The Global Neurovascular Intervention Devices Market is expected to surpass USD 2 Billion by 2022, growing at a CAGR exceeding 7% over the forecast period. The growth can be attributed to factors such as an increase in the target patient base, technological advancements, improving medical reimbursement in mature economies and expanding healthcare infrastructure. However, factors including lack of skilled neurosurgeons and expensive research and development may pose a challenge to industry growth.
Neurovascular intervention is a technique wherein any disease or damage is treated without the need for surgery, usually in regions which pose a high risk or a high chance of fatalities such as the spine, the brain or the neck.
Neurovascular intervention devices market can be segmented by technology, product, and geography. Geographical segmentation classifies four viable regions, namely North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. A considerable targeted market is in the North American region including the U.S. accounting for over 60% of the revenue, followed by the Europe. Asia Pacific is also expected to showcase a healthy growth over the forecast period owing to large population base and relatively weak healthcare infrastructure in some parts.
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Rising interest in the field of neurosurgery and availability of cheap interventional neurology devices has further driven regional growth. The market is fragmented by technology into embolization & coiling, supporting techniques, carotid angioplasty & stenting, and neuro thrombectomy (mechanical removal of thrombus, usually from intracranial arteries).
Product based segmentation classifies the industry into cerebral angioplasty (balloon angioplasty) & stenting systems, aneurysm coiling and embolization devices, support devices, and neuro thrombectomy devices. Technological innovations in the fields of stenting and balloon angioplasty have led to a substantial growth in these two product segments but mostly in the mature markets of Europe, the US and Japan.
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