USD 2.84 billion
Neurovascular Devices Market Size, Share, Growth Analysis, By Disease Pathology(Cerebral Aneurysm, Arteriovenous Malformation And Fistulas, Ischemic Stroke, Carotid Artery Stenosis), By End Use(Hospitals and Surgical Centers, Ambulatory Care Centers, Research Laboratories and Academic Institutes), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2777 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|Tables:
170
|Figures:
75
Neurovascular Devices Market Insights
Global Neurovascular Devices Market size was valued at USD 2.90 Billion in 2022 and is poised to grow from USD 3.15 Billion in 2023 to USD 6.04 Billion by 2031, growing at a CAGR of 8.5% in the forecast period (2024-2031).
Surging cases of neurological disorders and cardiovascular diseases are primarily augmenting the demand for neurovascular devices around the world. The rapidly increasing geriatric population around the world and growing awareness regarding neurovascular disorders are also expected to boost sales of neurovascular devices in the future. The rising popularity of minimally invasive surgeries, advancements in medical device technology, and emphasis on early diagnosis are also expected to contribute to global neurovascular devices market growth across the study period and beyond. High prevalence of acute ischemic stroke on a global level is also creating new opportunities for neurovascular device suppliers around the world. However, high costs of neurovascular devices and stringent regulations are estimated to hamper neurovascular devices market development potential in the long run. Limited accessibility in developing and under-developed countries coupled with the risk of complications or failures is also estimated to impede neurovascular device demand outlook in the long run.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Ambulatory Surgical Centers
Fastest Growth
Ambulatory Surgical Centers
Growth Rate
4.80% CAGR
Global Neurovascular Devices Market By End-Use ($ Bn)
Country Share for North America Region (%)
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Neurovascular Devices Market Segmental Analysis
The neurovascular devices market is segmented into disease pathology, end-user, and region. Based on disease pathology, the market is segmented into cerebral aneurysm (embolic coils [bare detachable coils, coated detachable coils], flow diversion devices, intracranial stents, microcatheters, guidewires), arteriovenous malformation and fistulas (liquid embolic agents, occlusion balloon catheters, microcatheters), ischemic stroke (clot retriever devices, suction & aspiration devices, vascular snares, microcatheters, micro guidewires, balloon catheters), carotid artery stenosis (carotid artery stents, embolic protection devices, balloon catheters), and others. Based on End user, the market is trifurcated into, hospitals and surgical centers, ambulatory care centers, research laboratories and academic institutes. Based on Region the market is segmented as, North America, Europe, Asia-Pacific, LAMEA, and the Middle East and Africa.
Analysis by Disease Pathology
Ischemic stroke is forecasted to emerge as the dominant segment in the global neurovascular devices market. Rapidly rising number of people suffering from ischemic strokes around the world is contributing to the high market share of this segment. Increasing hypertension among individuals is the major factor behind rising prevalence of ischemic strokes thereby also boosting the demand for devices and equipment required for the treatment of the same.
Meanwhile, the demand for neurovascular devices for cerebral aneurysms is estimated to increase at a robust pace in the future. Growing investments in the development of novel neurovascular devices for the treatment of cerebral aneurysms are projected to create new opportunities for market growth via this segment. High blood pressure and increased consumption of tobacco or alcohol are also speculated to result in an increase in prevalence of cerebral aneurysms.
Analysis by End User
Most neurovascular devices are projected to be used in hospitals and surgical centers as almost all neurovascular treatments and procedures are carried out in these establishments. Increasing healthcare expenditure and growing adoption of advanced medical devices in hospitals are contributing to the dominance of this segment. Increasing rate of hospitalization in neurovascular diseases is also expected to help this segment maintain its high market share through 2031.
On the other hand, the demand for neurovascular devices in research laboratories and academic centers is projected to increase at a robust pace over the coming years. High investments in neurovascular research and launch of new research programs for the same are generating high demand for neurovascular devices in this segment.
Global Neurovascular Devices Market By End-User
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Neurovascular Devices Market Regional Insights
North America secures the top spot when it comes to global neurovascular devices demand. The presence of a developed healthcare infrastructure, high healthcare spending potential, and easy availability of advanced neurovascular devices are forecasted to be key factors contributing to the dominance of this region. The United States is slated to be the most opportune market in this region owing to high prevalence of ischemic strokes. Canada is also estimated to provide lucrative opportunities for neurovascular devices companies in this region. Favorable reimbursement and high investments medical research are also expected to help North America maintain its dominance.
Asia-Pacific is expected to emerge as the fastest-expanding regional market for neurovascular devices companies in the world. Rising awareness regarding early diagnosis, investments in healthcare infrastructure development, and an increasing senescent population are all offering rewarding business opportunities for neurovascular devices providers. Increasing popularity of minimally invasive procedures in this region is also expected to favor sales of neurovascular devices in the future. China, India, and Japan are slated to be the most rewarding markets in this region. Supportive government initiatives to promote awareness regarding neurovascular disorders will also boost market growth.
Global Neurovascular Devices Market By Region
- Largest
- Fastest
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Neurovascular Devices Market Dynamics
Drivers
Rising Incidence of Neurovascular Disorders
- Poor lifestyle choices and growing adoption of unhealthy habits have significantly increased the number of people suffering from neurovascular diseases. This surge in incidence of neurovascular issues such as strokes and cerebral aneurysms around the world is a key factor promoting neurovascular device demand.
Growing Senescent Population Base
- The aging population of the world is increasing rapidly with highest number of geriatric people coming from Japan, United States, and Italy. Senior citizens are more at risk of neurovascular disorders which is why increase in their population translates to high neurovascular devices demand.
Restraints
Limited Accessibility
- Neurovascular devices are extremely advanced and use novel medical technologies, which is why their costs are high. These high costs may not be an issue for developed countries but healthcare institutions in developing countries have limited budgets, which could limit their accessibility to these devices.
Risk of Failure or Complications
- Despite medical technologies being advanced there is a risk of patient developing complications while using neurovascular devices. Also, there is a risk of these devices failing completely. These complications and risks are expected to dent the sales of neurovascular devices in the future.
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Neurovascular Devices Market Competitive Landscape
Neurovascular device manufacturers should focus on making their products more affordable to increase their sales potential. Entering developing and under-developed countries should also be a priority for neurovascular device companies going forward. The incorporation of advanced technologies to improve the capabilities of neurovascular devices will also be a key trend for new as well as established neurovascular devices market players. Investing in research will be a strategy that no neurovascular devices company should skip going forward.
Top Player’s Company Profiles
- Acandis GmbH (Germany)
- Asahi Intecc Co. Ltd. (Japan)
- Imperative Care Inc. (United States)
- Integer Holdings Corporation (United States)
- Johnson & Johnson (United States)
- Medtronic plc (Ireland)
- MicroPort Scientific Corporation (China)
- Penumbra Inc. (United States)
- Perflow Medical Ltd. (Israel)
- Rapid Medical (Canada)
- Stryker Corporation (United States)
- Terumo Corporation (Japan)
- Balt (Switzerland)
- WL Gore & Associates (United States)
- Penumbra, Inc. (United States) (duplicate)
- Silk Road Medical (United States)
- Siemens Healthineers AG (Germany)
- Le Maire Vascular (France)
- Boston Scientific Corporation (United States)
- InspireMD, Inc. (Israel)
Recent Developments
- In December 2022, Stryker Corporation announced the opening of its new neurovascular research and development laboratory in India. The move was intended to accelerate innovation related to neurovascular conditions such as stroke in the Asia Pacific region.
- Penumbra, a medical device provide based in the United States announced the launch of its new neurovascular devices in the European market in May 2024. Three neurovascular reperfusion catheters named Red 43, Red 72, and Red 78 were launched after they received the CE mark approval earlier this year.
- A new neuro bioplane system for neurovascular interventions was launched in February 2024. The Azurion neuro biplane system was unveiled by Philips at the ECR 2024 event to improve patient outcomes.
Neurovascular Devices Key Market Trends
-
Development of Minimally Invasive Devices: Preference of minimally invasive procedures is increasing rapidly around the world owing to faster recovery and ease of treatment. Neurovascular device manufacturers should focus on the development of devices that can perform minimally invasive procedures to ensure robust sales growth in the long run.
Neurovascular Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the growing incidence of neurovascular disorders and the growing geriatric population are slated to bolster the demand for neurovascular devices over the coming years. However, high costs, limited accessibility, and risk of failure or complications are estimated to impede neurovascular devices market growth in the future. North America is projected to remain the dominant market for neurovascular device companies owing to the presence of a developed healthcare infrastructure and favorable reimbursement policies. Developing minimally invasive neurovascular devices will be a strategy that will help companies ensure robust revenue generation in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.90 Billion |
| Market size value in 2031 | USD 6.04 Billion |
| Growth Rate | 8.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Neurovascular Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Neurovascular Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Neurovascular Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Neurovascular Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Neurovascular Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Neurovascular Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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