Neurovascular Devices Market Size By Product (Embolic Coils, Carotid Stents, Intracranial Stents, Neurovascular Thrombectomy Devices, Embolic Protection Devices, Flow Diverters, Intrasaccular Devices, Liquid Embolic Coils, Balloon Catheters, Stent Retrievers), By Process (Neurothrombectomy Procedure, Cerebral Angiography Technique, Stenting Technique, Coiling Procedure Technique, Flow Disruption Technique), By Therapeutic Application (Brain Aneurysm, Stenosis, Ischemic Strokes), By End-Use (Hospitals, Ambulatory Surgical Units, Clinics), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, UK, Italy, Spain, Russia, Turkey, Netherlands, Belgium, Austria, Switzerland, Poland, Czech Republic, Hungary, Portugal, Greece, Romania, Bulgaria, Denmark, Sweden, Norway, Finland, Japan, China, India, Australia, South Korea, Singapore, Hong Kong, Taiwan, Indonesia, Cambodia, Philippines, Vietnam, Malaysia, Thailand, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Application Potential, Competitive Market Share & Forecast, 2018 - 2024
Neurovascular Devices Market will reach USD 2.1 billion by 2024; as per a new research report.
Increasing prevalence and cost associated with neurological disorders such as brain aneurysm and acute ischemic stroke will be the major factor driving neurovascular devices industry growth over the forecast period. As per World Stroke Organization, worldwide 17 million people suffer from stroke each year. Also, stroke is one of the leading cause of death as well as long-term disability in the U.S., that will primarily drive the demand for neurovascular devices in the future.
Rising geriatric population vulnerable to brain disorders coupled with soaring demand for minimally invasive procedures will substantially influence neurovascular devices revenue size. Minimally invasive surgeries (MIS) cause lesser pain and blood loss that accounts for major factor in driving patient preference for MIS surgery. Thus, MIS neurovascular surgery should impel demand for neurovascular devices in forthcoming years.
Rising healthcare spending in emerging countries along with increasing government initiatives to prevent neurological disorders will foster market growth over the forecast timeframe. However, lack of neurosurgeons in the developing nations coupled with soaring cost of neurovascular devices are factors that can hinder market growth over the recent years.
Embolic coils product segment dominated the industry with revenue share of 31.3% in 2017. The segment will witness lucrative growth over the projected period due to its wide applications in therapeutic areas such as brain aneurysm and ischemic strokes.
Coiling procedure segment led the market with revenue of USD 607.0 in 2017 and is expected to witness positive trend over the forthcoming years. Rising number of patients suffering from brain aneurysm along with booming demand for minimally invasive procedures will augment segmental growth. Flow disruption technique is poised to be the fastest growing segment by 2024.
Ischemic strokes segment will dominate the market with revenue share of 43.2% in 2017 owing to its high incidence along with increasing cost burden on healthcare systems. Strong government support and rising funding for stoke prevention will foster segmental size in the foreseeable future. Stenosis will be fastest growing segment over the forecast period.
Hospitals end-use segment dominated the industry in 2017 and will register 3.8% CAGR by 2024. This is attributable to increasing neurological disorders and growing demand for neurovascular devices to treat patients suffering from neurovascular diseases.
Canada neurovascular devices industry will witness significant growth at 4.0% CAGR due to increasing incidences and mortality associated with stoke in the country. Presence of The Canadian Neurovascular Health Society emphasized on research of neurovascular conditions and creating awareness among patients will stimulate business growth.
Germany neurovascular devices market will drive Europe neurovascular devices market with share of 13.1% in 2017 as a result of growing prevalence of stroke in elderly patient base along with rising economic burden of neurovascular diseases in the country. This will augment demand for neurovascular devices in the future.
Some of the prominent market players operating in global neurovascular devices market are Terumo Corporation, Penumbra, Stryker, Johnson & Johnson (Depuy Synthes) and Medtronic. Major players are involved in collaborations and acquisitions to widen their product portfolio and expand company’s geographic presence.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook