The global neurovascular devices market size was valued at USD 3.01 billion in 2022 and is anticipated to expand at a CAGR of 6.8% during the forecast period.
Report Scope of the Neurovascular Devices Market:
|Market Size in 2022||USD 3.01 billion|
|Revenue Forecast by 2032||USD 5.81 billion|
|Growth rate from 2023 to 2032||6.8%|
|Report coverage||Revenue forecast, company share, competitive landscape, growth factors & trends|
Interventional neurology devices are used to diagnose and treat central nervous system and brain vascular disorders. Endovascular, catheter-based procedures, angiography, and fluoroscopy are all part of the interventional neurology. Catheter angiography is one of the oldest in-vivo brain vascular imaging techniques used to diagnose a variety of neurological diseases including cerebral aneurysm, arteriovenous malformations, intracranial stenosis, arteriovenous fistula, and vasculitis.
Increase in incidences of neurological disorders such as brain/ cerebral aneurysm, strokes, epilepsy amongst many others in several countries is expected to drive the neurovascular devices market growth. According to the NHS England, around 1 in 12,500 people in England have ruptured brain aneurysm every year. Furthermore, brain aneurysm affects approximately 3.0% of the persons in the U.K.. Furthermore, the Brain Aneurysm Foundation estimates that 6.0 million Americans are impacted by brain aneurysms each year.
Every year, the disease kills half a million people globally. Approximately 40.0% of ruptures result in death and approximately 66.0% of those who survive has some permanent brain damage. Thus, the rapidly and vast growing patient population base for the target diseases across the key markets is primarily responsible for the significant volume consumption of neurovascular devices, leading to the market growth.
A slew of potential new technologies, merger and acquisitions in the neurovascular space are on the horizon. For instance, in October 2022, the Medtronic Neurovascular Co-Lab Platform was created to help speed much-needed innovation in stroke treatment and care. Their community platform aims to transform ideas and technology into breakthrough global medicines by giving entrepreneurs and physicians with insight and care, and, most importantly, ensuring that innovation reaches as many people as possible around the world. As a result, the availability of new treatment choices and an expanding variety of tactics will drive up demand for the neurovascular devices in the coming years.
Minimally invasive surgeries are gaining popularity owing to the reduced risk and trauma associated with these procedures. Smaller incisions decrease postoperative pain and facilitate speedy recovery leading to high adoption of these procedures and triggering growth of R&D in this field. Several key players are investing in R&D for the launch of innovative minimally invasive surgical instruments. The endovascular coiling used for the treatment of intracranial aneurysm is one of the minimally invasive procedures that are widely recommended by the physicians. In this procedure, a microcatheter is inserted in the groin area through the artery consisting an aneurysm. Platinum coils are then released as the coil promotes clotting of aneurysm and prevents blood from entering other regions of the brain.
Key Companies & Market Share Insights
Key market players are focusing on the launch of innovative types of medical devices, growth strategies, and technological advancements. For instance, in April 2022, MicroVention, Inc., a Terumo Corporation wholly owned subsidiary, announced the completion of its first enrollment in STRAIT, a multi-center, prospective observational EU study to evaluate the performance and safety of the BOBBY balloon guide catheter for endovascular treatment of acute ischemic stroke.
In North America and Europe, the BOBBY Balloon Guide Catheter is currently approved. It was designed to improve compatibility and navigability with the SOFIA Plus 6Fr Aspiration Catheter while also simplifying balloon preparation. These advancements in neurovascular devices market are anticipated to boost the market growth during the forecast period. Some of the key players in global neurovascular devices market include:
Neurovascular Devices Market Segmentations:
Size (in Inches)