Neurovascular Catheters Market

Market Overview

The global neurovascular catheters market was valued at USD 3.12 billion in 2021. It is projected to reach USD 5.54 billion by 2030, growing at a CAGR of 6.6% during the forecast period (2022–2030). Factors such as Rising Prevalence of Hemorrhagic and Ischemic Stroke, significantly drives the neurovascular catheters market demand by 2030.

Catheters are medical devices with a tube-like structure that slide into body cavities for therapeutic or diagnostic purposes. Improved and technologically sophisticated medical devices, such as neurovascular catheters, treat various neurovascular diseases and conditions. Unwanted fluids can be removed from neurovascular organs like the carotid artery, brain, and intracranial spaces using neurovascular catheters, which aid in administering medications to the organs and diagnosing neurovascular diseases like carotid artery disease and brain aneurysms. Neurovascular catheters have gradually increased due to a significant increase in neurological procedures. Additionally, there have been several advancements in treating ischemic stroke, including flow-rerouting stents and stent retrievers assisting in the catheter industry.

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Market Dynamics

Global Neurovascular Catheters Market Drivers

Growing Demand for Less Invasive Neurosurgery Procedures

Due to the lower risk and trauma involved, minimally invasive surgeries are becoming more and more common. Hemorrhage, also known as a stroke, is caused by blood vessels that have been hurt, blocked, or damaged. This can result in bleeding or circulation issues in the brain. Brain blood vessel blockages are treated with open or minimally invasive surgical methods. Minimally invasive endovascular surgery techniques are preferred to remove the blockage from the brain. To treat aneurysms, strokes, and other blood vessel conditions in the brain, neurovascular catheters, in combination with other cutting-edge devices, are preferred.

Compared to open surgery, the minimally invasive procedure offers a faster recovery and less physical strain. Furthermore, less muscle and tendon disruption are required during minimally invasive neurovascular surgeries, making the procedure more accessible and natural. Compared to traditional, open surgery, some advantages provided by these catheters, such as simple intracranial space access, minimal invasion, and simplification of complex procedures due to advanced designs and features of catheters, make wound closure easier and enable faster healing.

Rising Prevalence of Hemorrhagic and Ischemic Stroke

Hemorrhagic stroke, ischemic stroke, and subarachnoid hemorrhage are the three main types of strokes, according to WHO. When a blood vessel is blocked, the amount of blood that can reach the brain is constrained, resulting in an ischemic stroke. According to the WHO's estimates, 60% to 80% of stroke cases are ischemic, making it the leading global cause of death and disability. The risk of stroke has increased in people due to unhealthy lifestyle choices. The main contributing factors are an unhealthy diet that results in obesity, physical inactivity, more stress at work or in general, and excessive alcohol and tobacco use. Diabetes, smoking, and hypertension are the main risk factors for stroke. Stroke risk factors include a diet high in trans fats, cholesterol, and saturated fats. Due to rising hypertension, obesity, and smoking rates, a sizable portion of the population is at risk of developing neurovascular diseases.

Global Neurovascular Catheters Market Restraint

Lack Of Infrastructure and Medical Professionals to Perform Neurosurgery

Nearly 2 billion people worldwide, particularly in Southeast Asia and Africa's low and middle-income nations, lack access to even the most basic neuro care services. These areas have limited access to neurosurgical services because of a lack of trained medical personnel, facilities, and training programs. The lack of trained neurosurgeons is these countries' most significant risk for death and poor healthcare. This market is developing slowly in developing economies because basic neurosurgical infrastructure and training are lacking. Thus, the use of neurovascular catheters in hospital settings is constrained by a lack of qualified and experienced neurosurgeons and a lack of infrastructure in developing nations. The market players are concentrating on offering specialized training to healthcare professionals and neurosurgeons worldwide to address this challenge.

Global Neurovascular Catheters Market Opportunities

Rising Conscience of Mental Illnesses such as Brain Aneurysms and Stroke

People are more aware of the causes and early symptoms of stroke due to growing awareness about neurological conditions like hemorrhage, brain aneurysm, and stroke. Stroke incidence is significantly higher in developing nations like China and India than in Western countries. The government is launching several awareness campaigns to combat these conditions. For instance, the Indian government unveiled its National Program for the "Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases, and Stroke." This policy aims to raise public awareness of non-communicable diseases and improve transportation infrastructure. Similarly, the Chinese Center for Disease Control and Prevention has introduced a national plan to prevent and treat non-communicable diseases to raise awareness of these diseases and diabetes mellitus, decrease smoking, manage hypertension, and enhance disease surveillance.

Regional Analysis

The global neurovascular catheters market share is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.

North America Dominates the Global Market

North America is the most significant shareholder in the global neurovascular catheters market and is expected to grow at a CAGR of 6.1% during the forecast period. The North American neurovascular catheters market includes countries such as the U.S., Mexico, and Canada. Due to rising stroke and brain aneurysms and increased demand for minimally invasive procedures, North America held a 33.57% revenue share in the global market for neurovascular catheters. Rapid technological progress is another element influencing market expansion in North America. It is forecasted that an increasing number of initiatives by various organizations will fuel neurovascular catheters market growth. Additionally, the Bee Foundation (TBF) is seeking applications for a brain aneurysm research grant, which will probably help the group reach its objective of reducing brain aneurysm-related mortality.

Europe is expected to grow at a CAGR of 6.5% generating USD 1.50 billion during the forecast period. The Europe market includes the UK, Germany, France, Italy, and the rest of Europe. The second-largest market share is held by Europe, which is expected to grow significantly over the forecast period. With cutting-edge infrastructure and technologies, Europe is one of the most developed regions in the world, producing substantial healthcare facilities and top-notch patient care. The demand for neurovascular catheters is rising due to rising rates of acute ischemic stroke, rising sedentary lifestyle adoption, and the entry of technologically advanced goods onto the European market. However, the absence of favorable reimbursement policies in Europe's developing nations will likely impede market expansion during the anticipated time frame.

The market for neurovascular catheters in Asia-Pacific is primarily driven by an increase in the frequency of acute ischemic stroke. Additionally, emerging economies like China, Japan, South Korea, and India are anticipated to experience significant growth over the forecast period. Numerous local competitors in China and Japan may also accelerate market expansion. The lack of skilled professionals and low uptake of modern healthcare facilities in these nations may impede market expansion. It is predicted that inadequate healthcare reimbursement facilities in developing countries and low awareness among people regarding treating acute ischemic stroke, mechanical thrombectomy, and intravenous thrombolysis will restrain the market growth.

The market is forecasted to be driven by rising healthcare spending in Latin America and rising awareness of acute ischemic stroke treatment. Additionally, rising healthcare costs in Brazil and the gradual adoption of cutting-edge medical facilities could positively affect market expansion. However, the development of the market in Latin America is likely to be hampered by the absence of sufficient skilled professionals and knowledge regarding the proper treatment of acute ischemic stroke in nations like Mexico, Colombia, and Argentina. Middle Eastern countries with thriving economies include Saudi Arabia, South Africa, and the United Arab Emirates. The market's growth is anticipated to be fueled by rising rates of acute ischemic stroke in South Africa, Saudi Arabia, and the United Arab Emirates.

Segmental Analysis

The global neurovascular catheters market is segmented by type, application, and end-user.

Based on type, the global market is bifurcated into microcatheter, balloon catheters, access catheters, and embolization catheters.

The embolization catheter segment is the highest contributor to the market and is expected to grow at a CAGR of 6.2% during the forecast period. In order to stop the blood flow from feeding the tumor or malformation, a catheter is used to inject drugs or artificial substances known as embolic agents into the targeted blood vessel. Neurovascular embolization catheters can block blood vessels supplying a tumor or treating aneurysms, stopping or controlling abnormal bleeding. They offer better bleeding control than open surgeries and are minimally invasive procedures. The Biometrics Embolization Catheter impedes or stops blood flow to a specific body area.

Access catheters are made to locate and place a different device, catheter, or fluid inside the body. In general, applications for neurovascular access catheters include IV therapy, blood removal, and intensive care. A flexible distal access catheter can be used for neurovascular procedures to get around vascular tortuosity and boost catheter strength. A microcatheter can be advanced for embolizing intracranial arteriovenous malformations or intracranial aneurysms. It is integrated into a guiding sheath or catheter. Microcatheters can be inserted deeper into the target vessel using access catheters because they have a lubricated hydrophilic coating and a soft distal tube.

Based on application, the global market is bifurcated into embolic stroke, brain aneurysms, arteriovenous malformations, and others.

The brain aneurysms segment owns the highest market share and is expected to grow at a CAGR of 6.4% during the forecast period. Brain aneurysms, also known as intracranial aneurysms, are blood vessel leaks or ruptures that result in brain bleeding. Hypertension, smoking, damage to blood vessels, genetic predisposition, and complications from a few different types of blood infections are all factors that can cause intracranial aneurysms. Medical therapy, surgical clipping, endovascular therapy, or coiling without or with adjunctive devices are all options for treating an aneurysm. The market for neurovascular catheters will grow due to these devices' ability to remove or recover blood clots from aneurysms.

Strokes are characterized by a disrupted or diminished blood supply to the brain, which results in an irregular supply of oxygen and nutrients to the brain, damaging brain cells. Motor, sensory, cognitive, and visual impairment are just a few of the effects of a stroke. The most frequent result of a stroke is motor impairment, which leaves patients with movement disabilities. A subtype of ischemic stroke is embolic stroke. Recovery of lost arterial functions with the aid of stents and embolization coils is the primary goal of stroke rehabilitation. Demographic groups that are getting older and heavier over time are more likely to develop this condition. Stroke therapy involves the use of neurovascular catheters.

Based on end-users, the global market is bifurcated into hospitals, clinics, ambulatory surgical centers, and diagnostic centers.

The hospital segment is the highest contributor to the market and is expected to grow at a CAGR of 6.3% during the forecast period. The expansion of this market can be primarily attributed to the rising number of patients with neurovascular conditions like ischemic and hemorrhagic stroke, brain aneurysms, and AVM. Globally, hemorrhagic stroke has an impact on more than 15 million people. Additionally, during the forecast period, the availability of technologically advanced neurovascular catheters and favorable reimbursement policies may further boost the market growth for these catheters in hospitals. For instance, Medtronic provides comprehensive services to ensure coverage and payment for various neurovascular devices.

Clinics provide medical care or treatment that doesn't necessitate an overnight stay in a hospital or other healthcare facility. Regarding treatment and other services, clinics can be more convenient, quicker, and less expensive than hospitals. However, they frequently lack sophisticated and varied equipment in hospitals and cannot admit patients for long-term care, as with neurosurgeries. Acute minor stroke patients are not appropriate for clinics, which are only safe and effective in preventing early recurrent stroke after transient ischemic stroke. Therefore, it is anticipated that market growth shortly will be constrained by a lack of tools and qualified surgeons to perform neurovascular surgeries.

Recent Developments

• September 2022- Access Vascular, Inc. (AVI), a business that uses an advanced biomaterial platform to address the most frequent and expensive vascular access complications, released the findings of a peer-reviewed study.