Market Size of Neurovascular Devices Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 7.70 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Neurovascular Devices Market Analysis
During the period of the forecast, the market for neurovascular devices is expected to register a compound annual growth rate (CAGR) of 7.7%.
COVID-19 had a profound impact on the neurovascular devices market owing to the cancellations of elective procedures, including neurosurgery. For instance, an article published in the BMJ Public Health Emergency Collection Journal in August 2022 stated that out of the total of 680 enrolled patients on the waiting list for scheduled neurosurgical procedures, 470 patients (69.1%) were waiting for surgery due to degenerative spine disease, 86 patients (12.6%) due to functional disorders, 58 patients (8.5%) due to brain or spine tumors, 25 patients (3.7%) due to CSF disorders, and 17 patients (2.5%) due to cerebrovascular disease in Spain. However, the market has been recovering post-pandemic since the restrictions have been lifted. The high prevalence of neurological diseases and rising demand for neurovascular devices for the treatment and diagnosis of diseases are expected to propel the market during the forecast period.
The growth of the studied market is also affected by the fact that the number of target patients is growing, that products are still being made and sold, and that research in the field of neurovascular therapies is increasing.
Neurovascular disorders, including arteriovenous malformations (AVMs), brain aneurysms, carotid artery disease, and intracranial atherosclerotic disease, take an enormous health and economic toll on the world population and can result in lots of neurological problems ranging from subarachnoid hemorrhage and stroke to disability and even death. An article from April 2021 said that migraines (17%), seizures (15%), neurological emergencies like meningitis and encephalitis (14%), and tumors (14%) were the most common things that people thought were a stroke.Due to the high number of neurological disorders, neurovascular devices are likely to become more useful over the next few years.
Furthermore, the strategic initiatives adopted by key players, such as research and development to develop an innovative device and rising product launches, approvals, and technological advancements in devices to meet the growing demand for neurovascular devices, are expected to drive the growth of the market. For instance, in February 2021, Cerus Endovascular Ltd., a privately held, commercial-stage medical device company, received Breakthrough Device Designation from the United States Food and Drug Administration for its Contour Neurovascular System. The breakthrough device designation expedites the conventional development, assessment, and review processes, and such devices are marketed early. Also, in July 2021, Terumo Medical Corporation (TMC) announced the launch of the AZUR Vascular Plug. It is one of the first and only plugs compatible with a microcatheter to occlude arteries up to 8 mm in diameter. During the forecast period, the market is expected to grow because there will be so many new neurovascular devices.
Therefore, owing to factors such as the high prevalence of neurological diseases, technological advancements in products, and rising product launches, the studied market is anticipated to witness growth over the analysis period. But strict rules about neurovascular devices and a lack of skilled neurosurgeons are likely to slow the growth of the market as a whole.
Neurovascular Devices Industry Segmentation
As per the scope of the report, neurovascular devices are used to treat neurological disorders. These include coils, stents, and clips that are used to treat neurovascular disorders such as brain aneurysms. These devices are widely used in the treatment and diagnosis of various types of peripheral and central nervous system disorders and ailments. The Neurovascular Devices Market is classified as follows: Product (Aneurysm Coiling and Embolization Devices, Cerebral Balloon Angioplasty and Stenting Systems, Support Devices, Neurothrombectomy Devices, and Others), Target Disease (Ischemic Strokes, Cerebral Aneurysms, Arteriovenous Malformations, and Fistalus, and Other target diseases), and Geography (North America, Europe, Asia-Pacific, Middle The market report also covers the estimated market sizes and trends of 17 countries across major regions globally. The report offers values (in USD million) for the above segments.
| By Product | |
| Aneurysm Coiling & Embolization Devices | |
| Cerebral Balloon Angioplasty and Stenting Systems | |
| Support Devices | |
| Neurothrombectomy Devices | |
| Other Devices (Revascularization Devices etc.) |
| By Target Disease | |
| Ischemic Strokes | |
| Cerebral Aneurysms | |
| Arteriovenous Malformation and Fistulas | |
| Other Target Diseases (Stenosis etc.) |
| Geography | ||||||||
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Neurovascular Devices Market Size Summary
The neurovascular devices market is poised for significant growth, driven by the increasing prevalence of neurological diseases and advancements in technology. The market is recovering from the impacts of COVID-19, which had previously led to the postponement of elective neurosurgical procedures. As restrictions have eased, the demand for neurovascular devices has surged, fueled by the rising incidence of disorders such as arteriovenous malformations, brain aneurysms, and ischemic strokes. These conditions impose substantial health and economic burdens globally, necessitating the use of neurovascular devices for effective diagnosis and treatment. The market is further bolstered by strategic initiatives from key players, including research and development efforts, product launches, and technological innovations, which are expected to enhance the availability and efficacy of neurovascular devices.
North America is anticipated to hold a significant share of the neurovascular devices market, attributed to its robust healthcare infrastructure, high awareness of technological advancements, and a substantial number of industry players. The region's high prevalence of strokes, particularly ischemic strokes, underscores the demand for neurovascular devices. The competitive landscape is characterized by major global companies such as Johnson & Johnson, Medtronic, and Stryker, which are actively engaged in partnerships, acquisitions, and product approvals to strengthen their market positions. These developments, along with ongoing research and the introduction of innovative devices, are expected to drive market growth during the forecast period, despite challenges such as stringent regulations and a shortage of skilled neurosurgeons.
Neurovascular Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Target Patient Population
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1.2.2 Ongoing Product Development and Commercialization
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1.2.3 Rising Research Activities in the Field of Neurovascular Therapies
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1.3 Market Restraints
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1.3.1 Stringent Regulations
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1.3.2 Dearth of Skilled Neurosurgeons
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Product
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2.1.1 Aneurysm Coiling & Embolization Devices
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2.1.2 Cerebral Balloon Angioplasty and Stenting Systems
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2.1.3 Support Devices
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2.1.4 Neurothrombectomy Devices
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2.1.5 Other Devices (Revascularization Devices etc.)
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2.2 By Target Disease
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2.2.1 Ischemic Strokes
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2.2.2 Cerebral Aneurysms
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2.2.3 Arteriovenous Malformation and Fistulas
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2.2.4 Other Target Diseases (Stenosis etc.)
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Neurovascular Devices Market Size FAQs
What is the current Neurovascular Devices Market size?
The Neurovascular Devices Market is projected to register a CAGR of 7.70% during the forecast period (2024-2029)
Who are the key players in Neurovascular Devices Market?
Medtronic, Johnson & Johnson, Stryker, Terumo Corporation and ASAHI INTECC CO., LTD. are the major companies operating in the Neurovascular Devices Market.
