Neurovascular Devices Market Size, Share & Trends Analysis Report By Product (Embolization Devices, Revascularization Devices Inactivated Vaccines, Thrombectomy Devices, Embolic Protection Devices, Accessory Devices), By Disease Pathology (Aneurysm, Arteriovenous Malformation and Fistulas (AVM), Ischemic Stroke, Stenosis, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Neurovascular Devices Market Size

The global neurovascular devices market size was valued at USD 2.84 billion in 2022 and is projected to reach USD 4.66 billion by 2031, growing at a CAGR of 5.64% during the forecast period (2023–2031).

Neurovascular devices treat conditions affecting the blood arteries that supply the brain with oxygenated blood. In the case of a complex aneurysm, neurovascular thrombectomy devices are utilized to remove the clot that has caused the stroke. Many endovascular aids, like snares, vacuums, and clot extraction devices, fall under this category. The increasing number of older adults worldwide is a vital driver of the market. The market is expanding for many reasons. These include the rapid pace of technical innovation in this sector.

Neurovascular Devices Market Growth Factors

Increased incidence of underlying illness problems puts people at risk of developing neurovascular disorders

Neurovascular diseases are caused by blood vessels that give oxygenated blood to the brain and spinal cord. Further, any disturbance in blood vessels or blood flow can cause severe impairment of brain function, which can be fatal. It means that anyone suffering from neurovascular illnesses should seek immediate medical assistance. More than that, several factors, including high levels of bad cholesterol, high blood pressure, and diabetes, have a role in the development of neurovascular illnesses. Ischemic stroke is also more likely to occur in those with hypertension and intracranial stenosis. Further, disorders like ischemic stroke have hypertension as a significant contributing factor.

Market Restraining Factors

Dearth of neurosurgeons across the globe

Although neurovascular intervention has undergone much advancement, some complications are still associated with neurosurgeries. Neurosurgery is a complex procedure that calls for experienced neurosurgeons. There is also a need for trained specialists in the neurovascular field who can safely and effectively operate cutting-edge equipment. However, on average, remarkably few of these competent specialists are available, which raises the risk of misusing these devices and the potential for neurosurgical failures. Therefore, this may have an unfavourable effect on the dynamics of the market.

Market Opportunities

Rise in prevalence of neurovascular diseases

Brain and blood vessel problems like aneurysms, strokes, and malformations have increased at alarming rates. The increased need for neurovascular devices is a direct result of this trend. For instance, roughly 795,000 Americans have strokes annually, as reported by the National Center for Chronic Disease Prevention and Health Promotion. The global market for neurovascular devices is expanding due to rising demand. Aneurysm rupture occurs at an alarmingly high rate of about 8-10% per year. Because of the significant risk of rupture, aneurysms need to be treated immediately. Additionally, the treatment necessitates using neurovascular devices, which drives market expansion.

Regional Insights

North america dominates the global market

North America is the most significant shareholder in the global market. Among the reasons for this is the widespread availability of neurovascular devices. In the North American market for neurovascular devices, well-known companies include Johnson & Johnson, Integer Holdings Corporation, and Penumbra, Inc. As a result, the presence of these critical players causes neurovascular devices to be widely available in the region, which drives the expansion of the market. Also contributing to market expansion is the increasing senior citizen population in this area. More people are at risk of having an ischemic stroke because hypertension, the leading cause of ischemic stroke, is also widespread in the area.

Asia-Pacific is expected to grow during the forecast period. Asia-Pacific is divided into China, Japan, India, Australia, South Korea, and the rest of Asia-Pacific. Asia-Pacific offers promising prospects for the neurovascular devices market. It is expected to grow fastest during the forecast period, owing to a large population and a large patient base for neurovascular diseases. The expansion of the neurovascular devices market in Asia is fueled partly by demographic shifts, such as the increasing number of older people in countries like Japan. This group is also at a higher risk of developing neurovascular disorders like stroke due to the prevalence of age-related diseases like hypertension.

Europe accounted for the second most significant share in the market. It is because the area is well-known for its groundbreaking medical discoveries and technological advancements. The rising number of older people in Europe is a significant factor driving the market for neurovascular devices in the region. This segment of the elderly population is thus more likely to suffer from conditions like hypertension and diabetes, both of which are risk factors for neurovascular illnesses like ischemic stroke. In addition, other factors that lead to the market's growth include a spike in the prevalence of neurovascular illnesses.

Due to low purchasing power in the region, the market for neurovascular devices in LAMEA is still in its early stages. Several issues restrain the development of the neurovascular devices market in LAMEA. These include a shortage of specialized medical facilities, limited health expenditure, and inadequate health coverage. However, governments in LAMEA countries have raised healthcare spending to entice significant firms to develop their business in the area. It is expected to boost market growth throughout the projection period. Due to economic reforms that have raised average incomes and created new opportunities in the healthcare industry, this area has experienced the fastest economic growth over the past two decades.

Neurovascular Devices Market Segmentation Analysis

By product

The market is bifurcated into embolization devices, revascularization devices inactivated vaccines, thrombectomy devices, embolic protection devices, and accessory devices. The embolization device segment is the highest contributor to the market. Embolization is a medical procedure in which a blood vessel is surgically blocked to cut off blood supply to a specific body part. Neurovascular devices are commonly used for this purpose in the treatment of brain aneurysms. A rise in brain aneurysms worldwide is a key factor propelling the market forward. Introducing cutting-edge new products that improve treatment outcomes also expands the market. Invasive clipping surgery results in a more extended hospital stay, making embolic coils the more popular option.

By disease

The market is bifurcated into aneurysm, arteriovenous malformation and fistulas (AVM), ischemic stroke, stenosis, and others. The aneurysm segment is the highest contributor to the market. A medical disease known as an aneurysm, or ballooning of the blood vessel, is another name for this phenomenon. Constant blood flow can cause a weak spot in a blood vessel to expand over time, leading to this disease. Infections or stimulants like amphetamines or cocaine can also cause aneurysms. Accidental head trauma is another risk factor for developing aneurysms. Serious consequences, such as paralysis of an arm or limb or convulsions, might result from an aneurysm's proclivity to hemorrhage and rupture.

Recent Developments

• August 2022- MicroPort NeuroTechTM Concludes Initial NUMENTM Coil Embolization Implantations in Poland.
• September 2022- The OCTARAYTM Mapping Catheter with TRUErefTM Technology has been released by Biosense Webster.