Neurovascular Devices Market Size By Product (Embolic Coils, Carotid Stents, Intracranial Stents, Neurovascular Thrombectomy, Embolic Protection Devices, Flow Diverters, Intrasaccular Devices, Liquid Embolic Coils, Balloons, Stent Retrievers), By Process (Neurothrombectomy, Cerebral Angiography, Stenting, Coiling, Flow Disruption), By Therapeutic Application (Brain Aneurysm, Stenosis, Ischemic Strokes), By End Use (Hospitals, Clinics, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Italy, Russia, Japan, China, India, Australia, Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024
Published Date: April 2018 | 230 Pages | Report ID: GMI794 Report Format: PDF
Neurovascular devices Market size was valued over USD 1.6 billion in 2017 and is expected to witness more than 3.5% CAGR from 2018 to 2024.
Germany Neurovascular Devices Market, By Process, 2013 – 2024 (USD Million)
Rising prevalence of neurological disorders including brain aneurysm and ischemic strokes coupled with growing geriatric population will drive neurovascular devices market size. Neurological disorders affecting the brain are progressive in nature and thus, their prevalence increases with age. Such factors will fuel demand for neurovascular devices in the future.
Rapid technological advancements in neurovascular devices to treat ischemic strokes and other disorders will foster revenue size over the forecast period. Moreover, surging demand for minimally invasive procedures owing to its benefits offered will augment future market growth.
Favourable government initiatives and awareness programs for the prevention of neurological disorders along with increased funding for modernization of healthcare infrastructure in the developing economies should escalate industry growth. High cost associated with the neurovascular devices along with challenges faced by the industry players for the commercialization of devices hamper business growth. Regulatory framework, reimbursement options, taxation policies, lack of awareness among people, presence of local manufacturers in developing regions are various challenges faced by market players that will hinder industry growth over the forecast timeline.
Neurovascular Devices Market, By Product
Embolic coils led the industry with market share of 31.3% in 2017 and is expected to grow at 3.9% CAGR over the forecast period. This higher share is attributable to increasing prevalence of brain aneurysm and ischemic stroke in the western countries. Surge in adoption of minimally invasive procedures such as coil embolization will further boost demand for embolic coils in the future.
Stent retrievers will grow at 3.7% CAGR over the forecast period due to rising incidences of stroke and intracranial aneurysm across the globe. Growing focus of major industry players developing innovative solutions to treat such life-threatening disorders is another major factor driving business growth.
Neurovascular Devices Market, By Process
Coiling procedure dominated the market with revenue of USD 620 million in 2017 due to increasing adoption of endovascular coiling for the treatment of ruptured as well as unruptured brain aneurysms. Furthermore, less invasiveness, multiple aneurysms in distant areas and easy access to vertebrobasilar system are major advantages offered by endovascular coiling that will spur segment revenue size.
Flow disruption technique will witness significant 5.6% growth over the coming years due to rapid technological advancement along with its ability to treat patients with unruptured and ruptured wide-neck split aneurysms.
Neurovascular Devices Market, By Therapeutic Application
Ischemic strokes accounted for more than 43% revenue share in 2017. Increasing prevalence of the disease in emerging economies along with technological advancements in minimally invasive surgical procedures are major factors driving its growth. New product launches, increasing government initiatives and awareness programs for stroke management especially in emerging countries will further stimulate segment revenue size.
Brain aneurysm will grow at 4.3% CAGR owing to increasing prevalence of aneurysm among elderly patient base leading to surge in demand for neurovascular devices for the effective treatment of such diseases.
Neurovascular Devices Market, By End-use
Hospitals contributed largest share with revenue of USD 1469 million in 2017 and is expected to show a similar trend in the future. There has been an increase in number of hospitals that strive to provide comprehensive treatment options for various brain and spine disorders generating a huge demand for neurovascular devices.
Ambulatory surgical centres will witness significant 5.2% growth over the coming years owing to reduced cost of surgeries and convenience of time and location offered to patients in these facilities.
Neurovascular Devices Market, By Region
U.S. dominated the global neurovascular devices market with 85.2% market share in 2017. This is attributable to high prevalence of strokes and aneurysm, technological advancements in neurosurgeries, higher healthcare expenditure along with favourable reimbursement scenario and developed healthcare infrastructure in the country.
Germany neurovascular devices market is expected to grow at 3.7% CAGR over the forecast period. Increasing prevalence of neurological disorders and strokes owing to growing aging population, lifestyle changes, lack of physical activity will serve as high impact rendering factors. Demand for highly innovative technologies and minimally invasive equipment remains high in the country. All such factors should strongly drive regional business growth.
Japan accounted for more than 41% share in 2017 and will drive the Asia Pacific regional growth owing to presence of large diseased population and high elderly patient pool in the country. Companies operating in Japan are targeting on further exploration of patient landscape and offer solutions to unmet neurovascular problems leading to market growth.
Competitive Market Share
Major players of global neurovascular devices market are Johnson & Johnson (Depuy Synthes), Penumbra, Medtronic, Stryker and Terumo Corporation. New product launch and strategic acquisitions are the major growth strategies adopted by industry players to maintain market foothold and strengthen their geographic reach.
For instance, in July 2016, Terumo Corporation acquired Sequent Medical, a U.S. based manufacturer of new aneurysm embolization system. This will enhance company’s existing product portfolio and expand its global presence in the neurovascular market.
Neurovascular Devices Industry Background
Growing prevalence of brain aneurysm and ischemic strokes along with soaring demand for minimally invasive procedures will drive global neurovascular devices industry. Emerging countries such as India, China, Brazil offer lucrative growth opportunities for the market players owing to rapid adoption of devices due to growing patient pool in these countries. Increasing investment for development and expansion of healthcare infrastructure along with launch of various government initiatives for the prevention of various neurodegenerative diseases in the emerging countries of Asia and Latin America will further accelerate industry growth.
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