Neurovascular devices refer to a range of medical devices and technologies used for the diagnosis, treatment, and management of disorders affecting the blood vessels and related structures within the brain and the spinal cord. Some of the prominent players in the market are Abbott Vascular, Johnson & Johnson, Medtronic, Microport Scientific Corporation, Penumbra, Stryker Corporation, Terumo, W. L. Gore & Associates. The research report on the global neurovascular devices market provides extensive competition analysis and competitive conditions. The report includes information on significant products, players, challenges and developments, and other information specific to the market.
Growing Demand for Neurovascular Interventional Devices Driven by Rising Patient Population and Clinical Efficacy
The adoption of interventional therapeutic procedures for improved diagnosis, monitoring, and treatment of neurological conditions has shown proven clinical efficacy. The significant increase in the utilization of neurovascular devices can be primarily attributed to the large and rapidly expanding patient population affected by target diseases in key markets. According to the World Stroke Organization (WSO) in 2022, there were approximately 7.6 million new cases of ischemic stroke registered worldwide. The global population is increasingly at risk of developing neurovascular diseases due to the rising prevalence of obesity, high blood pressure, smoking, and a growing geriatric patient population. The Centers for Disease Control and Prevention (CDC) reports that the risk of developing a stroke doubles every ten years after the age of 55. These factors collectively contribute to a growing demand for neurovascular interventional devices in the foreseeable future.
High Costs and Poor Reimbursement Policies Limit Adoption of Neurovascular Surgical Procedures and Devices
The global market for neurovascular surgical procedures and devices faces significant constraints, primarily due to the high costs involved and inadequate reimbursement policies, particularly in developing countries. The expenses associated with these procedures, along with maintenance and indirect costs, contribute to the overall high total cost of ownership for neurovascular devices, thereby restricting their widespread adoption. The combination of elevated costs and unfavorable reimbursement scenarios results in a limited pool of patients in developing countries who can afford neurological treatment. Consequently, healthcare facilities exhibit reluctance in investing in new or technologically advanced systems, further constraining the growth of the market.
Increasing Demand for Neurovascular Devices Driven by Clinical Research and Collaborations
The global demand for neurovascular devices is experiencing growth, fueled by extensive clinical research activities in the field of neurovascular therapies. These research efforts provide robust clinical data, establishing the safety and efficacy profiles of these devices. Furthermore, there is a rising emphasis from patients on effective, accurate, and early diagnoses of neurovascular diseases, leading to increased industry-academia collaborations and investments in clinical studies. These collaborations and studies aim to develop and commercialize innovative and diverse neurovascular products. In 2021, Oxford Endovascular (UK), a start-up supported by EIT Health, secured USD 10 million in funding to enhance research and development efforts for novel neurovascular devices dedicated to treating ischemic stroke.
Global Neurovascular Devices Market Segmentation
Chapter 3, segment analysis provides information on the different sub-segments of the market. The chapter provides an in-depth analysis of the market segments, year-on-year growth projections that enable readers to identify potential market growth areas.
- Based on type, the global neurovascular devices market is segmenting into aneurysm coiling & embolization devices, cerebral balloon angioplasty & stenting systems, support devices, neurothrombectomy devices.
- Based on application, the neurovascular devices market is segmenting into hospitals, clinics, ambulatory surgical units.
North America Projected to Dominate the Global Neurovascular Market, Fueled by Rising Disease Burden and Expanding Ambulatory Care Facilities
The global neurovascular market is categorized into key regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. During the forecast period, North America is anticipated to hold the dominant position. This is primarily attributed to the significant increase in the burden of neurovascular diseases in the region. Additionally, the continued expansion of ambulatory care facilities, the growing volume of minimally invasive procedures, and the increasing reimbursement support for various neurovascular conditions contribute to the market's growth in North America.
