- The market in North America and Europe is witnessing steady growth due to the presence of multispecialty hospitals, rehabilitation centers, and availability of trained professionals.
- Globally, the neurovascular devices market remains to exhibit a CAGR of 6.1% for the period from 2018 to 2026.
- Neurovascular devices support in the treatment of numerous neurovascular disorders such as cerebral aneurysms, cerebral artery stenosis, intracranial atherosclerotic disease and stroke.
Neurovascular devices (such as embolic coils, neurothrombectomy devices, balloon occlusion devices, clot retrievers, flow diversion devices & others) support in the treatment of numerous neurovascular disorders such as cerebral aneurysms, cerebral artery stenosis, intracranial atherosclerotic disease and stroke.
Growing medical tourism, increasing elderly population, advancement in top quality medical devices, evolution in minimally invasive surgeries along with new techniques are few external factors driving the global market. Stroke in the indication segment holds the major share in the neurovascular devices market in 2018.
The global neurovascular devices market was valued at $1,863.0 Mn in 2017 and is expected to reach $3,257.1 Mn by 2026 at a CAGR of 6.1% during the forecast period from 2018 to 2026.
Incidences of movement disabilities is increasing due to an upsurge in neurovascular diseases like arteriovenous malformations and brain aneurysms mainly in the elderly population.
Commercialization and development of embolization and coiling techniques, advancement in carotid artery angioplasty and stenting, supporting technologies and neurothrombectomy will further spur revenue growth during the forecast period.
High costs of devices, lack of healthcare professionals, less awareness about advanced products in developing nations and unstructured reimbursement scenario will restrain the market growth during the forecast period.
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The market in North America and Europe is witnessing steady growth due to the presence of multispecialty hospitals, rehabilitation centers, and availability of trained professionals. Additionally, noteworthy adoption of interventional neurology devices among neurologists and huge presence of neurovascular device manufacturers in the U.S. will drive growth on a global scale.
Key Market Movements
Globally, the neurovascular devices market remains to exhibit a CAGR of 6.1% for the period from 2018 to 2026. Based on type, the aneurysm coiling & embolization devices segment shows growth with increasing applications in the end user industry. Growing number of hospitals, availability of branded devices with improved applications, and growing healthcare spending in developing nations will further assist the overall growth of the neurovascular devices market globally.
List of Companies Covered: Stryker Corporation, Penumbra Inc., Phenox GmbH, Terumo Corporation, Abbott Laboratories, Merit Medical Systems Inc., W. L. Gore & Associates Inc., MicroPort Scientific Corporation, Johnson & Johnson, Medtronic plc, Delaware Corporation, and Rapid Medical.
Market Segmentation: By Type (Aneurysm Coiling & Embolization Devices, Cerebral Balloon Angioplasty & Stenting Systems, Neurothrombectomy Devices and Support Devices). By Indication Segment (Stroke, Cerebral Artery Stenosis, Cerebral Aneurysm, and Others). By End-user Segment: (Hospitals, Clinics, and Ambulatory Surgical Centers)
By Geography Segment
North America (the U.S., Rest of North America), Europe (U.K., Germany, France, Rest of Europe), Asia Pacific (China, Japan, India, Rest of Asia Pacific), and Rest of the World (the Middle East & Africa, Latin America).