Ambulatory Care Centers
- Others
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Drivers
- The increase in neurovascular conditions, such as stroke and cerebral aneurysms, is expanding the global patient population, particularly among the elderly, who are more prone due to inactive lifestyles.
- Rising disease burden, increased healthcare spending, and better awareness of effective treatments are leading more people to seek neurovascular care.
Restraints
- Integrating new neurovascular devices with existing medical infrastructure can be challenging and time-consuming.
- Compatibility issues with legacy equipment and electronic health record systems in many hospitals can delay deployment and hinder market growth.
- The high cost of neurovascular devices and limited accessibility in low-income economies are significant barriers to market expansion.
Opportunities
- The neurovascular device market is experiencing significant growth opportunities due to increased product approvals from regulatory authorities.
- Successful approvals expand product portfolios and support organic growth strategies, allowing key players to provide more innovative and effective solutions to healthcare providers.
- Product approvals validate the safety and efficacy of neurovascular devices and encourage further investment in research and development.
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Regional Analysis
North America is projected to lead the neurovascular devices market with an anticipated revenue share of 33.5% by 2024, due to high rates of neurological disorders, improved diagnosis and treatment services, rising healthcare spending that supports neurological care as well as favorable reimbursement policies offered by private and government insurers such as Medicare/Medicaid that encourage advanced neurovascular treatments to become popular choices among their members.
By Region
North America
- The U.S.
- Canada
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Recent Developments
- In June 2024, Penumbra, Inc. received CE Mark approval and launched the BMX81 and BMX96 devices in Europe for neurovascular management of ischemic and hemorrhagic strokes. Penumbra claims that these neuro-access products enable physicians to navigate the brain's complex anatomy with ease, and they are compatible with both femoral and radial access approaches.
- In July 2023, RapidAI, a company specializing in AI and innovative workflow solutions for life-threatening neurovascular diseases, secured USD 75 million in Series C funding, led by Vista Credit Partners. This funding aims to enhance the platform for further development, targeting additional disease states and market capabilities to accelerate growth in new regions and product lines.
- In May 2023, Stryker Corporation acquired Cerus Endovascular, a start-up focused on designing, developing, and supplying interventional neurovascular devices and delivery systems for the treatment of intracranial aneurysms by neuroradiologists. These strategic moves highlight the dynamic nature of the neurovascular devices sector and emphasize diversification strategies that drive innovation in the field.
- In February 2023, Phenox Inc. announced that their pRESET Thrombectomy Device received FDA clearance for treating acute ischemic stroke in the U.S. The pRESET device, which has been available in Europe for over a decade, is now approved for use in the U.S.
- In November 2022, iVascular expanded its neurovascular disease treatment portfolio by launching CE-marked products, including the iNdeep microcatheter, iNtercept retriever device, iNedit balloon distal access catheter, and iNstroke 4Fr and 6Fr aspiration catheters.
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