Global Neurovascular Devices Market Report 2023: Sector to Reach $4.2 Billion by 2028 at an 8.8% CAGR
Dublin, April 27, 2023 (GLOBE NEWSWIRE) -- The "Global Neurovascular Devices Market Size, Share & Industry Trends Analysis Report by End User, Technology, Disease Pathology, Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Neurovascular Devices Market size is expected to reach $4.2 billion by 2028, rising at a market growth of 8.8% CAGR during the forecast period.
Due to the decreased danger and trauma involved with these treatments, minimally invasive procedures are becoming increasingly common. In addition, smaller incisions reduce postoperative pain and speed up healing, resulting in high adoption of these operations and increasing R&D in this area.
To bring cutting-edge minimally invasive surgical equipment to market, several important firms are investing in R&D. One of the minimally invasive procedures that doctors highly suggest is the endovascular coiling used to treat cerebral aneurysms.
During this surgery, a microcatheter is placed via the aneurysm-containing artery in the groin area. Platinum coils are released to encourage aneurysm coagulation and stop blood from entering other parts of the brain. The considerable volume of neurovascular devices consumed, which has contributed to the market expansion, is primarily due to the fast-expanding patient population for the target disorders across the key markets.
Market Growth Factors
Growing demand for minimally invasive procedures
Minimally invasive medical techniques offer more therapeutic benefits than traditional surgical procedures, including a shorter hospital stay, quicker patient recovery, increased procedure effectiveness and safety, and lower costs. Hence, market acceptability and demand for minimally invasive surgical treatments are increasing among medical professionals globally.
Elderly patients are more prone to neurological and neurovascular disorders. They choose treatment methods that offer simple diagnosis, straightforward treatments, increased safety, the shortest hospital stay feasible, superior efficacy, and affordable costs. These factors are estimated to support the expansion of the neurovascular devices market in the near future.
Growing prevalence of strokes over the globe
Strokes are among the leading cause of mortality worldwide, and the prevalence is very high in the United States. Globally, there are more strokes than ever before because of an array of reasons, including growing urbanization, a sedentary lifestyle, and stress. Also, the condition significantly contributes to the annual mortality toll globally.
These trends are creating a sizable patient base that has to be treated. Throughout the forecast period, it is predicted that this, along with rising patient awareness regarding the availability of treatment and reimbursement for neurovascular disorders, particularly in emerging nations, will further accelerate the expansion of the neurovascular devices market.
Market Restraining Factor
High cost to be spent on neurovascular surgeries & relative products
The high price of neurovascular procedures and equipment is a major issue that is constraining the market for neurovascular devices, particularly in emerging nations having poor reimbursement policies. In addition, the cost of maintenance and any other associated indirect charges contribute to an increase in the overall price of these devices, which in turn limits the adoption of these technologies. Due to financial constraints, freestanding ambulatory surgery centers and small hospitals are less likely to invest in costly and advanced technologies. Thus, the high cost of neurovascular procedures may decline the growth of the neurovascular devices market in the upcoming years.
Based on technology, the neurovascular devices market is segmented into embolization & coiling, cerebral balloon angioplasty & stenting systems, support devices, and neuro-thrombectomy devices. In 2021, the embolization & coiling devices segment held the highest revenue share in the neurovascular devices market. Neurovascular conditions such as carotid artery diseases, arteriovenous malformations (AVMs), and intracranial atherosclerotic diseases frequently necessitate embolization devices. In addition, other factors, including the rapid introduction of new and innovative neurovascular devices, contribute to the market's expansion.
Disease Pathology Outlook
On the basis of disease pathology, the neurovascular devices market is classified into ischemic strokes, cerebral aneurysm, carotid artery stenosis, arteriovenous malformations & fistulas and other diseases. The ischemic stroke segment acquired a substantial revenue share in the neurovascular devices market in 2021. Globally, ischemic stroke is becoming more common. To avoid ischemic stroke in patients, the American Heart Association advises using stent retrieval devices to remove blood clots. The need for neurovascular devices is expected to rise in the coming years due to the rising number of cases of ischemia.
By end user, the neurovascular devices market is bifurcated into hospitals & surgical centers, ambulatory care centers, and research laboratories & academic institutes. The ambulatory care centers segment recorded a remarkable revenue share in the neurovascular devices market in 2021. Patients' decreased wait times at ASCs are anticipated to drive the segment's significant growth during the projected period. In addition, the segment's growth is propelling due to the presence of skilled professionals in such healthcare facilities.
Region wise, the neurovascular devices market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2021, the North America region dominated the neurovascular devices market with the largest revenue share. The neurovascular devices market in North America is mainly fueled by variables such as the substantial disease burden, the increase in minimally invasive neurology treatments, and the establishment of trauma/emergency care facilities in the United States. In addition, technological advances and increased research and development activities resulting in product releases are driving regional market expansion.
Key Market Players
List of Companies Profiled in the Report:
Johnson & Johnson
Merit Medical Systems, Inc.
MicroPort Scientific Corporation
Medikit Co. Ltd.
W. L. Gore & Associates, Inc.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Global Neurovascular Devices Market by End-user
Chapter 4. Global Neurovascular Devices Market by Technology
Chapter 5. Global Neurovascular Devices Market by Disease Pathology
Chapter 6. Global Neurovascular Devices Market by Region
Chapter 7. Company Profiles
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