The Neurovascular Devices Market size is expected to increase to reach USD 4.2 billion during the projection period 2022-2030 by 5.7% on average per year. Different factors affect the neurovascular device in the market and shaping its growth as well as dynamics. Another significant significance point is the increasing prevalence of neurovascular illnesses including stroke, aneurysms and arteriovenous malformations. Consequently of the global aging population and some of the lifestyle factors that increase their prevalence giving a raise to the needs for advanced neurovascular equipments.
Technological innovations stand out for markets of neurovascular devices. Incessant technical advancement in medical technology such as the designing of minimally invasive procedures as well as the introduction of novel materials play a crucial role affecting the outcome and safety of neurovascular procedures. Mechanisms like digital subtraction angiography (DSA) and magnetic resonance angiography (MRA) can improve the accuracy of diagnostic and assist to put the neurovascular devices in a proper and safe way during operations.
Regulatory management plays the most important part in the market of neurovascular devices. Thorough regulations and approvals are key components that remain essential to guaranteeing the reliability and efficiency of these devices. The regulatory field affects the way companies design products, manufacture them, and enter a market for neurovascular device producers. The compliance with regulatory standards gives credibility to neuronal devices among healthcare specialists and patients making the devices regarded as trusted tools in the treatment of neuromodulation disorders.
Neurovascular diseases get elevated position with the ever growing awareness of early intervention and the significance of this path. Public education campaigns and healthcare initiatives contribute to a greater understanding of the symptoms and risk factors associated with neurovascular disorders as well as the need for prompt diagnosis and treatment, this in turn maakes patients demand them faster. The fact of the rising importance of preventive care in healthcare becomes another driver for the neurovascular devices market.
Economical elements, such as health expenses and reimbursement policies, are considered to have the biggest effect on the introduction of neurovascular devices. The practicalities of encompassing sophisticated neurovascular procedures into routine clinical practice often depends on the current payment policies and inpatient coverages. Economic factor, including purchasing the device for patients and their acceptability by healthcare providers, is a critical determinant of the accessibility of the devices.
The foreign trade arena is affected by the local features, with every region experiencing its own specific difficulties in the area of neurovascular healthcare. The specific frequency of neurovascular diseases varies from area of residence, the availability and the quality of healthcare facilities, and the availability of skilled professional healthcare providers in different geographical areas, which result in very different demand for some neurovascular devices. Manufacsuting companies could often mold their strategies to tackle the specific needs and legal requirements of new markets.
Report Attribute/Metric | Details |
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Growth Rate |   5.7% (2022-2030  Base Year  2021  Forecast Period  2022-2030  Historical Data  2020  Forecast Units  Value (USD Billion)  Report Coverage  Revenue Forecast, Competitive Landscape, Growth Factors, and Trends  Segments Covered  Product, Therapeutic Application, End User  Geographies Covered  North America, Europe, Asia-Pacific, and Rest of the World (RoW)  Key Vendors  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, L. Gore & Associates Inc., OxfordEndovascular, Sensome, Blockade Medical LLC., Delaware Corporation, Secant Group LLC, Gynesonics  Key Market Opportunities  Massive Demand for Minimally Invasive Procedures to Present Opportunities  Key Market Drivers  Expanding Patient Pool Fosters Demand for Neurovascular Devices |
Market Research Future (MRFR) expects the Neurovascular Devices Market size to touch over USD 4.2 Billion by 2030. MRFR also anticipates the global market’s growth to be at a rate of 5.7% during the review period (from 2022 to 2030).
COVID-19 Analysis of Neurovascular Devices MarketFollowing the COVID-19 outbreak, the medical and healthcare sectors have been striving to continue with their operations even as the lockdown situation persists. The neurovascular devices market has been preparing to tackle the issues caused post the SARS-CoV-2 pandemic, some of which include economic downfall, slacked demand for these devices and massive revenue loss. The demand for neurovascular devices has gone down significantly since the advent of the novel coronavirus, considering the high costs associated with them.However, top firms are trying to ramp up their manufacturing capacity, while exploring new ways to maintain their business, including collaborations with other players, open-source development of equipment, and deploying of skilled medical workers to meet with the changing needs. These initiatives by the industry participants in the wake of the pandemic can ensure a bright and optimistic future of neurovascular med devices.Neurovascular Devices Market Trends
Drivers
Expanding Patient Pool Fosters Demand for Neurovascular Devices
The consistently rising consumption of advanced neurovascular devices can be accredited to the rapidly burgeoning patient population base with respect to the target diseases across various countries. Increase in technological innovations in terms of neurovascular devices also propels the global market’s growth potential to a large extent.
Given their high clinical efficacy, interventional therapies are witnessing massive growth in their demand for better monitoring and diagnosis of neurological conditions. This has been one of the key reasons for the surging adoption rate of interventional neurovascular devices among neurosurgeons as well as medical professionals in the U.K., France, the U.S., Japan and Germany.
Opportunities
Massive Demand for Minimally Invasive Procedures to Present Opportunities
Heightened demand for minimally invasive neurosurgical procedures, escalating knowledge level of neurosurgeons regarding minimally invasive procedures and the surge in the number of researches in the neurovascular therapy field can offer lucrative opportunities to the key contenders in the forthcoming period.
Restraints
Significant Cost of Neurovascular Devices to Restrain Growth
Expensive neurovascular devices and unfavorable reimbursement scenarios across a few countries could restrain the neurovascular devices market development rate in the near future.
Challenges
Lack of Proficient Neurosurgeons to Challenge Growth
The efficacy and emergence of complications during neurovascular surgeries and treatments are largely dependent on the neurosurgeon’s ability to accurately place or remove the neurovascular device from the patient’s body. Therefore, a surgeon’s skills and efficiency while using a neurovascular device are extremely important. However, mature markets including Germany, Japan and the U.S. face a dearth of skilled neurosurgeons that have experience for performing endoscopy or surgical clipping to treat complex neurovascular diseases. This has been a major cause of concern across countries and can even challenge the neurovascular devices market growth in the following years.
On the basis of the product, the neurovascular devices market is segmented into aneurysm coiling & embolization devices, neurothrombectomy devices, support device, cerebral balloon angioplasty, and stenting systems. The neurovascular thrombectomy devices market in recent years has gained high prominence, as these devices are increasingly be used encouraged by the guidelines given by the American Heart Association/American Stroke Association for treating ischemic stroke and other conditions. Moreover, the extensive clinical data available exhibiting the high efficiency of neurothrombectomy devices could bolster the market size in the coming years.
Depending on therapeutic application, the neurovascular devices market can be categorized into ischemic strokes and hemorrhagic stroke. Substantial prevalence of ischemic strokes worldwide, owing to surging blood pressure and cholesterol levels among people, has led to a higher need for treatment and advanced neurovascular devices. Therefore, the segment is projected to capture the highest share in the global neurovascular devices market.Hospitals & Clinics to be the Top End-UserTop end-users mentioned in the MRFR report are hospitals & clinics as well as ambulatory surgical units. Hospitals & clinics lead the worldwide industry owing to their rising number across developing countries and the availability of a vast range of medical devices for treatment and surgeries.
America Thrives as the Market Leader
The Americas remains the market leader, in view of the significant uptake of several types of neurovascular medical devices in line with the rising cases of arteriovenous malformations (AVMs) and brain aneurysm, among others. The extensive R&D activities carried out backed by substantial investments by leading manufacturers and a host of government initiatives aimed at spreading the awareness level also benefit the American market. Growth in the prevalence rate of hypertension combined with the high preference for non or minimally invasive procedures could also favor the regional neurovascular devices market in subsequent years.
Europe Emerges as the Second Highest Gainer
Europe has emerged as the second-biggest gainer in the global neurovascular devices market, thanks to the presence of advanced healthcare industry and the rising incidence rate of several neurovascular diseases. The European market is also strongly influenced by the growing use of innovative devices as a result of optimistic clinical data as well as the soaring preference for neurovascular surgeries among the expansive aging population.
The APAC Market Accelerates at the Fastest Rate
Asia Pacific seems to be making the fastest progress in the global neurovascular devices market, primarily on account of the exploding population base in India and China and also the rising demand for minimally invasive surgeries among the expanding geriatric pool. Other encouraging factors can the escalating cases of acute ischemic stroke, improving healthcare schemes in Japan and the rising awareness due to the initiatives undertaken by non-government and government organizations. Increasing healthcare spending along with the surging entry of global firms in the region also contribute to market expansion.
Players Launch Advanced Devices with Added Features to Gain Competitive Advantage
With the escalation in cases like brain aneurysm, arteriovenous malformations and various other neurovascular diseases along with the mounting preference for minimally invasive procedures, vendors are increasingly carrying out extensive R&D activities to launch new innovative devices with extra features.
Medtronic is one of the most affluent neurovascular medical device companies, known for its vast range of cost-effective neurovascular devices that are developed primarily for the treatment of patients with acute ischemic strokes, brain aneurysms and hemorrhagic stroke, among others.List of Key Companies Covered in Neurovascular Devices Market Report
Recent Developments
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