Global neurovascular devices market is witnessing a constant rise in its revenues. With their improved efficacy, these devices assure phenomenal outcomes in the treatment of neurovascular diseases, which, in turn, increase their market demand hugely. Besides, the growing prevalence of neurovascular diseases and the associated risk factors such as inclination towards the sedentary lifestyle, obesity, and others, escalate the market growth to furthered height.
According to Market Research Future (MRFR), the global neurovascular devices market is projected to register 8.8% CAGR during the assessment period (2017 – 2023), garnering significant market prominence. Factors such as favorable reimbursement policies and ongoing product development & commercialization are boosting the market growth significantly. Also, increasing the demand for these devices is a key factor driving market growth substantially.
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Besides, R&D investments and initiatives by the key market players for the development of new devices, alongside technological advances, are fostering the market growth. Similarly, government initiatives are playing a significant role in the development of the neurovascular devices market. Over recent years, the neurovascular devices/interventional neurology market and neurovascular thrombectomy devices market are witnessing exponential growth.
On the other hand, high procedural cost and the skepticism of physicians towards the efficacies of these devices are the major factors impeding the growth of neurovascular devices market. Also, reported cases of injury and the need for training physicians are likely to present challenges to the market growth during the forecast period. Nevertheless, the demand for sophisticated devices by the physicians and patients would support the market growth throughout the anticipated period.
Neurovascular Devices Market – Segments
The analysis has been segmented into four main dynamics
By Product : Aneurysm Coiling & Embolization Devices, Flow Diversion Devices, Liquid Embolic, Neurothrombectomy Devices, Support Device, Cerebral Balloon Angioplasty & Stenting Systems, and others.
By Therapeutic Application: Hemorrhagic, Ischemic Strokes and others.
By End User : Hospitals & Clinics, Specialty Centers, Ambulatory Surgical Centers and others.
By Regions : Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
Global Neurovascular Devices Market – Regional Analysis
North America dominates the global neurovascular devices market. The largest market share attributes to the growing prevalence of neurovascular diseases, such as AVMs (arteriovenous malformations), brain aneurysm, and others. Besides, factors such as the growing demand for minimally invasive procedures and technologically advanced treatment & medical devices are contributing to the market growth in the region. Moreover, the high healthcare expenditures and funding support by the governments for the development of healthcare infrastructure are driving the regional market growth. The North American neurovascular devices market is projected to retain its dominance throughout the assessment period.
Europe stands second in the global neurovascular devices market in terms of the market share. The market is predominantly driven by the availability of advanced treatment facilities and rising per capita healthcare expenses. Germany, being the technology hub of Europe, leads the neurovascular devices market in the region. Besides, the flourishing medical device industry in Germany fosters the growth of the regional market, excellently.
Also, factors such as the growing demand for better healthcare infrastructure, rising rates of neurovascular diseases among the growing population, and increasing inclination of populaces towards the sedentary lifestyle, drive the regional market growth. The European neurovascular devices market is expected to grow at a healthy CAGR during the forecast period.
The Asia Pacific neurovascular devices market is growing lucratively. Factors such as the increasing prevalence of neurovascular diseases coupled with the availability of new treatment methods, foster the regional market growth. Besides, the growing population that is increasingly gaining awareness towards good health drives the regional market. Additionally, increasing healthcare expenses, alongside the substantial funding support from public and private sectors to drive innovations, push the growth of the regional market further.
Neurovascular Devices Market – Competitive Landscape
Highly competitive, the neurovascular devices market appears to be fragmented due to the presence of several matured players. To gain a larger competitive share in the market, players incorporate strategic initiatives such as partnerships, mergers & acquisitions, collaborations, expansion, and technology launch.
Players leading the global neurovascular devices market include Medtronic, Johnson & Johnson Services, Inc., Stryker, Abbott, Merit Medical Systems, Inc., Terumo Corporation, Penumbra, Inc., Evasc, Medikit co. Ltd., Rapid Medical, Neuravi, MicroPort Scientific Corporation, Oxford Endovascular, W. L. Gore & Associates, Inc., Sensome, Blockade Medical, LLC, Gynesonics, Secant Group, LLC, and Delaware Corporation, among others.
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February 27, 2020 — NeuroVasc Technologies, Inc. (the US), a leading global medical device company, announced its strategic partnership with the Wego Group that includes USD 34 MN funding to support the company’s product portfolio development and global clinical trial program.
NeuroVasc develops medical devices for the treatment of neurovascular conditions. Wego Group, along with its subsidiaries, is principally engaged in the research & development, production, and sale of single-use medical devices. The strategic partnership strengthens NeuroVasc’s position as a leader in neurovascular treatment, bringing its full neurovascular platform to the market.
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