Problems related to the nervous system are serious. They cannot be seen easily, and their therapies usually lie in surgeries where patients and doctors need to decide which surgeries are more invasive and which are less invasive. Neurovascular devices are necessary for treating neurovascular diseases. These devices have been developed due to demand for minimally invasive procedures. There has never been a dearth of neurovascular patients. Therefore, the global neurovascular devices market has huge scope for growth. Factors contributing to the growth of this market include favorable reimbursement policies, and ongoing product development & commercialization.
Market Research Future (MRFR) has published a research report about the global neurovascular devices market size to touch over USD 4.2 Billion by 2030. MRFR also anticipates the global market’s growth to be at a rate of 5.7% during the review period 2022 to 2030. This report talks about the market scenario and future prospects regarding growth. In this report, the global neurovascular devices market has been segmented on the basis of end-user, product, therapeutic application, and lastly region.
Key Players
The key players in the global neurovascular devices market include Abbott Laboratories (USA), Blockade Medical LLC. (France), Delaware Corporation (USA), Evasc (Canada), Gynesonics (USA), Johnson & Johnson Services, Inc. (the USA), Medikit Co., Ltd. (Japan), Medtronic (USA), Merit Medical Systems Inc. (USA), MicroPort Scientific Corporation (China), Neuravi (Israel), OxfordEndovascular (UK), Penumbra, Inc. (USA), Rapid Medical (Israel), Sensome (France), Secant Group LLC (USA), Stryker (USA), Terumo Corporation (Japan), and W. L. Gore & Associates, Inc. (USA).
Segmentation:
The product-based segmentation segments the market into aneurysm coiling & embolization devices, cerebral balloon angioplasty & stenting systems, neurovascular catheters, neuro thrombectomy devices, and a support device. The aneurysm coiling & embolization devices segment has been sub-segmented into embolic coils, flow diversion devices, and liquid embolic. Embolic coils block blood flow into an aneurysm (weak area of an artery). The embolic protection systems have been segmented into balloon occlusion devices and distal filter devices. Cerebral angioplasty is a procedure useful for opening the partially blocked carotid and vertebral arteries in the neck. They can also do the same for blood vessels within the brain. It has been segmented into is sub-segmented into carotid artery stents and embolic protection systems. Stenting system indicates an improvement of coronary luminal diameter in patients with symptomatic ischemic heart disease. Neurothrombectomy devices are used for treating acute ischemic strokes. They have been sub-segmented into aspiration devices, retrieval systems, and suction devices. Based on therapeutic application, the market has been segmented into the hemorrhagic stroke and ischemic strokes. A hemorrhagic stroke can be defined as either a brain aneurysm burst or a weakened blood vessel leak. The different types of ischemic strokes occur when the body is deprived of oxygen or any other important nutrients.
The regional segmentation of the global neurovascular devices market comprises of The Americas (North America & South America), Europe, Asia Pacific, and Middle East & Africa (MEA) region. The Americas dominate the global neurovascular devices market due to a large number of patients suffering from neurovascular diseases like arteriovenous malformations (AVMs) and brain aneurysm. Due to technological advancement, high disposable income, and the availability of better medical facilities, North America is the bigger market than South America. Moreover, increasing healthcare expenditure, government aid to researches in the field of medical sciences and the presence of the key players in North America boosts the growth of the market in North America. Majority key players in this region are based in the United States of America (USA).
Europe holds the second largest share in global neurovascular devices market. Increasing prevalence of the neurovascular diseases and the presence of a well-developed healthcare sector are the major factors that drive the market growth in this region. Due to reasons same as The Americas, Western Europe market is bigger than Eastern Europe. In Europe, most of the key players in this market are based in France and the United Kingdom (UK).
The Asia Pacific region is the fastest growing market for the market due to continuously developing economies like China and India, increasing demands for minimally invasive surgeries by the growing geriatric population, and the presence of a huge patient population. Asia Pacific region is yet to achieve the infrastructure development and technological advancement as par the level of North America and Europe, and there are few countries in this region that are technologically advanced. In the Asia Pacific region, the biggest markets are Australia, China, India, Japan, and South Korea, followed by the rest of Asia Pacific. MEA region is a small market due to political instability in most countries due to movements like Arab Spring. Lack of technology and less investment in healthcare due to healthcare not being considered a priority by governments in this region are the reasons for a small market. The biggest markets in this region are Kuwait, Oman, Saudi Arabia, Qatar, and United Arab Emirates (UAE), followed by rest of MEA region.
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