The global neurovascular devices market size was valued at USD 2.58 billion in 2022 and is expected to hit around USD 5.55 billion by 2032 with a CAGR of 8%. during the forecast period 2023 to 2032.
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The rising prevalence of neurovascular disorders among the global population is driving the growth of the global neurovascular devices market. Neurological devices are widely used for the diagnosis and treatment of diseases related to the central nervous system and brain. The rising popularity of minimally invasive surgeries owing to the technological advancements in the field of neurology is propelling the demand for neurovascular devices across the globe. The growing prevalence of neurological disorders like stroke, epilepsy, and cerebral aneurysm among the population is driving the demand for neurovascular devices. According to the CDC, there were around 15.2 million out of 56.9 deaths registered globally, due to stroke, in 2018. The most common type of stroke recorded was Acute Ischemic Stroke. As per the data provided by NHS England, 1 in 12,500 people suffer from a ruptured brain aneurysm each year and approximately 3% of the people in the UK are suffering from a cerebral aneurysm. The brain aneurysm is caused by various factors such as smoking and hypertension. The rising number of deaths linked to brain aneurysms is boosting the adoption of neurovascular devices across the global population.
The rising government investments in the development of sophisticated healthcare infrastructure and rising investments by the corporate in research and development activities have led to the development and increased adoption of neurovascular devices. The availability of advanced treatments for various neurological disorders owing to the presence of technologically advanced neurovascular devices has significantly contributed to the market growth. For instance, in October 2020, BENDIT Technologies, in Israel, successfully developed the new BENDIT neuro micro-catheter. These types of innovative product launches by the top players are expected to provide growth opportunities in the foreseeable future. Further, the growing geriatric population is boosting the demand for neurovascular devices. As per the National Center for Biotechnology Information, strokes are common in women and are frequent in those aged 55 years to 65 years. According to the United Nations, there were around 382 million old age people, aged 60 years or above, across the globe in 2017 ad this number is expected 2.1 billion by 2050. Hence, the rapidly growing geriatric population is expected to drive the market growth in the future.
Report Scope of the Neurovascular Devices Market
|Market Size in 2023||USD 2.78 Billion|
|Market Size by 2032||USD 5.55 Billion|
|Growth Rate from 2023 to 2032||CAGR of 8%|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Segments Covered||By Device, and By Application|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
|Companies Mentioned||Medtronic, MicroPort Scientific Corporation, Penumbra, Inc., Stryker Corporation, Johnson & Johnson Services, Inc., MicroVention, Inc., Codman Neuro|
Based on devices, the cerebral embolization & aneurysm coiling devices segment accounted for around 40% of the market share in 2022. This is attributed to the increasing prevalence of various neurological disorders such as Arteriovenous Malformations, brain aneurysms, and strokes among the population. Moreover, rising investments in the development of improved healthcare infrastructure, increasing consumer expenditure on healthcare, and rising investments in research & development are the major factors that can be held responsible for the growth of this segment.
The neurothrombectomy devices segment is estimated to be the most opportunistic segment during the forecast period. The rising number of Acute Ischemic Strokes among the population is the major factor that propels the growth of this segment. Furthermore, technological advancements in the field of neurology are expected to boost the adoption of neuro thrombectomy devices in the forthcoming years.
Based on application, the stroke segment accounted for over 58% of the market share in 2022. The increased prevalence of strokes among the population, especially among the elderly population has augmented the growth of this segment. According to the CDC, around 16.7% of people across the globe will have a brain stroke. As per the CDC, over 795,000 people have a stroke in the US every year and it accounts for around 140,000 deaths in the US every year. It is also considered to be the second most prominent cause of death. Hence, this segment is expected to sustain its dominance throughout the forecast period.
Moreover, the rising efforts by the government and various NGOs in spreading awareness regarding neurological disorders are fostering the segment’s growth. The new product launches related to stroke solutions are boosting the market growth. For instance, in September 2020, CERENOVOUS introduced CERENOVOUS Stroke Solution which aids doctors in clot removal procedures.
Based on region, North America accounted for around 30% of the market share in 2022. This can be attributed to various factors such as the presence of developed healthcare infrastructure in the region, increased healthcare expenditure, increased awareness regarding neurological disorders, and the growing geriatric population in the region. The presence of several top players in the region and various developmental strategies adopted by them significantly drives the market growth.
The Asia Pacific is estimated to be the most opportunistic market during the forecast period. Asia Pacific is characterized by a huge population, rising expenditure on healthcare, and increasing disposable income is fostering the adoption of neurovascular devices in the region. Further, the rising government expenditure for developing sophisticated healthcare infrastructure in the region is expected to drive the growth of the market in the upcoming future.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
In August 2020, Stryker Corporation a flow diverter named Surpass Evolve Flow Diverter, in the US after acquiring FDA approval.
The various developmental strategies like new product launches, acquisition, partnerships, mergers, and government policies foster market growth and offers lucrative growth opportunities to the market players.
Some of the prominent players in the global neurovascular devices market include:
Segments Covered in the Report
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