The Neurovascular Devices Market is forecasted to grow from USD 2.35 Billion in 2020 to USD 3.60 Billion by 2026, at a CAGR of 5.6%, during the forecast period. The market is primarily driven by the growing target population for patients, favorable medical reimbursements, expansion of healthcare infrastructure across emerging markets, and increased market demand for effective neurovascular devices.
Technological advances have increased life expectancy, resulting in an increase in geriatric population as a consequence. The geriatric population (age 60 & above) is projected to increase by 57% from 902 million in 2015 to 1.41 Billion by 2030, according to a report published by the United Nations. As a result, the aging population around the globe is expected to rise to boost demand for neurovascular devices.
Neurovascular therapy technological developments, such as the development of GORE TIGRIS by W L Gore and Medtronic distal filter embolic protection device SpiderFX, are expected to serve as a high impact rendering driver. It is expected that inclination for minimally invasive surgery in brain aneurysm and stroke treatments will be the key factor that will increase market growth.
Increasing numbers of neurovascular therapy research, increased demand for minimally invasive neurochirurgical procedures, and increased awareness for minimally invasive surgical procedures among neurochirurgists provide significant market growth opportunities. However, strict regulatory scenario and skilled neurosurgeon dearth may hinder the growth of the market during the forecast period.
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Rapid spread of COVID-19 worldwide, substantially growing patient pool, significant changes in demand for and supply of healthcare solutions during the COVID-19 times, growing trends of telehealth and telemedicine, and increasing need for advanced point-of-care diagnostics are among the other key factors further driving market revenue growth. Increasing government funding for development of COVID-19 vaccines, rising focus on new drug discovery & development, and rising government focus on strengthening the healthcare supply chain system create further revenue growth opportunities for the market.
Top Companies Profiled in the Report:
W. L. Gore & Associates, Inc. (US), Terumo Corp. (Japan), Abbott Laboratories (US), Merit Medical Systems, Inc. (US), Medtronic Plc (Ireland), Penumbra, Inc. (US), Stryker Corp. (US), Johnson & Johnson (US), MicroPort Scientific Corp. (China) and others.
Type (Revenue, USD Million; 2018-2028)
- Cerebral Embolization and Aneurysm Coiling
- Embolic Coils
- Flow Diversion
- Liquid Embolic Agents
- Cerebral Angioplasty and Stenting Systems
- Carotid Artery Stents
- Embolic Protection Systems
- Clot Retrieval
- Vascular Snares
- Micro Catheters
- Micro Guidewires
Application (Revenue, USD Million; 2018-2028)
- Cerebral Artery Stenosis
- Cerebral Aneurysm
Global Neurovascular Devices Market Report: Table of Contents
- Industry Overview
- Market Dynamics
- Market Segmentation
- Regional Outlook
- Competitive Landscape
- Latest Developments
- Research Methodology
- List of Tables and Figures
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Regional Outlook of the Global Neurovascular Devices Market
- North America
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Competitive Outlook of the Global Neurovascular Devices Market
The globla Neurovascular Devices market study focuses on the revenue growth trajectories of the leading companies in this market. This section of the report throws light on the highly competitive landscape of the Neurovascular Devices market, pointing out the major players. The report further discusses the strategic initiatives undertaken by each of these market players, including mergers & acquisitions, collaborations, joint ventures, new product launches, new business deals, and technological innovations.
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