Neurovascular Devices Market to exceed $2 bn by 2024
Published Date: April 20, 2018 Author: Global Market Insights, Inc.
Neurovascular Devices Market size is set to exceed USD 2 billion by 2024; according to a new research report by Global Market Insights.
Increasing adoption of minimally invasive surgical procedures is primary factor driving neurovascular devices market growth. Some of the advantages of minimally invasive surgeries such as smaller incision length, less discomfort, reduced blood loss during the surgery, and shorter hospitalization stay make it a preferable treatment option fueling industry expansion.
Increasing incidences and mortality associated with neurological diseases such as brain aneurysm and ischemic strokes in the developed countries is another major impact rendering driver for neurovascular devices market growth. Stroke is the third leading cause of death and the main cause of long term disability in Western countries. This will fuel demand for neurovascular devices for treatment of such diseases.
Advancement in neurovascular technology such as stent retriever technology used for the treatment of ischemic stroke along with favorable government initiatives to develop healthcare infrastructure will accelerate market growth in the coming years.
However, high cost of neurovascular devices and dearth of neurosurgeons in the developing regions will hamper market growth in the future.
Embolic coils held over 30% of overall market size in 2017 followed by neurovascular thrombectomy devices. Increasing incidences of acute ischemic stroke with large artery occlusion along with development of novel solutions by industry players will foster neurovascular thrombectomy segment growth in the coming years.
Flow diverters will witness more than 3% CAGR over the coming years due to increasing prevalence of cerebrovascular diseases along with availability of various flow diverters used for treating patients with unruptured large intracranial aneurysms.
Browse key industry insights spread across 230 pages with 263 market data tables & 10 figures & charts from the report, “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” in detail along with the table of contents:
Coiling procedure dominated the market in 2017 by holding more than 35% of total market share owing to increasing demand for surgical procedures with minimum invasion catering to unmet medical needs of patients.
Stenting technique will witness over 4.5% CAGR over the forecast period due to increased adoption of carotid stents among neurosurgeons as an effective treatment option for ischemic strokes, aneurysm and stenosis. Neuroform, Solitaire, Enterprise, and Leo plus are among the popularly used stents in the market for stenting techniques to treat intracranial aneurysms.
Ischemic strokes accounted for more than 42% industry share and is expected to experience similar trend over the future years. Stenosis segment will witness considerable growth over the coming years owing to rising geriatric patients suffering from aortic stenosis that leads to surging demand for neurovascular devices.
Hospitals accounted for more than 85% of the business revenue share in 2017. Increasing usage of neurovascular devices owing to rising number of advanced minimally invasive treatments performed in these facilities will propel segment growth.
U.S. neurovascular devices market size was around USD 480 million in 2017 and anticipated to surpass USD 600 million by 2024. Increasing incidences of Hemorrhagic stroke along with high adoption of technologically advanced products in the country will augment regional revenue size.
UK neurovascular devices market is well established and present excellent opportunities in future. Increasing geriatric population coupled with increasing prevalence of ischemic stroke and neurological disorders should drive future market growth.
China neurovascular devices market will witness 6% growth from 2018 to 2024. Increasing prevalence of neurological disorders along with large proportion of undiagnosed population will foster demand for neurovascular devices. Increasing geriatric patient pool along with favorable government initiatives to improve healthcare infrastructure are driving factors for industry growth.
Some of the key industry players operating in global neurovascular devices market are Medtronic, Penumbra, Terumo Corporation, Stryker and Johnson & Johnson (Depuy Synthes). The industry players resort to innovative product launch and strategic acquisition to strengthen their market foothold.
Neurovascular devices market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
Neurovascular Devices Market by Product
- Embolic coils
- Carotid stents
- Intracranial stents
- Neurovascular thrombectomy
- Embolic protection devices
- Flow diverters
- Intrasaccular devices
- Liquid embolic coils
- Stent retrievers
Neurovascular Devices Market by Process
- Neurothrombectomy procedure
- Cerebral angiography technique
- Stenting technique
- Coiling procedure technique
- Embolic protection devices
- Flow disruption technique
Neurovascular Devices Market by Therapeutic Application
- Brain aneurysm
- Ischemic strokes
Neurovascular Devices Market by End-use
- Ambulatory surgical centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa