Neurovascular Devices Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 7.70 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Neurovascular Devices Market Analysis
During the period of the forecast, the market for neurovascular devices is expected to register a compound annual growth rate (CAGR) of 7.7%.
COVID-19 had a profound impact on the neurovascular devices market owing to the cancellations of elective procedures, including neurosurgery. For instance, an article published in the BMJ Public Health Emergency Collection Journal in August 2022 stated that out of the total of 680 enrolled patients on the waiting list for scheduled neurosurgical procedures, 470 patients (69.1%) were waiting for surgery due to degenerative spine disease, 86 patients (12.6%) due to functional disorders, 58 patients (8.5%) due to brain or spine tumors, 25 patients (3.7%) due to CSF disorders, and 17 patients (2.5%) due to cerebrovascular disease in Spain. However, the market has been recovering post-pandemic since the restrictions have been lifted. The high prevalence of neurological diseases and rising demand for neurovascular devices for the treatment and diagnosis of diseases are expected to propel the market during the forecast period.
The growth of the studied market is also affected by the fact that the number of target patients is growing, that products are still being made and sold, and that research in the field of neurovascular therapies is increasing.
Neurovascular disorders, including arteriovenous malformations (AVMs), brain aneurysms, carotid artery disease, and intracranial atherosclerotic disease, take an enormous health and economic toll on the world population and can result in lots of neurological problems ranging from subarachnoid hemorrhage and stroke to disability and even death. An article from April 2021 said that migraines (17%), seizures (15%), neurological emergencies like meningitis and encephalitis (14%), and tumors (14%) were the most common things that people thought were a stroke.Due to the high number of neurological disorders, neurovascular devices are likely to become more useful over the next few years.
Furthermore, the strategic initiatives adopted by key players, such as research and development to develop an innovative device and rising product launches, approvals, and technological advancements in devices to meet the growing demand for neurovascular devices, are expected to drive the growth of the market. For instance, in February 2021, Cerus Endovascular Ltd., a privately held, commercial-stage medical device company, received Breakthrough Device Designation from the United States Food and Drug Administration for its Contour Neurovascular System. The breakthrough device designation expedites the conventional development, assessment, and review processes, and such devices are marketed early. Also, in July 2021, Terumo Medical Corporation (TMC) announced the launch of the AZUR Vascular Plug. It is one of the first and only plugs compatible with a microcatheter to occlude arteries up to 8 mm in diameter. During the forecast period, the market is expected to grow because there will be so many new neurovascular devices.
Therefore, owing to factors such as the high prevalence of neurological diseases, technological advancements in products, and rising product launches, the studied market is anticipated to witness growth over the analysis period. But strict rules about neurovascular devices and a lack of skilled neurosurgeons are likely to slow the growth of the market as a whole.
Neurovascular Devices Market Trends
This section covers the major market trends shaping the Neurovascular Devices Market according to our research experts:
Ischemic Strokes is Expected to Hold Significant Market Share in the Target Disease Segment
Ischemic stroke is a heterogeneous, multifactorial disease characterized by the sudden onset of neurologic signs directly related to the places of injury in the brain where the morbid process occurs. The evaluation of multifaceted neurologic disorders, including stroke, in which a large number of genetic and epigenetic factors interact with even the environmental risk factors to increase the risk, has been revolutionized by the GWAS (genome-wide association studies) approach. Currently, magnetic resonance imaging (MRI) and computer tomography (CT) techniques are considered the gold standard for ischemic stroke detection.
According to the World Stroke Organization's 2022 report, approximately 7.6 million new ischaemic strokes occur each year.In the current year, an estimated 62% of all incident strokes worldwide are ischaemic strokes.As a result of the high incidence and prevalence of ischaemic stroke worldwide, the segment is expected to grow significantly during the forecast period, contributing to market growth.
Furthermore, the research conducted by various institutions to develop a neurovascular device used in the treatment and diagnosis of ischemic stroke is expected to propel market growth. For instance, in September 2022, researchers at the Indian Institute of Technology, Mandi, in collaboration with PGIMER Chandigarh, developed a portable and cost-effective device to detect and diagnose stroke caused by impaired blood flow to the brain. The low-cost diagnostic method can be employed in rural, underdeveloped, and isolated areas for early detection and will aid in precisely detecting ischemic stroke. The high burden of research developments is estimated to propel segment growth during the forecast period.
North America is Expected to Hold a Significant Share in the Neurovascular Devices Market Over The Forecast Period
North America is expected to have a big share of the market because there are a lot of neurovascular diseases there, the healthcare system is better, people know what technologies are out there, and there are a lot of industry players there.
According to CDC facts updated in 2022, every year more than 795,000 people in the United States have a stroke. About 610,000 of these are first or new strokes. In the United States, there is estimated to be at least one stroke every 40 seconds, and every four minutes, someone dies of a stroke. The same source also mentioned that approximately 87% of all strokes are ischemic strokes, in which blood flow to the brain gets blocked. Thus, the high prevalence of strokes in the region is estimated to propel the market for neurovascular devices during the forecast period.
Additionally, the advancements in technology and rising research and development activities leading to product launches and approvals, along with partnerships and acquisitions by key players, are helping in the market's growth. For instance, in July 2022, Rapid Medical, a developer of advanced neurovascular devices, received FDA 510(k) approval for TIGERTRIEVER for large vessel occlusions at the 2022 Society of NeuroInterventional Surgery (SNIS) annual meeting in Toronto. The device is one of the smallest revascularization devices and is designed to remove thrombi from delicate brain blood vessels during an ischemic stroke. These developments are expected to drive market growth in the region during the forecast period because they provide a less traumatic approach than existing devices.
Neurovascular Devices Industry Overview
The neurovascular devices market is highly competitive and consists of a few major players. The competitive landscape includes an analysis of global companies that hold significant market shares in the industry, such as Johnson & Johnson, Medtronic, Stryker, Terumo Corporation, and ASAHI INTECC CO., LTD., among others.
Neurovascular Devices Market Leaders
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Medtronic
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Johnson & Johnson
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Stryker
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Terumo Corporation
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ASAHI INTECC CO., LTD.
*Disclaimer: Major Players sorted in no particular order
Neurovascular Devices Market News
- September 2022: Shionogi & Co. Ltd., Shionogi Healthcare & Co. Ltd., and Pixie Dust Technologies Inc. entered into a partnership agreement to launch a business involving brain activation through sound stimulation.
- June 2022: Medtronic launched the CE-marked fourth generation flow system, pipeline vantage with Shield technology, for endovascular treatment of brain aneurysms.
Neurovascular Devices Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Defination
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Increasing Target Patient Population
- 4.2.2 Ongoing Product Development and Commercialization
- 4.2.3 Rising Research Activities in the Field of Neurovascular Therapies
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4.3 Market Restraints
- 4.3.1 Stringent Regulations
- 4.3.2 Dearth of Skilled Neurosurgeons
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
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5.1 By Product
- 5.1.1 Aneurysm Coiling & Embolization Devices
- 5.1.2 Cerebral Balloon Angioplasty and Stenting Systems
- 5.1.3 Support Devices
- 5.1.4 Neurothrombectomy Devices
- 5.1.5 Other Devices (Revascularization Devices etc.)
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5.2 By Target Disease
- 5.2.1 Ischemic Strokes
- 5.2.2 Cerebral Aneurysms
- 5.2.3 Arteriovenous Malformation and Fistulas
- 5.2.4 Other Target Diseases (Stenosis etc.)
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.1.3 Mexico
- 5.3.2 Europe
- 5.3.2.1 Germany
- 5.3.2.2 United Kingdom
- 5.3.2.3 France
- 5.3.2.4 Italy
- 5.3.2.5 Spain
- 5.3.2.6 Rest of Europe
- 5.3.3 Asia-Pacific
- 5.3.3.1 China
- 5.3.3.2 Japan
- 5.3.3.3 India
- 5.3.3.4 Australia
- 5.3.3.5 South Korea
- 5.3.3.6 Rest of Asia-Pacific
- 5.3.4 Middle East and Africa
- 5.3.4.1 GCC
- 5.3.4.2 South Africa
- 5.3.4.3 Rest of Middle East and Africa
- 5.3.5 South America
- 5.3.5.1 Brazil
- 5.3.5.2 Argentina
- 5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Medtronic
- 6.1.2 Johnson & Johnson Services, Inc.
- 6.1.3 ASAHI INTECC CO., LTD.
- 6.1.4 Penumbra, Inc.
- 6.1.5 Stryker
- 6.1.6 Terumo Corporation
- 6.1.7 Integer Holdings Corporation
- 6.1.8 MicroPort Scientific Corporation
- 6.1.9 Imperative Care
- 6.1.10 Shape Memory Medical
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityNeurovascular Devices Industry Segmentation
As per the scope of the report, neurovascular devices are used to treat neurological disorders. These include coils, stents, and clips that are used to treat neurovascular disorders such as brain aneurysms. These devices are widely used in the treatment and diagnosis of various types of peripheral and central nervous system disorders and ailments. The Neurovascular Devices Market is classified as follows: Product (Aneurysm Coiling and Embolization Devices, Cerebral Balloon Angioplasty and Stenting Systems, Support Devices, Neurothrombectomy Devices, and Others), Target Disease (Ischemic Strokes, Cerebral Aneurysms, Arteriovenous Malformations, and Fistalus, and Other target diseases), and Geography (North America, Europe, Asia-Pacific, Middle The market report also covers the estimated market sizes and trends of 17 countries across major regions globally. The report offers values (in USD million) for the above segments.
| By Product | Aneurysm Coiling & Embolization Devices | |
| Cerebral Balloon Angioplasty and Stenting Systems | ||
| Support Devices | ||
| Neurothrombectomy Devices | ||
| Other Devices (Revascularization Devices etc.) | ||
| By Target Disease | Ischemic Strokes | |
| Cerebral Aneurysms | ||
| Arteriovenous Malformation and Fistulas | ||
| Other Target Diseases (Stenosis etc.) | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Middle East and Africa | GCC |
| South Africa | ||
| Rest of Middle East and Africa | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Neurovascular Devices Market Research FAQs
What is the current Neurovascular Devices Market size?
The Neurovascular Devices Market is projected to register a CAGR of 7.70% during the forecast period (2024-2029)
Who are the key players in Neurovascular Devices Market?
Medtronic, Johnson & Johnson, Stryker, Terumo Corporation and ASAHI INTECC CO., LTD. are the major companies operating in the Neurovascular Devices Market.
Which is the fastest growing region in Neurovascular Devices Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Neurovascular Devices Market?
In 2024, the North America accounts for the largest market share in Neurovascular Devices Market.
What years does this Neurovascular Devices Market cover?
The report covers the Neurovascular Devices Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Neurovascular Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the challenges faced in the Neurovascular Devices Market?
The challenges faced in the Neurovascular Devices Market are a) Regulatory approval for new neurovascular devices can be a lengthy and rigorous process b) The market for neurovascular devices is becoming increasingly competitive, potentially leading to price pressures
What are the future growth prospects for specific segments of the Neurovascular Devices Market?
Individual device segments and their projected growth trajectories based on technological advancements and clinical applications are the future growth prospects for specific segments of the Neurovascular Devices Market.
Neurovascular Devices Industry Report
The neurovascular devices market is experiencing significant growth, driven by the increasing prevalence of neurovascular diseases and the rising adoption of minimally invasive surgical procedures. Key segments like ischemic strokes and cerebral aneurysms are expanding due to advancements in medical technology and a growing patient population. North America leads this dynamic market, supported by advanced healthcare systems and high awareness of neurovascular conditions. Hospitals and surgical centers, particularly in emerging countries, are benefiting from the expansion of healthcare infrastructure. The market is also witnessing a surge in research activities, with neurovascular medical device companies heavily investing in the development of innovative solutions. Strategic collaborations and partnerships are propelling market growth. This comprehensive neurovascular devices market analysis, provided by Mordor Intelligence™, includes a market forecast, historical overview, and emphasizes the need for continued innovation and strategic approaches. For more insights and a detailed market forecast, download a free report PDF sample from Mordor Intelligence™ Industry Reports.
