Neurovascular Devices Market: Neurothrombectomy Devices Segment Is Expected To Grow At The Highest CAGR Of 7.0%
Neurovascular Devices Industry Overview
The global neurovascular devices market is anticipated to reach USD 4.51 billion by 2030, registering a CAGR of 6.0%, according to a new report by Grand View Research, Inc. Increasing incidence of neurological disorders such as stroke, brain aneurysm, cerebral artery stenosis, are fueling the market growth. For instance, the Stroke Association states that more than 100,000 people suffer from stroke every year in the U.K. Thereby, the numbers reveal the high demand for neurovascular devices, thus leading to market growth.
The outbreak of COVID-19 in the year 2020 has a short-term and moderate impact on the market as majority of elective brain surgeries were postponed to free-up limited space in healthcare settings to treat COVID-19 patients. However, patients suffering from COVID-19 have subsequently shown neurologic symptoms, which is expected to create a favorable environment for market growth in the near future. For instance, as per the study in Lancet, 1 in 3 patients who recovered from the COVID-19 infection, have neurological and mental health disorders. Such instances will surge the demand for neurovascular devices. Thus, COVID-19 might have a positive impact on the market in the near term.
Neurovascular Devices Market Segmentation
Grand View Research has segmented the global neurovascular devices market based on device, therapeutic application, and region:
Based on the Device Insights, the market is segmented into Cerebral Embolization And Aneurysm Coiling Devices, Cerebral Angioplasty And Stenting Systems, Neurothrombectomy Devices, and Support Devices.
- Neurovascular device market is segmented into cerebral angioplasty and stenting systems, cerebral embolization and aneurysm coiling devices, and support devices. Cerebral embolization and aneurysm coiling devices is further segmented into, flow diversion devices, embolic coils, and liquid embolic agents.
- Cerebral angioplasty and stenting systems are further segmented into embolic protection systems and carotid artery stents. Neurothrombectomy devices are further classified into clot retrieval devices, suction devices, and vascular snares.
- Neurothrombectomy devices segment is expected to grow at the highest CAGR during the forecast owing to the rising prevalence of acute ischemic stroke and increasing number of product launches by the key market players.
Based on the Therapeutic Application Insights, the market is segmented into Stroke, Cerebral Artery Stenosis, Cerebral Aneurysm, and Others.
- Stroke segment dominated the market with the highest CAGR of 6.2% owing to the factors such as increasing prevalence of stroke, hypertension, and other neurological disorders. According to the CDC, 1 in 6 people worldwide will have a stroke in their lifetime and every year, more than 795,000 people in the United States have a stroke.
- The cerebral aneurysm segment is expected to grow at the highest CAGR of 6.6% during the forecast period, primarily owing to the rising incidence of intracranial aneurysm. According to the Brain Aneurysm Foundation, an approximate 6.5 million people in US have an unruptured brain aneurysm and about 30,000 people suffer a brain aneurysm rupture each year.
Neurovascular Devices Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & 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 August 2020, Stryker Corporation launched the Surpass Evolve Flow Diverter following approval from the U.S. FDA. It is the first 64-wire cobalt-chromium flow diverter in the United States, and it is intended to aid aneurysms heal. Surpass Evolve is Stryker's newest flow diversion innovation, following the release of Surpass Streamline in late 2018. These advancements in the market are anticipated to boost the market growth over the forecast period. Some of the key players in the global neurovascular devices market include:
- Medtronic
- Johnson and Johnson Services Inc.
- Penumbra, Inc.
- Microport Scientific Corporation
- Stryker
- Microvention Inc (Terumo Corporation)
- Codman Neuro (Integra Lifesciences)
Order a free sample PDF of the Neurovascular Devices Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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