May 18, 2024
Neurovascular Devices Market

Neurovascular Devices Market is Estimated to Witness High Growth Owing to Increasing Prevalence of Neurovascular Diseases.

The neurovascular devices market consists of devices used to treat diseases related to neurovascular areas. These devices include aneurysm coiling & embolization devices, cerebral balloon angioplasty & stenting systems, support devices, and neurothrombectomy devices. Neurovascular diseases such as aneurysms, arteriovenous malformations (AVMs), carotid artery disease, and strokes are fairly common, requiring neurosurgical procedures and interventions. Neurovascular devices help occlude or bypass diseased or narrow vessels in the brain and are less invasive alternatives to neurosurgery.

The global neurovascular devices market is estimated to be valued at US$ 3.05 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the Neurovascular Devices Market are 3M, Convatec Group PLC, Smith & Nephew PLC, Urgo Medical, and Coloplast Corporation, among others. These players are focusing on new product launches and enhancements to expand their product portfolios. For instance, in 2021, Stryker launched the Trevo® XP ProVue Retrieval System for thrombectomy.
Some of the key opportunities in the market include growing demand for minimally invasive neurovascular procedures and availability of reimbursements for neurovascular treatments and devices in developed regions. The market is also witnessing expansion in emerging countries of Asia Pacific and Latin America owing to improving access to healthcare facilities in these regions.
Globally, North America dominated the neurovascular devices market in 2024 owing to high prevalence of diseases, availability of advanced healthcare infrastructure, and favorable reimbursement policies. However, Asia Pacific is expected to offer lucrative growth opportunities during the forecast period with improving accessibility to neurological treatments in countries like China and India.

Market drivers:

The rising geriatric population is a major driver of the neurovascular devices market. According to the World Health Organization, the number of people aged 60 years and older is expected to reach 2 billion by 2050 globally. Older people are more prone to develop neurological conditions like strokes and aneurysm that require surgical intervention using neurovascular devices. Moreover, increasing research into minimally-invasive techniques, growing healthcare expenditure, and availability of technologically advanced devices are some other factors expected to boost the demand for neurovascular devices over the coming years.

PEST Analysis

Political: Government support for research and development of innovative neurovascular devices to improve patient care. Regulations regarding reimbursements and product approval processes.
Economic: Rise in healthcare spending worldwide is driving demand for high-quality neurovascular treatment options. Growing morbidity of neurovascular diseases also boosting industry revenues.
Social: Increasing awareness about availability of minimally invasive surgical procedures for the treatment of complex neurovascular disorders. Aging population prone to neurovascular illnesses.
Technological: Adoption of advanced technologies like flow diverters, coils, liquid embolics, neurovascular stents in minimally invasive neurosurgeries. Development of bioabsorbable stents and catheters offering increased safety.

The North American region dominates the global neurovascular devices market in terms of value. This can be attributed to growing prevalence of neurological disorders, rising healthcare spending, availability of advanced treatment facilities and favorable reimbursement scenario in the region. Asia Pacific is projected to be the fastest growing regional market owing to rising healthcare infrastructure, growing medical tourism industry and increasing spending on neurology.

Europe also captures significant market share due to supportive regulatory environment for innovative medical devices and rising neurological disease burden. Middle East and Latin America present lucrative prospects for vendors on back of emerging healthcare systems, growing medical needs and rapidly expanding private healthcare sector in major countries.

1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.