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 Units), 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, 2016 – 2024
Published Date: October 2016 | 210 Pages | Report ID: GMI794 Report Format: PDF
Neurovascular Devices Market size was valued at over USD 1.6 billion in 2015 and will exceed USD 2.3 billion by 2024 at 4.1% CAGR from 2016 to 2024.
U.S. Neurovascular Devices Market Size, By Therapeutic application, 2012- 2024 (USD Million)
Global market size is primarily driven by high prevalence of brain aneurysm and ischemic strokes, rising demand for minimally invasive surgical procedures, ongoing government initiatives to modernize healthcare infrastructure and high degree of innovation by leading industry players. As per estimates, around 3 to 5% of the American population are suffering from cerebral aneurysms. Though the neurointerventional devices market is expected to grow at a substantial rate, high cost of devices along with dearth of neurosurgeons should be the major challenges to growth.
Neurovascular Devices Market, By Product
Product segments include embolic coils, intracranial stents, carotid stents, neurovascular thrombectomy, embolic protection devices, flow diverters, liquid embolic coils, intrasaccular devices, balloons, stent retrievers and others (accessory devices). In 2015, embolic coil, with more than 31% of the market revenue, dominated sales. Thrombectomy products could see over USD 300 million revenue by 2024. Stent retrievers and flow diverters will grow at a fastest rate over the forecast years.
Neurovascular Devices Market, By Therapeutic Applications
Major neurovascular therapeutic market applications include brain aneurysm, ischemic strokes and stenosis. Over the past few years, there has been a significant increase in neurological disorders worldwide most notably in brain aneurysm and ischemic related strokes. Aneurysm is predominant in the age group of 35 to 60 years. However low awareness coupled with dearth of specialized neurosurgeon has led to relatively lower market penetration. Increased demand for effective treatment in both developed and developing economies will spur global demand for neurovascular devices.
Neurovascular Devices Market, By Process
Global market processes include neurothrombectomy, cerebral angiography, coiling, stenting & flow disruption. Coiling procedures will lead the overall industry by the end of forecast period, with over USD 750 million forecast by 2024. Stenting will be the fastest-growing segment owing to increased adoption of balloon catheters and carotid stents among neurosurgeons for effective treatment of ischemic strokes and stenosis. Lucrative reimbursement policies should further accelerate demand.
Neurovascular Devices Market, By End Uses
Hospitals, clinics and ambulatory surgical units are key end-users for the industry. Hospitals are responsible for over 85% of the global market share. Ambulatory surgical units are quite common in developed economies especially in the U.S. and Germany.
Neurovascular Devices Market, By Region
In 2015, the U.S. accounted for 71.6% of regional share and will continue to lead the industry through the forecast timeline owing to high prevalence rate of brain aneurysm. Significant out of pocket healthcare expenditure, technological advancements in neurosurgeries, favorable medical reimbursement scenario and developed healthcare infrastructure are some key factors that will drive the demand for such devices.
Latin America, driven by Brazil neurovascular device market share, followed by Asia Pacific will witness fastest growth, estimated to be over 5.5%, due to higher prevalence rate of brain aneurysm. However, the region is marred by the dearth of specialized neurosurgeons and lack of awareness among neurosurgeons to tap this potential market.
Industry players are facing challenges in commercialization across the developing economies, however, growing research on neurovascular therapies, and promising government policies will fuel the business growth.
Competitive Market Share
Global market share sees multinational giants such as Johnson & Johnson (Depuy), Penumbra, Medtronic, Stryker and Terumo. This industry is highly consolidated with few operational companies focusing on inorganic growth to strengthen and expand their business presence globally.
Stryker led the global industry in 2015 by adopting strategies of new product launches, strategic acquisitions, and geographic expansion to maintain its business position. In 2016, Terumo Corporation acquired Sequent Medical, Inc., a privately-held company developing a new medical device for aneurysm embolization.
Neurovascular Devices Industry Background
Global market is expected to create lucrative opportunities for the industry players. Growing patient pool coupled with technological advancement is expected to spur the market size. FDA included Neurovascular devices among the topics of interest related to medical devices and technology in 2015. APAC will drive the industry due to high procedural volume in India, China and Japan while LATAM will witness highest growth due to increasing prevalence, expanding private healthcare sector, broadening insurance coverage and rising awareness amongst people.
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