WILMINGTON, DE / ACCESSWIRE / March 29, 2023 / Transparency Market Research Inc. - According to the market report by TMR, the global neurovascular devices market was valued at USD 3.1 Bn in 2022 and is projected to witness robust growth during the forecast period from 2023 to 2033. The market research conducted by the expert team at TMR states that the neurovascular is likely to expand at 7.6% during the forecast period from 2023 to 2033.
The extensive market survey sheds light on the growth trajectory of the market based on a thorough analysis of various aspects such as key drivers, emerging trends, competitive landscape, market segmentation, and regional assessment. Detailed information about the market helps the stakeholders and CXOs to take appropriate business decisions.
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Neurovascular devices are also termed neurological devices. These are effective in treating disorders related to the brain, spine, and neck. These devices have proved to be efficient in treating these disorders through minimally invasive image-guided procedures. Neurosurgery is also performed for the treatment of neurovascular disorders.
Neurovascular devices play an important role in diagnosing and treating neurovascular disorders by working on the central system and its periphery. The formation of brain aneurysms and cerebral hemorrhage is the result of worn-out arteries, which are caused due to aging. Thus, the neurovascular devices business growth is expected to increase rapidly.
Neurovascular Devices Market: Growth Drivers
Rise in Geriatric Population: Increase in geriatric population across the world has led to rise in age-related medical conditions. The geriatric population is prone to severe brain-related ailments such as ischemic stroke and hemorrhages. Thus, increase in demand for minimally invasive surgeries is anticipated to propel the global neurovascular devices market.
Surge in Hypertension Patients Globally: Rapid industrialization has created significant work opportunities for individuals aged 20 to 60 years. Sedentary job profiles and rise in workload has increased the prevalence of hypertension, which needs effective treatment. This is likely to bolster global neurovascular devices market growth.
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Key Findings of Neurovascular Devices Market
Rise in R&D Investment to Augment Cerebral Embolization and Aneurysm Coiling Devices Segment: Increase in research & development activities for developing technologically advanced devices with added features is fueling the cerebral embolization and aneurysm coiling devices segment. Surge in incidence of neurovascular disorders is likely to drive the segment in the next few years. As per TMR analysis, the segment is expected to expand at a CAGR of 9% from 2023 to 2033.
Stroke Segment to Grow Significantly: Rise in cases of stroke among the geriatric population across the globe is driving the stroke segment. Work stress in urban areas has also resulted in high prevalence of stroke across the globe. Strokes are considered to be fatal, as these can cause hemorrhage. Thus, healthcare professionals are more inclined toward introducing superior products and developing efficient therapies to treat stroke. These factors are fueling market progress.
Neurovascular Devices Market: Regional Dynamics: North America is expected to dominate the global market during the forecast period due to significant rise in the geriatric population. Increase in number of patients suffering from neurovascular disorders is projected to propel the market in North America. The market in the U.S. is likely to grow at a CAGR of 7.5% from 2022 to 2023. This is ascribed to rise in healthcare infrastructural development, increase in awareness about healthcare equipment, and surge in initiatives to promote healthcare.
The market in Asia Pacific is driven by increase in focus on the development of healthcare infrastructure. Government bodies of several countries, including India, Japan, and China, are setting up well-equipped medical facilities. These efforts have created lucrative growth opportunities in Asia Pacific. The market in Japan is estimated to reach US$ 124 Mn by the end of 2033. The market in South Korea is likely to advance at a CAGR of 6.7% during the forecast period.
Neurovascular Devices Market: Competitive Analysis
Key players operating in the global market are focusing on development of novel products and striving to develop an efficient product range to serve patients suffering from neurovascular disorders. Strategic alliances, mergers, acquisitions, and joint ventures have led to market expansion.
Leading players in the market are:
- Microvention, Inc.
- Penumbra. Inc.
- Microport Scientific Corporation
- Medtronic
- Codman Neuro
- Johnson & Johnson Services, Inc.
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Neurovascular Devices Market: Segmentation
By Product Type
- Cerebral Embolization and Aneurysm Coiling Devices
- Embolic Cells
- Flow Diversion Devices
- Liquid Embolic Agents
- Cerebral Angioplasty and Stenting Systems
- Carotid Artery Stents
- Embolic Protection
- Nuerothrombectomy Devices
- Clot Retrieval Devices
- Suction Devices
- Vascular snares
By Therapeutic Application
- Stroke
- Cerebral Artery Stenosis
- Cerebral Aneurysm
- Other therapeutic applications
By Region
- North America
- Latin America
- Europe
- APAC
- MEA
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