The global neurovascular devices market was valued at USD 2.84 billion in 2022, growing at a CAGR of 8.12% during the forecast period from 2023 to 2028; it is expected to reach USD 4.53 billion by 2028. The surge in demand for these devices is attributed to several factors, including the expanding patient base, growing interest in less invasive neurosurgical methods, continuous advancements in technology, and increased investments in research and development, among others. Some of the key companies in the global neurovascular devices market include Johnson & Johnson, Medtronic, Stryker, Terumo Corporation, Penumbra, Inc., Microport Scientific Corporation, Kaneka Corp., and others.
DelveInsight’s “Neurovascular Devices/ Interventional Neurology Market Insight, Competitive Landscape, and Market Forecast 2028” research report provides the current and forecasted neurovascular devices market size, share, and trends analysis for the next five years. Moreover, it highlights the ongoing innovations in the segment, major market drivers & barriers, key competitors, and emerging devices in the domain.
Neurovascular Devices/ Interventional Neurology Market: Overview
Neurovascular devices are medical instruments designed to treat conditions affecting blood vessels in the brain and the central nervous system. These devices play a crucial role in managing various neurovascular disorders, such as aneurysms, ischemic strokes, arteriovenous malformations (AVMs), and other vascular abnormalities.
Benefits of Neurovascular Devices
- Minimally Invasive Procedures: Many neurovascular devices enable minimally invasive techniques, reducing the need for open surgeries and potentially lowering risks associated with invasive procedures.
- Precision and Efficacy: They offer high precision in accessing delicate areas of the brain, allowing for targeted treatment, which can improve the efficacy of interventions.
- Improved Patient Outcomes: These devices contribute to better patient outcomes by enabling timely interventions for conditions such as strokes and aneurysms, potentially preventing further damage.
- Customization and Adaptability: Advancements in neurovascular devices allow for customization and adaptability to different patient anatomies, increasing the suitability and success of treatments.
To provide a better understanding of the market dynamics, DelveInsight’s “Neurovascular Devices Market” report provides a detailed assessment by product type (cerebral embolization and aneurysm coiling devices [embolic coils, flow diversion devices, and liquid embolic agents], cerebral balloon angioplasty and stenting systems [carotid artery stents and embolic protection systems], neurothrombectomy devices [clot retrievers, suction devices, and vascular snare], and support devices [micro catheters and micro guidewires]), application (stroke, cerebral aneurysm, carotid artery stenosis, and others).
Within the neurovascular devices product line, the carotid artery stents category is poised to secure a substantial market presence due to its inherent advantages and versatile applications. These stents are designed to widen the interior of the carotid artery, facilitating improved blood flow in regions obstructed by plaque buildup. Moreover, their deployment significantly lowers the risk of subsequent narrowing in the carotid artery. Carotid artery stents serve as viable alternatives, particularly for patients unsuitable for conventional carotid surgery or facing significant surgical risks.
The increasing prevalence of neurological conditions like stroke, cerebral/brain aneurysms, and intracranial stenosis worldwide is anticipated to drive the need for neurovascular devices. These devices play a pivotal role in treating a spectrum of central nervous system ailments through minimally invasive neurosurgical methods. This surge in demand is a direct response to the growing burden of patients grappling with these complex neurological disorders, emphasizing the critical role these devices play in addressing such challenging conditions.
Research indicates that globally, approximately 3.2% of the population is affected by cerebral aneurysms, typically occurring around the age of 50. Additionally, data from the Brain Aneurysm Foundation in 2020 revealed nearly 500,000 annual deaths worldwide attributed to brain aneurysms, with half occurring in individuals under 50. Consequently, the growing prevalence within this demographic is expected to escalate the need for neurovascular surgeries, consequently driving the demand for neurovascular devices in the projected period.
Moreover, the pivot of major manufacturers toward innovating technologically sophisticated interventional neurology devices is poised to significantly propel the growth of the global neurovascular devices market. This strategic shift towards developing cutting-edge solutions underscores a promising trajectory for the market, fostering advancements that enhance the efficacy and precision of neurovascular interventions.
Several factors, including limited product recalls and the rigorous regulatory approval process, are anticipated to present minor challenges to the expansion of the neurovascular devices market. While these factors may impose some obstacles, they also signify the industry’s commitment to ensuring product safety and adherence to stringent regulatory standards. This commitment, although presenting hurdles, ultimately contributes to building consumer trust and fostering a market environment focused on reliability and safety.
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North America is poised to assert its dominance in the global neurovascular devices market in the upcoming years. This leadership position is attributed to several factors, including a growing population of patients requiring neurovascular interventions, enhanced reimbursement policies concerning these devices, government initiatives aimed at modernizing and expanding healthcare infrastructure, and robust adoption of technological innovations, fueled by increased healthcare expenditure facilitated by the US government. This collective support and conducive environment position North America as a front-runner in driving the advancements and adoption of neurovascular devices.
Some of the key players such as Stryker Corporation, Penumbra, Inc., Johnson & Johnson, and Merit Medical Systems, Inc., among others are actively working in the North American market. Their strategic emphasis on product development initiatives, coupled with increased investments in research and development, plays a pivotal role in propelling the expansion of the neurovascular devices market in the region. Moreover, synergistic collaborations between these industry giants, alongside heightened government initiatives, further fuel the substantial growth observed in this sector within the region.
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Over the years, the neurovascular devices market has evolved significantly, owing to the active participation of the global MedTech companies and technological advancements in the domain. Similarly, several clinical, commercial, and regulatory developments have also been registered in the domain. Some of the major advancements in the neurovascular devices market in recent years include –
- In 2022, Kaneka and Asahi Intecc announced a marketing collaboration for i-ED Coil distribution in the US including marketing material preparation, clinical support, and administration for consignment stock in hospitals. This agreement may also expand to include other product offerings in the future.
- In September 2020, CERENOVUS, part of Johnson & Johnson Medical Devices Companies launched CERENOVUS Stroke Solutions™, which includes a suite of three devices designed to aid physicians in clot removal procedures.
- In July 2020, Rapid Medical received CE Mark for TIGERTRIEVER™ XL designed to safely remove clots from intracranial vessels up to 9mm in diameter.
- In July 2020, Stryker received the US FDA approval for its Neuroform Atlas Stent System indicated for use with neurovascular embolization coils in the anterior and posterior circulation of the brain for patients 18 years of age or older with saccular wide-necked brain aneurysms.
- In April 2020, Cerus Endovascular Ltd., a privately-held medical device company, received CE Mark approval for its 021 Contour Neurovascular System™, compatible with smaller commercially available 021 microcatheters for the treatment of saccular intracranial aneurysms.
- In February 2020, NeuroVasc Technologies, Inc. announced that it has entered into a strategic partnership with the Wego Group that includes USD 34 million in funding to support the company’s product portfolio development and global clinical trial program. The strategic partnership marks a major step forward for NeuroVasc Technologies in bringing a full neurovascular platform to market. The company’s portfolio of devices is aimed at helping neurointerventional physicians more efficiently and effectively treat neurovascular disease.
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Companies play a pivotal role in the global neurovascular devices market, driving innovation, research, and product development to meet the ever-evolving demands of healthcare. On a global scale, prominent players in the neurovascular devices market encompass esteemed MedTech giants such as Johnson & Johnson, Medtronic, Stryker, Terumo Corporation, Penumbra, Inc., Microport Scientific Corporation, Kaneka Corp., and others. These companies are at the forefront of advancing technology and medical solutions, continually striving to enhance the safety and efficacy of neurovascular devices.
Learn how new players’ entries will transform the market dynamics in the coming years @ Neurovascular Devices’s Competitive Landscape
Scope of the Neurovascular Devices Market Report:
- Study Period – 2020-2028
- Geography Covered – North America, Europe, Asia-Pacific, and Rest of the World
- Neurovascular Devices Market Assessment
- By Product Type – Cerebral Embolization and Aneurysm Coiling Devices (Embolic Coils, Flow Diversion Devices, and Liquid Embolic Agents), Cerebral Balloon Angioplasty and Stenting Systems (Carotid Artery Stents and Embolic Protection Systems), Neurothrombectomy Devices (Clot Retrievers, Suction Devices, and Vascular Snare), and Support Devices (Micro Catheters and Micro Guidewires)
- By Application – Stroke, Cerebral Aneurysm, Carotid Artery Stenosis, and Others
- End-User – Hospitals, Ambulatory Surgical Centers, and Others
- Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s Views
Table of Content
|Regulatory and Patent Analysis
|Neurovascular Devices Market Key Factors Analysis
|Neurovascular Devices Porter’s Five Forces Analysis
|COVID-19 Impact Analysis on the Neurovascular Devices Market
|Neurovascular Devices Market Layout
|Neurovascular Devices Global Company Share Analysis – Key 3–5 Companies
|Neurovascular Devices Product Profiles and Key Companies
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