The Americas dominate the global neurovascular devices market. Increasing prevalence of neurovascular diseases like brain aneurysm, arteriovenous malformations (AVMs), besides others followed by growing geriatric population and rising healthcare expenditure are the major drivers of market growth within the region. Europe holds the second largest neurovascular devices market. Presence of a well-developed healthcare sector, increasing prevalence of the neurovascular diseases are the major drivers for market growth within the region. Asia Pacific is the fastest growing region for the market due to the presence of a huge patient population, continuously developing economies, and increasing demands for minimally invasive surgeries by the growing geriatric population. On the other hand, the Middle East & Africa has the least share in the global neurovascular devices market. Presence of poor economies especially in the Africa region restrains the market growth of the Middle East & Africa. The Middle East holds a major market in the region owing to a well-developed healthcare sector and huge healthcare expenditure by the developed economies.
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The key players for the global neurovascular devices market are Stryker, Medtronic, Johnson & Johnson Services, Inc., TERUMO CORPORATION, Abbott, Merit Medical Systems, Inc., Medikit co., ltd., Penumbra, Inc., MicroPort Scientific Corporation, Evasc, Rapid Medical, Neuravi, W. L. Gore & Associates, Inc., OxfordEndovascular, Sensome, Blockade Medical, LLC., Delaware Corporation, Secant Group, LLC, and Gynesonics.
Factors such as growing geriatric population, favorable reimbursement policies, and ongoing product development & commercialization favor the growth of the global neurovascular devices market. Additionally, increasing prevalence of neurovascular diseases like brain aneurysm, arteriovenous malformations (AVMs), and others followed by rising demands for minimally invasive therapeutic procedures fuels the market growth. However, high procedural cost, increase in the number of reported cases of injury, and need for physician training is estimated to restrain the market growth during the forecast period.
The global neurovascular devices market is segmented on the basis of product, therapeutic application, and end-user.
On the basis of the product, the market is segmented into aneurysm coiling & embolization devices, neurothrombectomy devices, support device, cerebral balloon angioplasty, and stenting systems. The aneurysm coiling & embolization devices segment is sub-segmented into embolic coils, flow diversion devices, and liquid embolic. The neurothrombectomy devices segment is sub-segmented into retrieval systems, and suction and aspiration devices. The support device segment is sub-segmented into microcatheters and microguidewires. The cerebral balloon angioplasty and stenting systems segment is sub-segmented into carotid artery stents and embolic protection systems. On the basis of the therapeutic application, the market is categorized into hemorrhagic stroke and ischemic strokes. On the basis of the end-users, the market is segmented into hospitals & clinics and ambulatory surgical units.
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Asia Pacific is the fastest growing region for the market due to the presence of a huge patient population, continuously developing economies like India & China, and increasing demands for minimally invasive surgeries by the growing geriatric population. In 2016, according to the United Nations Economic and Social Commission for Asia and the Pacific, approximately 12.4% of the population in the region aged 60 years or more, which is projected to increase to more than a quarter and reach 1.3 billion by 2050.
On the other hand, the Middle East & Africa has the least share of the global neurovascular devices market due to the presence of poor economy, especially in the Africa region. The Middle East holds the majority of the market of this region due to a well-developed healthcare sector and huge healthcare expenditure by the developed economies like Kuwait, Qatar, Dubai, and others.
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