The treatment of neurovascular problems, including ischemic stroke aneurysms, stenosis, arteriovenous malformations, and fistulas, involves the use of neurovascular devices, also referred to as interventional neurology devices. They consist of catheters, guidewires, catheters, liquid embolic agents, arterial stents, flow diversion devices, embolic coils, and catheters. They enable medical professionals to acquire endovascular access to the treatment regions of the brain and deliver effective care. As a result, they are rapidly gaining popularity in the healthcare sector and are widely utilized in the treatment and diagnosis of a wide range of illnesses and diseases of the peripheral and central nervous systems.
The market worth of neurovascular devices in 2021 was USD 2.82 billion, and it will be worth USD 5.92 billion, growing at an 8.6% CAGR during 2021-2030.
The market for neurovascular devices is expanding due to the increasing frequency of neurovascular illnesses among the world’s population. Neurological gadgets are frequently utilized to detect and treat illnesses of the brain and central nervous system. The demand for neurovascular devices is developing due to the growing acceptance of minimally invasive operations due to technological developments in the field of neurology. The rising prevalence of neurological conditions like stroke, epilepsy, and cerebral aneurysm in the general population is driving the need for neurovascular devices.
The creation and expanded use of neurovascular devices are a result of rising corporate and government investments in the research and development of sophisticated healthcare infrastructure and infrastructure. The existence of technologically enhanced neurovascular devices has substantially aided in the development of advanced treatments for a variety of neurological illnesses.
The adoption of neurovascular devices in small hospitals is constrained by the high cost of treating neurovascular diseases, maintenance costs, and other indirect costs. Only a small number of patients can afford the treatment of neurological disorders because there is less room for reimbursement.
The variety of neurovascular tools available for treating various aneurysm types with greater safety and effectiveness will continue to grow thanks to innovative technologies, and aneurysm management is constantly evolving with cutting-edge technology at the forefront of innovation. The Southwestern Medical Center estimates that 795,000 Americans have a stroke each year. The mortality rate brought on by strokes will decrease as the effectiveness of newly developed tools increases.
- On the basis of product, the market for neurovascular devices is segmented into carotid stents, catheters, embolic coils, intracranial stents, embolic protection devices, guidewires, stent retrievers, balloon systems, and neuro thrombectomy devices. In 2021, the embolic coil segment ruled the entire market and generated revenue of over USD 530 million due to the rising incidence of brain aneurysms and ischemic strokes, particularly in developed nations. Additionally, it is anticipated that rising demand for minimally invasive procedures that make use of embolic coils, like coil embolization, will boost market statistics.
- On the basis of the process, the neurovascular devices market is segmented into coiling, microsurgical clipping, neuro thrombectomy, cerebral angiography, stenting, carotid endarterectomy, and flow diversion. Between 2022 and 2030, the neuro thrombectomy market segment will grow at a rate of over 5% CAGR. This is a result of effective neuro thrombectomy devices being used by major players to remove or destroy blood clots that have been stuck.
- On the basis of end-user, the market is segmented into clinics, hospitals, ambulatory surgical centers, and others. By 2030, the hospital segment will surpass USD 2.4 billion. The significant use of neurovascular devices in hospitals due to the growing number of patients with neurovascular illnesses is poised to support segment growth. The demand for neurovascular devices in hospitals is also increasing as a result of patients being admitted to hospitals to access complete treatment options for various brain and spine ailments.
- On the basis of therapeutic application, the market is segmented into ischemic strokes, brain aneurysms, stenosis, and others. The ischemic stroke segment contributed to more than 40.5% of the total market in 2021. The increase in the segment is due to the rising number of ischemic strokes and the widespread demand for less invasive procedures. For instance, according to a Centers for Disease Control and Prevention (CDC) report, over 87% of stroke cases in the U.S. are ischemic strokes and affect about 7,95,000 people annually.
- Regionally, in 2021, the neurovascular devices market in Europe accounted for over 29% of total revenue. The demand for neurovascular devices is growing as the prevalence of chronic neurological disorders rises in nations like the UK, Germany, and France. Additionally, the value of the regional market will benefit from the presence of top industry players.
Key Players analysis
A few leading players in the market are Terumo Corporation, Integer Holdings Corporation, Johnson & Johnson, Asahi Intecc Co. Ltd., Penumbra, Inc., Kaneka Medix Corp., Medtronic, Merit Medical System, and Stryker.