Market Research Future (MRFR) expects the Neurovascular Devices Market Size was valued at USD 4.13 Billion in 2023. The Global Neurovascular Devices industry is projected to grow from USD 4.50 Billion in 2024 to USD 8.41 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.18% during the forecast period (2024 - 2032).
COVID-19 Analysis of Neurovascular Devices Market
Following 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.
In February 2023, VESALIO announced its NeVa VS device was successfully used to treat cerebral vasospasm following aSAH (post-aneurysmal subarachnoid haemorrhage) for the first time ever. Mortality and morbidity are normally caused by vasospasm following aSAH which is the most common consequence of this ailment.
In February 2023, EndoStream Medical announced that they had enrolled their first patient into the TORNADO-US trial in America.
For example, Luidx Medical Technologies Inc. reported in January 2023 that it had succeeded with an in-vivo study on Embolic IMPASS Device connected to meningeal middle artery embolization. Minimally invasive MMA embolization catheter-based instead of surgery can be employed to deal with chronic subdural hematomas on the surface of brain.
An investment has been made by Therma Bright Inc. into Israeli Ischemic Stroke Blood Clot Retriever Technologies Startup Inretio Inc. Thus PREVA basket “ensnares” and envelops clot preventing any other sub-clots that may come out during thrombectomy procedure from reaching brain.
Infinity Neuro informed us early this year that its Inspira aspiration catheters have received CE Mark approval and are available for sale across Europe; this is the first offering of Infinity Neuro, which aims at launching a wide range of products addressing ischemic and hemorrhagic stroke during 2023 onwards.
For example, Medtronic Neurovascular Co-Lab Platform came into existence in October 2022 to help expedite necessary innovation in stroke treatment and care. Therefore, through their community platform they aim at transforming ideas and technology to breakthrough global medicines thereby giving entrepreneurs access to insights and care as well as bringing innovations closer to as many people globally thus increasing demand for neurovascular devices in the coming years as a result of availability of new treatment choices as well as widening array of strategies.
Perfuze, which is developing next-generation catheter-based aspiration technology to treat acute ischemic stroke caused by major artery obstruction, concluded a USD 23.94 million Series A financing round in February 2022.
Moreover, Rapid Medical made public during 2022 19th Annual Conference of the Society of NeuroInterventional Surgery (SNIS) held at Toronto that FDA had cleared TIGERTRIEVER 13 for major vessel occlusions.
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.
Neurothrombectomy Devices to Witness Strong Demand
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.
Ischemic Strokes to Capture the Biggest Share in the Global Market
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.
Top 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.
Neurovascular Devices Market Competitive Landscape
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
| Report Attribute/Metric | Details |
| Â Â Market Size 2032 | Â USD 8.41 Billion |
| Â Â CAGR | Â Â 7.18% (2024-2032) |
| Â Â Base Year | Â Â 2023 |
| Â Â Forecast Period | Â Â 2024-2032 |
| Â Â Historical Data | Â Â 2020 |
| Â Â Forecast Units | Â Â Value (USD Billion) |
| Â Â Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Â Â Product, Therapeutic Application, End User |
| Â Â Geographies Covered | Â Â North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Â Â Key Vendors | Â Â 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 |
| Â Â Key Market Opportunities | Â Â Massive Demand for Minimally Invasive Procedures to Present Opportunities |
| Â Â Key Market Drivers | Â Â Expanding Patient Pool Fosters Demand for Neurovascular Devices |
Neurovascular Devices Market Highlights:
Frequently Asked Questions (FAQ) :
Neurovascular Devices Are Extensively Used for The Treatment Of Neurovascular Diseases Like Brain Aneurysm, Arteriovenous Malformations (Avms), And Others.
Leading Players in The Neurovascular Devices Market Include Stryker, Medtronic, And Terumo, Among Others.
The Market Is Expected to Reach A Strong Valuation Of More Than USD 8.41 Billion By 2032.
The Americas Dominate the Global Neurovascular Devices Market Followed By Europe.
The Increasing Global Burden of Neurovascular Diseases And The Growing Demand For Minimally Invasive Therapies Are The Major Drivers For The Market.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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